THE HEDGEYE BREAKFAST MONITOR
Cattle futures rallied to a record high as reduced herd sizes and strong demand for U.S. beef continues to support price.
Food processor stocks improved as the rebound in corn prices faded.
KKD: Krispy Kreme is to open 35 additional locations in the UK over the next six years.
ARCO: Arcos Dorados announced preliminary 3Q revenue of $970m to $990m and net income of $69 to $75 million. The company expects its systemwide comparable sales growth for the third quarter of 2011 to be within a range of 14.8% to 16.2%. With respect to EPS, the company expects an impact from an increase in compensation expense, certain one-time charges associated with the partial redemption of the Company’s 2019 Notes and the depreciation of certain local currencies versus the US dollar.
YUM: Taco Bell has named Brian Niccol has its Chief Marketing and Innovation Officer. Niccol has previously served as general manager at Pizza Hut and had been the brand’s CMO prior to that position.
SBUX: Starbucks features in a NY Post story this morning speculating that the company may be entering the pressed-juice bar business. The article states that CEO Howard Schultz has been “scoping out” top New York juice bars and has hired Liquiteria manager Yohana Bencosme, an 11-year veteran of the juice-bar business from Washington Heights.
BWLD: Buffalo Wild Wings was the only stock to trade on accelerating volume Friday as it underperformed peer casual dining stocks.