On this episode of Stock Movers:
- Shares of McDonald’s (MCD) were higher after the fast food giant reported faster-than-expected US sales growth last quarter as diners prioritized cheap fast food and pulled back from more premium meals at fast-casual chains. US comparable-store sales, which reflect the results of established locations, increased 2.4% in the third quarter, with the company attributing the rise mostly to higher per-visit spending. Overall comparable sales, which adds in international markets, were in line with expectations, while adjusted earnings per share fell short of the average of estimates compiled by Bloomberg.
- Cava (CAVA) is flat after declines earlier in the day. The restaurant cut its full-year sales growth targets after foot traffic stalled in the third quarter, citing financially squeezed consumers forgoing fast-casual restaurants.
- Live Nation (LYV) Live Nation shares are down 5.1% on Wednesday after the concert promoter and ticker seller reported third-quarter results that missed expectations on key metrics, although analysts remain positive about its longer-term prospects.
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