THE HEDGEYE BREAKFAST MONITOR
German business sentiment index dropped for a fourth consecutive month to 106.4 in October from a revised 107.4 in September. French business confidence fell to 97 in October from 99 in September.
MCD: McDonald’s reported strong 3Q earnings this morning. EPS came in at $1.45 versus expectations of $1.43 on the back of strong global comps with strength in France, Russia, Germany and the U.K. being particularly encouraging. U.S. comps came in at 4.4% versus 3.8% expectations. Europe came in at 4.9% versus 3.3% consensus and APMEA also beat, printing a 3.4% comp versus the Street at 2.7%. The company said that October comparable sales are expected to be up 4% to 5%.
CMG: Chipotle Mexican Grill reported $1.90 versus $1.85 on the back of 11.3% comparable restaurant sales growth. Margins were slightly negative in the third quarter, year-over-year, as chicken, beef, cheese, and sour cream costs were higher than expected. The company sees mid-single digit inflation in 2012.