Tops are processes, not points, and Howard Penney has had this one right. Evidently YUM's management team is going to do good on their word and deliver “10% earnings growth”, but they are going to have to lever up to get that share count down!
Moody's downgraded their unsecured rating on YUM's bank facility today, and I am downgrading my view on this stock's support level.
- Breaking $36.61 was a material negative event here. Next support is $34.09.
chart courtesy of stockcharts.com