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THE HEDGEYE BREAKFAST MONITOR

MACRO NOTES

The chart below shows gasoline prices trending lower as we go through 4Q.

THE HBM: SBUX, CBRL, GMCR - gas prices

 

SUBSECTOR PERFORMANCE

THE HBM: SBUX, CBRL, GMCR - subsector fbr

QUICK SERVICE

SBUX: The price target for Starbucks was raised to $52 from $45 at RW Baird.

CASUAL DINING

CBRL: Cracker Barrel reported preliminary 1QFY12 results this morning, guiding to EPS of between $0.99 and $1.04 for the quarter versus consensus of $0.90.  Comparable restaurant sales were -1.6% for the quarter with average check up 2.2% and traffic down -3.8%.  Trends improved over the course of the quarter. 

GMCR: Green Mountain shares should be sold into strength, according to Stifel Nicolaus, citing doubts about the company’s long-term market penetration rate.  The firm maintains a Sell rating.

THE HBM: SBUX, CBRL, GMCR - stocks 117

Howard Penney

Managing Director

Rory Green

Analyst