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Ruby Tuesday (RT)
Ruby Tuesday has established a new partnership with Penske Racing for the 2010 NASCAR Nationwide Series season. Ruby Tuesday will serve as primary sponsor for six races on the No. 22 Dodge driven by series standout Brad Keselowski.
The specific races where Ruby Tuesday will serve as primary sponsor of the car have yet to be determined, but the No. 22 Ruby Tuesday Dodge is expected to make its debut as primary sponsor at the Richmond International Raceway race on April 30. Ruby Tuesday will be an associate sponsor of the team for the remaining 2010 Nationwide Series races.
Jan 20 · 12:26:00 PM · Source: Company Press Release
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by Rich Pike
CKE Restaurants (CKR)
CKE Restaurants, the holding company for Carl's Jr. and Hardee's quick service restaurant brands, said last week Wednesday at a conference of stock analysts and investment bankers that company-owned same store sales were down.
Carl's Jr. restaurants earlier reported an 8.9% drop for December of stores open at least a year, while Hardee's stores were down 3.2%. Year to date same store sales of units opened at least a year fell for Carl's Jr. by 6 percent and Hardee's reporting a 0.7 percent slide.
No information on same store sales of its 3,147 franchises were released.
Andy Puzder, CKE's CEO said "It is not our brand at all. The reality is the market has shrunk," emphasizing that sales of competitors and the quick service sector as a whole have contracted.
Jan 19 · 1:16:00 PM · Source: BlueMauMau.com
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by Rich Pike
McDonald's (MCD)
Credit Suisse upgraded McDonald's from Neutral to Outperform. Price target was raised from $69 to $71.
Jan 19 · 12:44:00 PM · Source: Newratings.com
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by Rich Pike
Darden Restaurants (DRI)
Standpoint Research initiated coverage for Darden Restaurants with a recommendation of Buy. Their price target is $45.00.
Jan 19 · 12:27:00 PM · Source: StreetInsider.com
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by Rich Pike
Dell (DELL)
Synchronoss Technologies, Inc., a global provider of on-demand transaction management software platforms, today announced that its ConvergenceNow® Plus±™ platform has been selected by Dell Inc. to globally enable on-demand activations of Dell’s entire connected device portfolio, including Dell’s first smart phone, designed on Google’s Android Operating System. The ConvergenceNow® Plus+ platform will enable Dell to offer its customers across the globe a unique experience via the online channel including streamlining subscriber management functions, as well as, cross channel global service activation with multiple service providers. The initial markets supported will be North America and Europe, and then expanding on a global basis throughout 2010.
Jan 19 · 12:00:00 PM · Source: Company Press Release
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by Larry Etter
HP (HPQ)
The Hewlett-Packard Company Foundation today announced that it has committed $500,000 to the American Red Cross International Response Fund to support relief efforts in Haiti following the earthquake that devastated the country this week. The HP Company Foundation also announced that it has committed up to $250,000 to match eligible contributions by employees of HP in support of the earthquake relief efforts.
Jan 19 · 11:29:00 AM
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by Larry Etter
Apple (AAPL)
Eastman Kodak Co. filed suits Thursday against Apple Inc. and Research In Motion Ltd. charging those companies with violating patents related to digital camera and digital imaging technologies. In a filing with the International Trade Commission, Kodak alleges Apple's iPhones and RIM's camera-enabled BlackBerry devices violated patents related to a method for previewing digital images. Kodak also filed two suits against Apple in the U.S. District Court for Western New York, charging Apple with infringing on patents related to digital cameras and certain computer processes.
Jan 18 · 12:06:00 PM · Related: Eastman Kodak
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by Larry Etter
Steak N Shake (SNS)
The Indianapolis Business Journal is reporting that Steak n Shake Co. CEO Sardar Biglari bought 1,000 shares of the Indianapolis-based burger chain last week in another big bet the company's shares are undervalued.
Biglari, 32, paid about $290,000 to buy the shares on Jan. 7 and Jan. 8, according to an SEC filing. Biglari now controls about 6 percent of the company's 1.4 million shares. His stake is worth more than $26 million.
The Texas hedge fund manager used a proxy fight to gain control of Indianapolis-based Steak n Shake in 2008, then halted restaurant expansion, cut costs and introduced aggressive promotions to revive the struggling chain. The moves helped the 75-year-old chain late last year snap a 14-quarter streak of declining same-store sales.
The moves also allowed Biglari to stockpile cash and turn Steak n Shake into a holding company for non-restaurant investments. He cut capital expenditures from an average of $55 million per year to just $5.8 million in 2009, electing to save cash for other investments.
The company in December offered to acquire the outstanding shares of Fremont Michigan Insuracorp Inc. and initiated a 1-for-20 reverse stock split to discourage short-term investors.
Jan 15 · 10:42:00 AM · Source: IBJ.com
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by Rich Pike
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