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The following comments are taken from the JACK 10Q

 “Sales during the quarter started off strong but deteriorated significantly near the end of the quarter. System same-store sales at Qdoba restaurants decreased 2.0% year-to-date compared with a year ago as the macroeconomic environment continued to affect consumer spending at restaurants with higher check averages.”

Plus….   New guidance Q4 FY 2009 guidance

2.5%- 4.5% same-store sales decrease at Jack in the Box company restaurants versus a 0.8% decrease in the year-ago quarter - which is lapping an easier comp than 3Q.

Confuses me as to why stock is up even with better YOY margin

These comments have obvious implications for our cautious stance on CKE Restaurants…..