Customers in China may be losing their taste for American fast food.
McDonald’s Corporatio (NYSE:MCD) on June 8 announced that sales at same-store moved down 1.7% in Asia Pacific, the Middle East and Africa in May. The sales drop marked the major decline since almost 2004.
ITG Investment Research analyst Steve West in St. Louis stated that the shrink at the world’s biggest restaurant chain agrees with a sluggish Chinese economy. The slowing economy forced McDonald’s and Yum! Brands, Inc (NYSE:YUM), which manages the KFC and Pizza Hut chains, to fight back with less-expensive menu items.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. The Wendy’s Company (NASDAQ:WEN) plunged -0.22% to settle at $4.52, Carrols Restaurant Group, Inc. (NASDAQ:TAST) moved up +4.09% to end at $5.60 while Good Times Restaurants Inc (NASDAQ:GTIM) jumped +8.44% to finish on Friday at $2.30.
McDonald’s Corporation (NYSE:MCD) began the last trading session with a price of $86.40 and throughout the session climbed at a high of $88.27 but when day-trade ended the stock finally declined -0.71% to $87.75.
MCD had a trade volume of 12.06 million shares was higher as compared to average trading capacity of 6.51 million shares.
The stock is ahead its 52 week low with +12.92% and lagging behind from its 52 week high price with -12.88%. MCD last month stock price volatility remained 1.39%. In its share capital MCD has 1.02 billion outstanding shares among them 1.02 billion shares have been floated in market exchange. MCD stock institutional ownership remained 67.31% while insider ownership included 0.05%.
Shares price of MCD moved down from its 20 days moving average with -2.00% and remote negatively from 50 days moving average with -6.07%. MCD current year earnings per share experienced an addition with +15.03% while its current quarter performance remained -8.68%. Company’s beta coefficient included 0.44. Beta factors measures the amount of market risk associated with market trade.
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