THE HEDGEYE BREAKFAST MONITOR
MACRO NOTES
The chart below shows gasoline prices trending lower as we go through 4Q.
SUBSECTOR PERFORMANCE
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.
Howard Penney
Managing Director
Rory Green
Analyst
