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Stock Market & Financial Investment News

News Breaks
March 25, 2014
11:45 EDTBKW, WEN, JACK, MCD, SONCSonic soars to 52-week high after quarterly profit tops estimates
Shares of Sonic (SONC), which operates and franchises a chain of drive-in restaurants, are soaring after the company's second quarter profit topped expectations. It also predicted fiscal 2014 earnings growth of 14%-15%. WHAT'S NEW: Last night, Sonic reported second quarter earnings per share of 7c and revenue of $109.7M, compared to expectations of 6c and $110.94M, respectively. The company reported system-wide same-store sales increased 1.4%, consisting of an increase of 1.5% at franchise drive-ins and an increase of 1.3% at company drive-ins. WHAT'S NOTABLE: Sonic forecast FY14 EPS growth of 14%-15%, compared to consensus of 82c. It also predicted FY14 positive same-store sales in the low single digit range. Company drive-ins are expected to perform above the system average in the latter half of the fiscal year as new digital point-of-purchase technology and a new point-of-sale system are implemented. Sonic estimates it will repurchase $80M of stock across the fiscal year utilizing existing cash on hand and free cash flow. ANALYST REACTION: This morning, research firm Stephens repeated its Overweight rating and $25 price target on Sonic shares. Stephens sees the company expanding margins in the coming years and expects Sonic's improving menu and product pipeline to increase potential upside for the stock for the remainder of the year. PRICE ACTION: In late morning trading, Sonic soared $2.13, or 10.2%, to $23.05 on more than three times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week high of $23.51. The stock is up over 96% over the past twelve months. OTHERS TO WATCH: Other companies in the quick service dining space include Jack in the Box (JACK), Burger King (BKW), McDonald's (MCD) and Wendy's (WEN).
News For SONC;JACK;BKW;MCD;WEN From The Last 14 Days
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December 10, 2014
16:00 EDTMCDOptions Update; December 10, 2014
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14:51 EDTMCDMcDonald's to offer fewer food items, Reuters reports
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10:56 EDTMCDMcDonald's could test its 52-week low, levels to watch
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10:00 EDTBKWOn The Fly: Analyst Upgrade Summary
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09:59 EDTJACKJack in the Box management to meet with Oppenheimer
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07:44 EDTBKWBurger King, Tim Hortons and Restaurant Brands report transaction results
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06:58 EDTBKWBurger King upgraded at RBC Capital
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06:43 EDTBKWBurger King upgraded to Outperform from Sector Perform at RBC Capital
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December 9, 2014
14:28 EDTBKWTim Hortons shareholders approve proposed transaction with Burger King
Tim Hortons (THI) announced the company's shareholders have approved the transaction with Burger King Worldwide (BKW) that will create a new global quick service restaurant leader. Following approximately 99.2% approval of votes cast by THI shareholders, the two companies announced the name of the new parent company, Restaurant Brands International. The name reflects the new company's global scale and reach, which will include more than 18,000 restaurants operating in 100 countries under its two distinct, iconic brands. Upon close of the transaction, shares of Restaurant Brands International will be traded on the New York Stock Exchange and the Toronto Stock Exchange under the trading symbol "QSR." Units of Restaurant Brands International Limited Partnership are expected to trade on the Toronto Stock Exchange under the trading symbol "QSP." The transaction remains subject to customary closing conditions, including, among other things, approval and issuance of a final order of the Ontario Superior Court of Justice. The Ontario Superior Court of Justice hearing for the final order to approve the Arrangement is scheduled to take place on December 11, and completion of the Arrangement and related transactions is expected to occur on or about December 12.
10:35 EDTBKWTim Hortons to host special shareholder meeting
Special Shareholder Meeting to vote upon the proposed arrangement with Burger King Worldwide is being held on December 9 at 10 am. Webcast Link
09:38 EDTMCDActive equity options trading
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December 8, 2014
16:24 EDTMCDOn The Fly: Closing Wrap
Stocks on Wall Street were lower amid another drop in crude oil prices, which tumbled to five-year lows. The market opened slightly lower following weaker than expected data from China and Japan, with nothing of note on the domestic calendar to get buyers involved in the day’s activity. Near noon, the averages gained downside momentum and though the market pared its losses several times, it was never able to gain any steam to pull the indexes back into the green. ECONOMIC EVENTS: In the U.S., no major economic data was released. In Asia, Chinese exports rose 4.7% from a year earlier in November, which missed the consensus estimate for an 8% increase. Chinese imports fell 6.7% from the prior year last month, compared with projections for a 3.8% increase. Additionally, Japan's revised third quarter gross domestic product estimate showed the economy shrank more than initially thought, with growth contracting an annualized 1.9%. COMPANY NEWS: Shares of Cubist Pharmaceuticals (CBST) surged $26.24, or 35.29%, to $100.60 after Merck (MRK) agreed to acquire the maker of next-generation antibiotics for $102 per share in cash, or $8.4B and the assumption of $1.1B in debt. A number of other antibiotic makers also climbed, including Tetraphase (TTPH), which rose $2.45, or 8.82%, to $30.24, and Cempra (CEMP), which advanced $1.64, or 11.37%, to $16.06, while shares of Merck finished fractionally higher, adding 39c, or 0.63%, to $61.88 following the deal announcement. MAJOR MOVERS: Among the notable gainers following their presentations at the American Society of Hematology, or ASH, annual meeting were Calithera Biosciences (CALA), which gained $2.38, or 22.52%, to $12.95, and Acceleron Pharma (XLRN), which jumped $5.11, or 13.6%, to $42.67. Among the noteworthy losers was McDonald's (MCD), which fell $3.70, or 3.84%, to $92.61 after the Dow member reported a 2.2% decline in global same-restaurant sales in November. Additionally, the fast-food giant warned that its fourth quarter results would be hurt by its sales pressures, supplier issues in China and a stronger U.S. dollar. Also lower were shares of Liquidity Services (LQDT), which plunged $2.77, or 27.0%, to $7.49 after the company disclosed that Wal-Mart (WMT) had terminated a deal to provide it with surplus merchandise. INDEXES: The Dow fell 106.31, or 0.59%, to 17,852.48, the Nasdaq dropped 40.06, or 0.84%, to 4,740.69, and the S&P 500 slipped 15.06, or 0.73%, to 2,060.31.
12:40 EDTMCDOn The Fly: Midday Wrap
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10:08 EDTMCDMcDonald's falls on weak November sales, levels to watch
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09:48 EDTMCDMarket begins lower, averages turns mixed in early trade
Stock futures trade below fair value throughout the pre-market trading session, leading to a lower open for the broader market. The Dow finished last week at an all-time high and just slightly below its next milestone level of 18,000, but it continues to be weighed on during early trading from McDonald's (MCD), which is down over 3% following its November sales report. In early trading, the Dow is down 17 points, the Nasdaq is up 7 points and the S&P is down 1 point.
09:38 EDTMCDMcDonald's sees Q4 margins 'significantly pressured' by top-line performance
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09:20 EDTMCDOn The Fly: Pre-market Movers
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07:59 EDTMCDMcDonald's reports November global comparable sales decreased 2.2%
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06:47 EDTBKWBurger King coverage resumed with a Buy at Goldman
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06:42 EDTMCDMcDonald's coverage resumed with a Neutral at Goldman
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