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Mining & Metals

Restaurant Brands International to Renew Share Buyback Program

Restaurant Brands International (QSR.TO, QSR) on Friday said it intends to renew its normal course issuer bid (NCIB).The restaurant franchisor and owner , whose brands include Burger Kind and Tim Hortons, may buy back up to 34.4-million shares for one year beginning Sept. 16.Under its previous NCIB which ends of Sept. 15, Restaurant Brands bought back 2.9-million shares of an allowed 32.3-million.Restaurant Brands shares closed up CA$0.98, to CA$106.75, on the Toronto Stock Exchange.

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Insider Trading

Restaurant Brands International Insider Sold Shares Worth $4,671,716, According to a Recent SEC Filing

Axel Schwan, President, Tim Hortons US & Canada, on September 04, 2026, sold 57,574 shares in Restaurant Brands International (QSR) for $4,671,716. Following the Form 4 filing with the SEC, Schwan has control over a total of 209,908 common shares of the company, with 209,908 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1618756/000159497726000020/xslF345X05/wk-form4_1788987773.xml

$QSR
Restaurant Traffic Likely to Stay Stable in Second Half After Depressed Quarterly Trends, UBS Says
US Markets

Restaurant Traffic Likely to Stay Stable in Second Half After Depressed Quarterly Trends, UBS Says

Traffic at US restaurants remained depressed in the second quarter amid a difficult consumer environment, though there are signs that point to a stable performance in the second half, UBS Securities said in a note sent Friday.Restaurants reported "solid" comparable sales in the quarter, with growth accelerating to 1.7% from 1.1% in the first quarter, UBS analyst Dennis Geiger wrote. But that was driven by a sequential improvement in the amount spent by consumers even as traffic fell 1.9%, Geiger said.The traffic weakness came despite a boost from the US co-hosting the FIFA Men's World Cup, UBS said.Restaurant demand remained pressured by affordability challenges amid high gas prices, according to Geiger, who recently attended a quarterly webinar hosted by restaurant industry data and market insights provider Black Box Intelligence."BBI believes (same-store sales) stability in recent months is likely driven by consumers protecting restaurant spending and improved consumer sentiment in June, (with) declining recession odds supporting expectations for stable (second-half) sales and traffic performance," Geiger wrote.Earlier this month, Restaurant Brands International (QSR) reported better-than-expected second-quarter earnings amid strong comparable sales growth at Burger King. McDonald's (MCD) second-quarter revenue fell short of market expectations as comparable sales growth in the US slowed on an annual basis. Wendy's (WEN) second-quarter earnings fell year over year amid weak traffic trends.Upscale casual restaurants led the industry in the second quarter, delivering 3.2% same-store sales growth even as traffic slipped 0.2%, according to UBS. Casual dining logged a 2.3% increase in sales and a 0.9% drop in traffic. The quick service and fast-casual segments also saw sales growth despite lower traffic, while family dining reported declines in both.The impact of high gas prices is still the most pressing concern for the restaurant industry."Elevated gas prices continue to pressure an already stressed consumer, (with) dining-out habits changing after prices surpassed the $3.50 (per) gallon threshold in early March," the UBS said.US retail gasoline prices averaged $4.0898 per gallon Friday, compared with $3.2103 a year ago, according to AAA motor club data.US consumer sentiment dropped in August amid concerns that inflation will continue to be high for the "foreseeable future," final results of a University of Michigan survey showed Friday.Price: $78.20, Change: $+0.13, Percent Change: +0.17%

$MCD$QSR$WEN
Brinker Issues Upbeat Outlook Amid Chili's Growth Momentum; Shares Surge
US Markets

Brinker Issues Upbeat Outlook Amid Chili's Growth Momentum; Shares Surge

Brinker International (EAT) shares jumped Wednesday after the company provided an upbeat fiscal 2027 financial guidance at the midpoint, confident that its Chili's brand will sustain the growth momentum that drove strong fourth-quarter results.The parent of Chili's Grill & Bar and Maggiano's Little Italy expects full-year non-GAAP earnings of $12.60 to $13.40 a share, which at the midpoint is ahead of the FactSet-polled consensus of $12.61. The company reported non-GAAP EPS of $10.74 for the just-concluded fiscal year, up from the $8.90 logged for 2025.Brinker expects fiscal 2027 revenue between $6.15 billion and $6.27 billion, while Wall Street is looking for $6.16 billion. Last year's top-line grew to $5.81 billion from $5.38 billion sequentially.Chili's fourth-quarter revenue rose to $1.42 billion from $1.34 billion a year earlier."Chili's continues to gain momentum through its strong, everyday value platform, led by the success of the Big Smasher, the Big QP and now the big crispy chicken sandwich," Brinker Chief Financial Officer Mika Ware said during an earnings call, according to a FactSet transcript, referring to Chili's popular menu offerings. "July sales and traffic have significantly accelerated versus the fourth quarter, further widening our lead over the casual dining industry."The company's shares were up 11% in afternoon trade, bringing its year-to-date gains to about 71%.For the quarter ended June 24, Brinker reported non-GAAP EPS of $3.07, compared with $2.49 a year earlier, while analysts expected $3.09. Revenue rose to $1.54 billion from $1.46 billion, topping the Street's $1.53 billion estimate.Consolidated comparable restaurant sales grew 5%, in line with analysts' projections. Comparable sales at Chili's increased 5.6%, driven by menu pricing and higher traffic, offsetting a 2.5% decline at Maggiano's."Third-party syndicated data confirms Chili's continues to be ranked in the top-tier across key measures like value, quality, service and overall experience," Chief Executive Kevin Hochman said on the call. "We still have room to improve, but our progress gives us confidence that we will sustain traffic gains and repeat business."UBS Securities expected Brinker to post another "solid" quarter. The brokerage saw Chili's well positioned for robust growth into fiscal 2027, with sales momentum supported by "industry-leading value and ongoing enhancements to food, service/atmosphere and marketing," it said in a note to clients earlier this week.Brinker's board authorized a total of $750 million under its current share repurchase program, effective Aug. 10, it said Wednesday.Last week, Restaurant Brands International (QSR) reported better-than-expected second-quarter earnings amid strong comparable sales growth at Burger King across domestic and international markets. McDonald's (MCD) second-quarter revenue fell short of market expectations, as comparable sales growth in the US slowed on a yearly basis amid a challenging consumer environment.Price: $242.86, Change: $+21.48, Percent Change: +9.70%

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Wire

Restaurant Brands Q2 Mixed as Burger King Strength Offsets Tim Hortons, Popeyes Weakness, RBC Says

Restaurant Brands International (QSR) reported mixed Q2 results, with strong performances from Burger King and its international business offset by weaker-than-expected results at Tim Hortons and Popeyes, RBC Capital Markets said.The investment firm said in a Thursday note that Burger King and international same-store sales topped consensus estimates. Tim Hortons same-store sales rose 0.1%, below the Street's 1.1% estimate, while Popeyes same-store sales fell 5.1%, missing consensus by 0.8%.RBC said management attributed Tim Hortons' weakness to underperforming marketing campaigns and pushed back on concerns that Canada's macro environment would result in a prolonged low-growth backdrop.The investment firm said Burger King still has room for further growth through family traffic, store remodels and menu enhancements, adding that the brand remains in the early stages of improving consumer perception.RBC Capital Markets has an outperform rating and a $85 price target.Price: $74.04, Change: $+1.12, Percent Change: +1.53%

$QSR
Wendy's Earnings Fall Amid Traffic Headwinds; Fast-Food Chain Withdraws Outlook
US Markets

Wendy's Earnings Fall Amid Traffic Headwinds; Fast-Food Chain Withdraws Outlook

Wendy's (WEN) second-quarter earnings fell year over year amid weak traffic trends, while the fast-food chain withdrew its full-year outlook as a new leadership team pursues a turnaround plan.Wendy's adjusted EPS fell to $0.18 for the quarter ended Jun 28 from $0.29 a year earlier, but topped the FactSet-polled consensus of $0.16. Revenue increased 1.7% to $570.6 million, compared with the Street's estimate of $557.1 million.Global same-restaurant sales declined 6.3% year over year on a constant currency basis, compared with analysts' estimate that called for a 4.7% drop. The metric tumbled 7% in the US and was down 2.3% internationally. Systemwide sales fell 6.5% in the quarter, driven by weakness in the US."Our second-quarter performance fell short of prior expectations and reinforced the need for a thorough revision of the path forward," Chief Financial Officer Steve Cirulis said during the earnings call, according to a FactSet transcript. "Traffic in July was consistent with second quarter trends, and as a result, we expect continued traffic headwinds to impact our ability to return to year-over-year systemwide sales growth in either the third or fourth quarter."The company withdrew its full-year outlook and announced a dividend cut as its new management team formulates a turnaround plan. RBC Capital Markets anticipated an earnings guidance reduction and a dividend cut.Wendy's appointed Bob Wright as chief executive in May, while Cirulis joined in June."We are not performing at our potential," Wright said on the call. "Traffic is down. Our value proposition has slipped and franchisee economics are under pressure. That said, I've seen this brand at its best and I know we can fix these issues."Wendy's stock was up 1.3% in Friday trade, but has lost 10% so far this year.Trian Fund Management was seeking investor backing for a potential take-private bid for Wendy's, the Financial Times reported in May.Earlier in the week, Burger King parent Restaurant Brands International (QSR) reported better-than-expected second-quarter earnings, while McDonald's (MCD) posted mixed results.

$MCD$QSR$WEN
Sectors

Sector Update: Consumer Stocks Decline Late Afternoon

Consumer stocks were lower late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.5%.In sector news, the US Federal Communications Commission said Thursday it has voted to repeal the 39% national television multiple ownership rule and replace it with a case-by-case review. Under the case-by-case approach, the commission can analyze factors related to localism, viewpoint diversity, and competition and apply them in the context of a specific transaction, the FCC said.In corporate news, Papa John's International (PZZA) shares fell past 17% after it cut its 2026 global systemwide restaurant sales outlook, overshadowing better-than-expected quarterly results despite lower revenue.Restaurant Brands International (QSR) reported better-than-expected Q2 earnings on Thursday amid strong comparable sales growth at Burger King across domestic and international markets. Its shares were still down 2.3%.Fox's (FOX, FOXA) fiscal Q4 results topped Wall Street's estimates as broad advertising strength from the FIFA Men's World Cup, along with growing streaming momentum at Tubi and Fox One drove top-line growth. The company's Class A and Class B shares climbed past 5%.Warner Bros. Discovery (WBD) reported a surprise Q2 profit on Thursday amid double-digit revenue growth in its streaming segment, while the media and entertainment giant secured regulatory approval in the UK for its proposed acquisition by Paramount Skydance (PSKY). Warner Bros. shares rose 2%.

$FOX$FOXA$PZZA$QSR$WBD
Papa John's Cuts Sales Outlook, Suspends Dividend Amid Weak North America Demand; Shares Sink
US Markets

Papa John's Cuts Sales Outlook, Suspends Dividend Amid Weak North America Demand; Shares Sink

Papa John's International's (PZZA) shares slumped Thursday after the company lowered its full-year sales forecast and suspended its dividend amid weakness in its North American business.The pizza restaurant operator now expects global system-wide restaurant sales to fall 2% to 4% this year, down from its prior outlook range of flat to down low-single-digits. North America comparable sales are now seen declining 6% to 8%, compared with the company's previous guidance of down 2% to 4%. For international comparable sales, Papa John's expects growth of 1% to 3%, down from its earlier range of a 2% to 4% increase.The company's board has decided to suspend its quarterly dividend starting in the third quarter to shift capital allocation towards its transformation strategy acceleration, it said in an earnings release.Addressing ongoing media speculations regarding a potential sale, Papa John's Chief Executive Todd Penegor said the pizza chain wasn't interested in selling itself following a strategic review. "We believe it is in the best interest of the company and all of our shareholders to focus 100% of our attention on Papa John's transformation," Penegor said on an earnings conference call Thursday, according to a FactSet transcript.The company's plunged nearly 16% in afternoon trade, bringing its year-to-date losses to 35%.Revenue for the quarter ended June 28 decreased 8.8% year over year to $482.4 million, compared with the FactSet-polled consensus of $481.2 million. Adjusted earnings rose to $0.46 a share from $0.41 a year earlier, versus Wall Street's $0.45 views.Global system-wide restaurant sales fell 4.8%, driven by lower North America comparable sales and a decline in global net restaurants on a trailing 12-month basis, which outweighed gains in international comparable sales, the company said in the release."Second-quarter results reflected continued momentum in our international business, where we delivered our seventh consecutive quarter of positive comparable sales, and ongoing headwinds in North America, driven by the softer consumer environment, lower order volumes, and a highly promotional (quick-service restaurant) marketplace," Penegor said in the release.Separately, Papa John's said it appointed Chris Lyn-Sue as global chief marketing officer and John Matter to the newly created role of global chief development officer.Also on Thursday, Restaurant Brands International (QSR) posted better-than-expected second-quarter earnings amid strong comparable sales growth at Burger King across domestic and international markets.Recently, Domino's Pizza (DPZ) reported fiscal second-quarter revenue above market estimates, while KFC parent Yum Brands (YUM) logged stronger-than-expected earnings.Price: $24.60, Change: $-5.15, Percent Change: -17.31%

$DPZ$PZZA$QSR$YUM
Sectors

Sector Update: Consumer Stocks Decline Thursday Afternoon

Consumer stocks were lower Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) each decreasing 0.6%.In sector news, the US Federal Communications Commission has voted 2-1 to remove a restriction that limits companies from owning broadcast TV stations reaching more than 39% of TV households, Deadline reported Thursday. The move faces a potential court challenge, amid warnings that only Congress has the authority to remove the restriction, according to the report. FCC Chairman Brendan Carr has said that the cap removal is essential for providing relief for local broadcasters by restoring a counterbalance against growing leverage of national programmers.In corporate news, Papa John's International (PZZA) shares fell past 15% after it cut its 2026 global systemwide restaurant sales outlook, overshadowing better-than-expected quarterly results despite lower revenue.Restaurant Brands International (QSR) reported better-than-expected Q2 earnings on Thursday amid strong comparable sales growth at Burger King across domestic and international markets. Its shares were still down 2.3%.Warner Bros. Discovery (WBD) reported a surprise Q2 profit on Thursday amid double-digit revenue growth in its streaming segment, while the media and entertainment giant secured regulatory approval in the UK for its proposed acquisition by Paramount Skydance (PSKY). Warner Bros. shares rose 1.8%.

$PZZA$QSR$WBD
Restaurant Brands Second-Quarter Earnings Beat Estimates Amid Burger King Strength
US Markets

Restaurant Brands Second-Quarter Earnings Beat Estimates Amid Burger King Strength

Restaurant Brands International (QSR) reported better-than-expected second-quarter earnings on Thursday amid strong comparable sales growth at Burger King across domestic and international markets.The Tim Hortons parent's adjusted earnings came in at $1.07 a share for the quarter ended June, up from $0.94 the year before, topping the FactSet-polled consensus of $1.04. Revenue improved to $2.52 billion from $2.41 billion, in line with the Street's view.Comparable sales rose 3.8%, exceeding the average analyst estimate for growth of 3%."We built on our strong start to 2026 with another quarter of over 3% global comparable sales and double-digit earnings growth, led by Burger King's standout performance and continued strength at international," Chief Executive Josh Kobza said in a statement.Burger King same-store sales jumped 8.5% in the US and 5.4% internationally, compared with gains of 1.5% and 4.1%, respectively, in the prior-year quarter.Last month, RBC Capital Markets said it expected Burger King's momentum to have continued into the second quarter, partially driven by underlying improvement as the company revamped its marketing campaign. The brokerage saw "further runway for improvement" as the company continued to remodel stores, it said in a client note at the time.Earlier in the week, rival McDonald's (MCD) reported second-quarter revenue below market expectations as comparable sales growth in the US slowed amid a challenging consumer environment. The fast-food giant appointed Skye Anderson as president of McDonald's USA, as part of efforts to boost long-term profitable growth of its US business.Restaurant Brands' second-quarter comparable sales growth at Tim Hortons slowed to 0.1% from 3.4% in the year-ago quarter. The metric declined 5.1% at the Popeyes brand and edged up 0.4% at Firehouse Subs.International same-store sales advanced 5.5%.Restaurant Brands continues to project comparable sales growth of more than 3% from 2024 to 2028 and reach net restaurant growth north of 5% towards the end of its algorithm period. Net restaurant growth remained unchanged year over year at 2.9% in the second quarter.Last week, KFC owner Yum Brands (YUM) reported better-than-expected second-quarter earnings, although revenue missed estimates as a recent food-safety issue weighed on demand at Taco Bell.

$MCD$QSR$YUM
Stocks Mostly Up Pre-Bell as Investors Weigh Potential Iran-Oman Hormuz Deal, Await More Earnings
US Markets

Stocks Mostly Up Pre-Bell as Investors Weigh Potential Iran-Oman Hormuz Deal, Await More Earnings

US equity markets were mostly pointing higher before the opening bell Thursday as investors assess prospects for a potential deal between Iran and Oman over the Strait of Hormuz and await the latest batch of corporate earnings.The S&P 500 edged up 0.1% and the Dow Jones Industrial Average rose 0.2% in premarket activity, while the Nasdaq declined 0.3%. The Nasdaq and S&P 500 finished the previous trading session lower, while the Dow logged a fresh closing high for a third straight day.Iranian Deputy Foreign Minister Kazem Gharibabadi reportedly said Thursday that an "understanding" between Iran and Oman regarding the Strait of Hormuz is close to being finalized, CNBC reported. Gharibabadi noted that the path of understanding is between the two countries and no negotiations have taken place with the US during this period.Earlier in the week, President Donald Trump reportedly said an agreement to reopen the strait, the world's most important chokepoint for crude flows, was imminent.West Texas Intermediate crude oil dipped 0.1% to $75.16 a barrel before the open, while Brent was slightly in the green at $79.47.ConocoPhillips (COP), Parker Hannifin (PH), Datadog (DDOG), Warner Bros. Discovery (WBD), Becton Dickinson (BDX), Keurig Dr Pepper (KDP), Kenvue (KVUE), Restaurant Brands International (QSR), Fiserv (FISV), Ralph Lauren (RL), Fox (FOX, FOXA), US Foods (USFD) and Unity Software (U) report their latest financial results before the bell, among others.Cloudflare (NET), Monster Beverage (MNST) and Airbnb (ABNB) are scheduled to post their earnings after the markets close.Shares of Applovin (APP) dropped 16% pre-bell after the mobile technology provider's second-quarter revenue fell short of market estimates. DoorDash (DASH) gained 2.4% as the company delivered a second-quarter revenue beat amid order momentum. SanDisk (SNDK) fell 8.9% following its latest quarterly results.Employers in the US announced 33,429 layoffs in July, down 27% from the month prior and 46% year over year, according to Challenger, Gray & Christmas' latest report. The weekly jobless claims bulletin is out at 8:30 am ET.On Wednesday, ADP (ADP) data showed that private-sector employment in the US increased less than expected last month as gains were concentrated in services. The government's nonfarm payrolls report for July is due on Friday.Treasury yields were trending higher in premarket action, with the two-year rate inclining 2.1 basis points to 4.2% and the 10-year rate adding 1 basis point to 4.63%.Federal Reserve Bank of St. Louis President Alberto Musalem is slated to speak at 5:30 pm.Gold traded up 0.5% at $4,328 per troy ounce, while bitcoin decreased 0.4% to $64,606.

Dow JonesNasdaq CompositeS&P 500$ABNB$ADP$APP$BDX$COP$DASH$DDOG$FISV$FOX$FOXA$KDP$KVUE$MNST$NET$PH$QSR$RL$SNDK$U$USFD$WBD
Wire

Restaurant Brands' Q2 Setup 'Slightly Unfavorable' on Tim Hortons Weakness, RBC Capital Markets Says

Restaurant Brands International (QSR) faces a "slightly unfavorable" setup ahead of its Q2 results as potential weakness at Tim Hortons could outweigh Burger King's momentum, RBC Capital Markets said in a note Monday.The investment firm expects Burger King's same-store sales to rise 7%, above the consensus estimate of 5.3%, helped by "revamped" marketing campaign, menu initiatives and restaurant renovations. However, Burger King accounts for only about 18% of company earnings before interest and taxes, according to the note.Tim Hortons, which generates about 40% of Restaurant Brands' EBIT, is expected to miss same-store sales estimates by 74 basis points in Q2 as Canadian consumers face greater pressure from higher gas prices, slower population growth and increasing competition, RBC said.The firm also expects international sales to be broadly in line with estimates and Popeye's same-store sales to fall short of consensus, although it views the chain's "operational challenges are largely solvable."RBC Capital Markets has an outperform rating on the stock, with a price target of $85.Restaurant Brands shares were up 0.5% in Tuesday trading.Price: $74.80, Change: $+0.39, Percent Change: +0.52%

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Wire

BofA Adjusts Price Target on Restaurant Brands International to $76 From $81

Restaurant Brands International (QSR) has an average rating of overweight and mean price target of $85.57, according to analysts polled by FactSet.Price: $74.75, Change: $-0.27, Percent Change: -0.36%

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Wire

Restaurant Sector Remains Mixed as Stronger Operators Outperform, Morgan Stanley Says

Restaurant and food companies continue to see mixed performance, as stronger operators outperform while weaker brands face ongoing challenges, Morgan Stanley said in a note Wednesday.Recent market shifts, including artificial intelligence and uncertainty around Iran, have led investors to better differentiate between companies still delivering and those that are not, the investment bank said, adding it does not expect any major near-term macroeconomic changes that would improve conditions for challenged brands.Across the industry, large quick-service restaurants remain a weak segment, while beverage companies continue to perform strongly, and fast-casual restaurants are mixed but showing modest improvement, according to the note. Full-service restaurants are also mixed but remain solid overall, and food distributors continue to demonstrate resilience, the investment bank said."Recent slowing in industry data will be a focus, though perhaps short lived and comparisons help as we head into late Q3/Q4 for many and the overall industry," the bank added.Morgan Stanley raised its price target on Starbucks (SBUX) to $111 from $110, Restaurant Brands International (QSR) to $79 from $78, CAVA Group (CAVA) to $90 from $86, and Dutch Bros (BROS) to $88 from $87, while lowering its price target on Domino's Pizza (DPZ) to $370 from $395, and McDonald's (MCD) to $322 from $331.The bank downgraded Black Rock Coffee Bar (BRCB) to equal-weight from overweight and cut its price target to $9 from $22, while upgrading CAVA Group (CAVA) to overweight from equal-weight and raising the price target to $90 from $86. Morgan Stanley downgraded Chefs' Warehouse (CHEF) to equal-weight from overweight while raising its price target to $97 from $83.The bank also increased its price targets on Performance Food Group (PFGC) to $131 from $120, Sysco (SYY) to $88 from $84, and US Foods (USFD) to $103 from $94.Price: $106.99, Change: $+0.82, Percent Change: +0.78%

$BRCB$BROS$CAVA$CHEF$DPZ$MCD$PFGC$QSR$SBUX$SYY$USFD
Investors Remain Cautious Amid 'Still-Sluggish' Restaurant Industry Demand, UBS Says
US Markets

Investors Remain Cautious Amid 'Still-Sluggish' Restaurant Industry Demand, UBS Says

The US restaurant industry largely continues to face a "still-sluggish" demand, with the macro backdrop posing risks and offering limited visibility into the outlook, UBS Securities said Monday.Industry growth improved last month sequentially amid stronger fast casual trends, though restaurants' share of wallet and "share of stomach" both dropped "modestly," UBS analysts, including Dennis Geiger, said in a note to clients."Our meetings and investor discussions last week continued to highlight more cautious sector sentiment, reflecting broadly still-sluggish industry demand and macro conditions creating risk and limited visibility into outlook," Geiger wrote.Investor concerns are even greater toward quick-service restaurants, or QSRs, which generate a substantial portion of their revenue from low-income consumers and face more significant macro risks, according to the note."While many investors highlighted potential opportunities from valuation pressures across much of the sector and a potentially oversold group, conviction appears limited," Geiger said.In the QSR segment, sales and traffic improved in April compared to the month prior, UBS said, citing industry data."Our latest QSR franchisee discussions continue to highlight performance bifurcation among brands, with gas prices and broader macro challenges negatively impacting visits/spend for many brands," Geiger said. However, certain brands such as Taco Bell of Yum Brands (YUM) and Burger King of Restaurant Brands International (QSR) "appear to maintain significant momentum."Consumer confidence improved across all income groups this month, UBS said, citing its latest survey. "Encouragingly, consumers reported a greater willingness to spend overall, including on dining out," Geiger said."We anticipate underlying restaurant demand and share of wallet trends should be largely consistent through (2026) driven by fiscal stimulus benefits, value efforts, menu innovation, and other initiatives, with potential risks from elevated gas prices and other factors that could pressure consumer sentiment," Geiger said.Price: $152.22, Change: $+2.25, Percent Change: +1.50%

$QSR$YUM
US Markets

Shake Shack Stock Plunges as Inclement Weather Hurts First-Quarter Performance

Shake Shack (SHAK) shares plummeted Thursday after the fast food chain operator's first-quarter results fell short of Wall Street's estimates amid weather-related headwinds.The company broke even in terms of non-GAAP earnings per share, compared with $0.14 adjusted EPS a year earlier and the FactSet-polled consensus that called for $0.12 in EPS. Revenue grew 14% to $366.7 million, while same-store sales rose 4.6%.Analysts expected revenue of $372.4 million and 4.7% in comparable sales growth in the quarter ended April 1.Inclement weather weighed down comparable sales by 240 basis points and impacted adjusted earnings before interest, taxes, depreciation and amortization in the first quarter, Chief Executive Rob Lynch said in a statement.The company's shares plunged about 30% intraday Thursday.Restaurant level margins slightly missed the company's own expectations amid higher operating expenses and "some mix impact" of marketing initiatives," the company said in a shareholder letter.For 2026, Shake Shack maintained its revenue guidance of $1.6 billion to $1.7 billion, continuing to expect same-store sales to grow by a low single-digit percentage. Analysts in a FactSet poll are projecting sales of $1.66 billion and same-store sales growth of 3%."Our sales momentum is building in (the second quarter) and that we are reiterating our 2026 guidance for same Shack sales restaurant level margins and our long-term financial targets," Lynch said on an earnings conference call, according to a FactSet transcript.Shake Shack appointed Michelle Hook as its chief financial officer, effective May 11. Hook previously served as CFO of Portillo's (PTLO).Katherine Fogertey stepped down as Shake Shack CFO in March.Fast-food giant McDonald's (MCD) logged first-quarter results above the Street's views on Thursday, a day after Burger King parent Restaurant Brands International (QSR) posted stronger-than-expected financials.Last week, Yum Brands (YUM) reported first-quarter comparable sales growth at KFC and Taco Bell.Price: $69.55, Change: $-26.97, Percent Change: -27.94%

$MCD$PTLO$QSR$SHAK$YUM
Sectors

Sector Update: Consumer Stocks Rise Late Afternoon

Consumer stocks were higher late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1.8%.In corporate news, Uber (UBER) on Wednesday issued a bookings growth outlook that surpassed Wall Street's estimates, while the ride-hailing company's Q1 profit grew year-on-year. Uber shares popped 9.5%.Walt Disney's (DIS) fiscal Q2 results came in ahead of market estimates amid revenue gains across all business operations, while the media and entertainment giant reiterated its expectations for growth to accelerate in H2. Its shares climbed past 7%.Sony Group's (SONY) Sony Music is nearing a deal to acquire a music catalog including works by artists such as Justin Bieber and Neil Young from Blackstone (BX), Bloomberg reported. Sony is in discussions to acquire Recognition Music through a joint venture with Singaporean sovereign wealth fund GIC, which will pay from $3.5 billion to $4 billion, the report said. Sony Group shares added 3%.Restaurant Brands International's (QSR) Q1 earnings and revenue topped Wall Street's estimates Wednesday, while the restaurant operator's comparable sales growth was in line with consensus. Its shares were down 5%.

$DIS$QSR$SONY$UBER
Sectors

Sector Update: Consumer

Consumer stocks were higher late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1.9%.In corporate news, Restaurant Brands International's (QSR) Q1 earnings and revenue topped Wall Street's estimates Wednesday, while the restaurant operator's comparable sales growth was in line with consensus. Its shares were down 5.9%.

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Research

Research Alert: CFRA Maintains Hold Opinion On Shares Of Restaurant Brands International Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month target by CAD2 to CAD112, based on 20x our 2026 EPS estimate (down from 21x), a discount to shares' 22x 10-year average forward multiple. We raise our 2026 EPS to USD4.06 (CAD5.60) from USD4.05 and 2027's to USD4.32 (CAD5.96) from USD4.29. Following Q1 results showing comp growth momentum at Burger King (+5.8%) but also pressure from beef costs (supply chain cost of sales +13.7%) and ongoing comp drag at Popeyes (-6.5%), we are reiterating our Hold opinion. The company starts 2026 with comp growth (+3.2%) operating income growth (+13%) on pace to exceed their long-term growth targets of +3% and +8%. We are encouraged by Burger King's comp growth momentum, suggesting a turnaround is gaining traction. However, this is balanced by cost pressure from beef prices. Additionally, Q1 restaurant growth (-56 Q/Q) leaves work to be done although management expects this to accelerate throughout the year. Still, we view shares' reaction today suggests investors sense elevated execution risks.

$QSR
US Markets

Burger King Parent Restaurant Brands' First-Quarter Earnings, Revenue Top Street Views

Restaurant Brands International's (QSR) first-quarter earnings and revenue topped Wall Street's estimates Wednesday, while the restaurant operator's comparable sales growth was in line with consensus.The Burger King parent's adjusted earnings rose to $0.86 a share in the quarter through March 31 from $0.75 a year earlier, while revenue climbed 7.4% to $2.26 billion. Those results surpassed the Street's projections for $0.83 and $2.24 billion, respectively. Comparable sales grew 3.2%, matching the Street's views. Net restaurant growth was 2.6% versus a 3.3% increase a year earlier.The company's shares were down 5.5% in afternoon trade. So far in 2026, the stock has gained roughly 13% in value.First-quarter comparable sales grew 1.6% at the Tim Hortons brand, 5.8% at Burger King, and 5.7% at the international segment. The Firehouse Subs saw a 0.5% drop, while Popeyes plunged 6.5%."Tim Hortons and international each delivered their 20th consecutive quarter of positive comparable sales," Chief Executive Josh Kobza said in a statement. "At Burger King, our results reflect several years of hard work by our franchisees and teams."Restaurant Brands is on course to repurchase roughly $500 million in shares for 2026, Chief Financial Officer Sami Siddiqui said on an earnings conference call, according to a FactSet transcript."We are closely monitoring beef costs and expect normalization over time, with relief now anticipated closer to 2027," Siddiqui told analysts.The company continues to expect comparable sales growth of more than 3% from 2024 to 2028 and reach net restaurant growth north of 5% towards the end of its algorithm period.Restaurant Brands is on track to deliver about 1,800 net new restaurants a year by 2028, Siddiqui said. "We are continuing to simplify the business and have a path to sunset Restaurant Holdings by the end of 2027."Price: $77.08, Change: $-4.59, Percent Change: -5.62%

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