Monday November 5, 2018, 00:00:00
Breaking news! In addition to the Reaper Ranch Fries/Reaper Ranch Fries Supreme and Reaper Ranch Quesarito that we have written about previously (initially in our reports dated August 16th and October 21st, respectively), Taco Bell — owned by Yum Brands (YUM; Buy) — is also considering/testing a Reaper Ranch Fries Burrito (see following figure).
Wednesday October 31, 2018, 00:00:00
Earlier today, Yum Brands (YUM; Buy) reported adjusted Q3 EPS of $1.04, exceeding our $0.83 forecast and sell-side consensus of $0.83. However, this $1.04 figure includes a $0.22 boost from an update in the fair value of Yum’s investment in GrubHub (GRUB; Not Rated), which led to $94 million of pre-tax investment income. Excluding this $0.22 boost, adjusted Q3 EPS would have been $0.82, one cent below our forecast and consensus. We do note that G&A/Revenues of 14.7% were higher than our 14.4% estimate.
Monday October 29, 2018, 00:00:00
We briefly note the following tidbits regarding Wendy’s (WEN; Neutral), KFC (owned by Yum Brands [YUM; Buy]), The Cheesecake Factory (CAKE; Neutral), possible acquisition activity by privately-held Inspire Brands (owned by privately-held Roark Capital), and privately-held Focus Brands (also owned by Roark Capital):
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