THE HBM: PNRA, RUTH

THE HEDGEYE BREAKFAST MONITOR

MACRO

Commodities

Corn has declined in Chicago as speculation mounts that the U.S. may raise its global supply estimate tomorrow.

SUB-SECTOR PERFORMANCE

Casual Dining outperformed peer subsector groups during yesterday’s trading.

THE HBM: PNRA, RUTH - subsector fbr

QUICK SERVICE

PNRA:  Shares of Panera Bread gained almost 4% yesterday.  Wedbush Securities were quoted in the media as saying that the company may start buying back its own stock, which would provide potential upside to the company’s estimates.

CASUAL DINING

RT: Ruth's Chris gained 15.7% on strong volume yesterday, outperforming both quick service and casual dining.

THE HBM: PNRA, RUTH - stocks 1011

Howard Penney

Managing Director

Rory Green

Analyst