The hype may not be over a chicken sandwich, but Wendy’s (WEN) is the latest fast-food company to make headlines after announcing a new breakfast menu. Unlike the well-received all-day McDonald’s (MCD) breakfast from a few years ago, Wendy’s announcement has been met with a frosty reaction from investors. WEN is down over 10% today, which has also dragged on the Restaurants group.
This week we’ve seen massive rotation out of this year’s winners and into the year’s losers. The trend is very apparent in the Restaurant space as we show in the table below. Fast-food stocks like Wendy’s (WEN), Shake Shack (SHAK), Chipotle (CMG), Starbuck’s (SBUX), and McDonald’s (MCD) are up huge year-to-date, but they’re getting crushed today. On the flip side, stocks like Fiesta (FRGI), Brinker (EAT), Ruth’s (RUTH), and BJ’s (BJRI) that have been beaten down YTD are up big on the day. Start a two-week free trial to one of Bespoke’s three premium membership levels.