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February 13, 2013
11:52 EDTMCD, EAT, DPZ, BJRI, DRI, PZZA, SONC, JACKFast food stocks fall after Obama proposes raising minimum wage
Stocks of many fast food and casual dining companies are retreating significantly after President Obama proposed increasing the national minimum wage to $9 per hour from the current $7.25 per hour during his state of the Union speech last night. In late morning trading, McDonald's (MCD) dropped 1.7% to $93.50, Brinker (EAT) slid 3% to $32, Domino's Pizza (DPZ) dropped 2% to $45.50, BJ's Restaurant (BJRI) tumbled 3.5% to $33, and Darden Restaurant (DRI) retreated 2.5% to $45.50.
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September 30, 2014
07:55 EDTJACKJack in the Box price target raised to $75 from $66 at BofA/Merrill
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07:32 EDTBJRIWells Fargo to hold a summit
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September 29, 2014
15:01 EDTMCDMcDonald's calls active on speculation of a large investor stake
McDonald's October weekly 95, 96 and 97 calls are active on total call volume of 34K contracts (5K) on speculation of a large investor stake. October weekly call option implied volatility is at 23, October is at 16, November is at 15, January is at 14; compared to its 26-week average of 15 according to Track Data. Active call volume suggests trader’s takers taking positions for large price movement.
14:53 EDTMCDRumor: McDonald's moves up on speculation of a large investor stake
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09:30 EDTJACKJack in the Box price target raised to $80 from $68 at KeyBanc
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September 26, 2014
13:46 EDTMCDMcDonald's HQ evacuated after suspicious package found, Chicago Business reports
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08:35 EDTDRIISS recommends Darden shareholders vote for Starboard's board nominees
Starboard Value announced that Institutional Shareholder Services has recommended that Darden shareholders vote on Starboard's WHITE proxy card to elect all twelve of Starboard's nominees at the upcoming 2014 Annual Meeting of Shareholders. ISS concluded, "As the dissidents have made a compelling case that a change in control is warranted, have provided a detailed strategic and operating plan to minimize the risk of unintended consequences, and nominated a compelling slate of candidates – and in particular because election of all twelve dissident nominees will also result in the dissidents expanding the board to add back two current incumbents, enabling a more thoughtful approach to board continuity – votes FOR each of the twelve dissident nominees are warranted."
07:06 EDTDRIDarden issues statement after ISS report related to board nominee election
Following a report from Institutional Shareholder Serviecs, or ISIS, that relates to the election of directors to Darden's board, Darden issues a statement that says shareholders recognize the risks of ceding total control of the board to Starboard. It says "We believe that shareholders should be alarmed that ISS has recommended wholesale change with virtually NO regard in its report to the positive improvement underway in Darden's operations, the risks associated with the full Board turnover that Starboard Value L.P. and its affiliates is seeking, and the meaningful enhancements made to Darden's leadership structure, including the search for a new Chief Executive Officer and the Company's new slate of independent director nominees, which would result in eight of 12 directors new this year. Instead, the ISS report places large reliance on mistaken perceptions regarding the Red Lobster transaction that are inconsistent with the facts.... Contrary to ISS's view, we have heard from many shareholders who do not support ceding total control of the Board to Starboard and its nominees. While these shareholders support new perspectives, they also recognize the risks of the full board turnover that Starboard is seeking – risks that ISS appears to have ignored. Darden's slate of director nominees is the only slate that provides the benefit and balance of new perspectives as well as continuity of experience and insights with four new independent nominees unaffiliated with the Company or Starboard, four highly qualified continuing independent nominees, and four seats to be filled by Starboard – resulting in eight of 12 new independent directors this year... Darden Board urges shareholders to vote ONLY on the BLUE proxy card "FOR ALL" of Darden's highly qualified, experienced and independent director nominees"
September 25, 2014
09:44 EDTDRIStarboard says Glass Lewis recommends all Darden nominees
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September 24, 2014
13:03 EDTDRIStarboard sends letter to Darden holders seeking nominee support
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September 23, 2014
08:05 EDTDRIDarden highlights Starboard's 'misleading' statements in letter to shareholders
Darden Restaurants issued an open letter to shareholders in connection with the company's 2014 Annual Meeting of Shareholders. The company says "All eight of Darden's independent director nominees, including our four new independent nominees and our four continuing independent directors, are indeed committed to serving the best interests of all Darden shareholders. We share the common goal of enhancing shareholder value, and we are prepared to work collaboratively with the four Starboard nominees that our slate contemplates to achieve this objective. We are deeply concerned, however, about the future of Darden if Starboard's slate is elected and believe it is important to correct the record with regard to a number of inconsistent, contradictory and misleading statements made by Starboard as part of its efforts to take control of your company...We do not believe it is in shareholders' interests to elect an entirely new Board, which could impede operating initiatives that are largely already underway and delivering results."
September 22, 2014
18:46 EDTPZZAPapa John's backs FY14 EPS view, including FOCUS, $1.64-$1.72, consensus $1.72
Backs FY14 EPS, ex FOCUS costs, $1.72-$1.80. Backs FY14 revenue growth view of 8%-10%, consensus $1.57B. Backs 2014 North America comparable sales outlook up 4%-6%. Backs International comparable sales outlook up 6%-8%. Backs FY14 CapEx $50M-$55M. Backs FY14 pre-tax margin slightly lower than FY13. Backs FY14 free cash flow flat. Backs worldwide net unit growth 220-235, 80% international. Guidance from presentation slides at KeyBanc Capital Markets conference.
September 19, 2014
09:17 EDTDRIStarboard's director nominees sends letter to Darden shareholders
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08:13 EDTDRIDarden issues statement to thank, urge customer support for Olive Garden
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07:31 EDTMCDMcDonald's dividend increase unfavorable, says Wells Fargo
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September 18, 2014
16:32 EDTMCDMcDonald's expects to return $18B-$20B to shareholders between 2014-2016
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16:31 EDTMCDMcDonald's raises quarterly dividend 5% to 85c per share
The dividend is payable on December 15 to shareholders of record at the close of business on December 1.
10:27 EDTDRIOptions with decreasing implied volatility
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08:12 EDTDRIDarden board says shareholders' choice could impact progress, including dividend
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September 17, 2014
09:58 EDTDRIDarden urges shareholders to support independent director nominees
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