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Investment Ideas

The table below lists our Investment Ideas as well as our Watch List – a list of potential ideas that we are in the process of evaluating.  We intend to update this table regularly and will provide detail on any material changes.

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Recent Notes

06/23/14  Monday Mashup: DRI, SBUX and More

06/24/14  DRI: Management’s Perpetual, Misguided Vision

06/25/14  Restaurant Value Spread In Unfamiliar Territory

Events This Week

No events scheduled for this week.

Chart of the Day

Feeling the squeeze? Gasoline prices are up +5.3% YoY and +10.6% YTD.

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Recent News Flow

Monday, June 23rd

  • DFRG dismissed Ernst & Young LLP as its independent auditor.
  • RRGB is two weeks away from opening its first restaurant in Orlando, Florida.
  • BOBE named former SVP and CFO of the Brown Shoe Company, Mark Hood as CFO, effective immediately.

Tuesday, June 24th

  • CMG announced plans to serve more than 20 million pounds of locally grown produce in 2014, up from 15 million pounds in 2013.

Wednesday, June 25th                                

  • DNKN named Jeff Miller as Executive Chef and VP of Product Innovation.  Mr. Miller, who has been with Dunkin’ Brands for 11 years, will head the company’s 22-person culinary team.

Thursday, June 26th

  • RRGB appointed Cammie Dunaway to its Board of Directors.  Dunaway currently serves as the U.S. President and Global Chief Marketing Officer for KidZania.  Prior to KidZania, Dunaway served as Executive Vice President for Nintendo, Chief Marketing Officer for Yahoo as well as in various other roles.
  • RT CFO Michael Moore announced his retirement.  The company appointed Jill Golder as CFO, effective immediately.  Ms. Golder has served as Ruby Tuesday’s Senior Vice President of Finance since April 15, 2013.  Moore will remain with Ruby Tuesday as an advisor and help assist in Ms. Golder’s transition until his retirement in August.
  • DNKN promoted Roxanne Bensason to Vice President of International Field Marketing.  Ms. Bensason, who has been with the company for the past 12 years, will report directly to John Costello.
  • NDLS appointed Johanna Murphy to its Board of Directors and a member of its Audit Committee.  Ms. Murphy currently serves as CMO and Director of Digital for Ivanka Trump International.

Friday, June 27th

  • GMCR was upgraded to buy at Argus Research with a $140 PT.

Sector Performance

The XLY (+1.0%) outperformed the SPX (-0.1%) last week.  Both casual dining and quick service stocks underperformed the narrower XLY index.

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U.S. Macro Consumption

The Hedgeye U.S. Consumption Model continues to signal bearish, flashing red on 7 out of 12 metrics.

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XLY Quantitative Setup

From a quantitative perspective, the sector remains bullish on an intermediate-term TREND duration.

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Casual Dining Restaurants

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Quick Service Restaurants

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Howard Penney

Managing Director

Fred Masotta