Market News

Ford (F)

Ford Motor Company confirmed Wednesday today that all substantive commercial terms relating to the potential sale of Volvo Car Corporation have been settled between Ford and Zhejiang Geely Holding Group Company Limited. As a result, the Ford and Geely anticipate that a definitive sale agreement will be signed in the first quarter of 2010, with closing of the sale likely to occur in the second quarter 2010, subject to appropriate regulatory approvals.

Dec 23 · 11:05:00 AM · Source: Company News Release
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by Larry Etter

Papa John's (PZZA)

Papa John’s International Inc. said it expects 2010 to remain tough for the third-largest pizza brand, with same-store sales expected to range from an increase of 1 percent to a decrease of 1 percent.
“The consumer environment is expected to continue to be very challenging, with the unemployment rate and consumer confidence seen as key indicators for the restaurant industry,” the company said in a statement Monday.

Dec 22 · 3:08:00 PM · Source: Restaurant News
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by Rich Pike

P.F.Chang's China Bistro (PFCB)

RNR.com is reporting that the board of directors at P.F. Chang’s China Bistro Inc. has authorized a share repurchase program that will allow the company to buy up to $100 million in its common stock through Dec. 15, 2011.
J.P. Morgan securities analyst John Ivankoe said the performance of P.F. Chang’s namesake brand was running close to expectations for the fourth quarter, which means still negative sales trends but improving costs. At the company’s Pei Wei Asian Bistro brand, same-store sales should run positive, with an increase of 2 percent, according to Ivankoe. The chain also is expected to open seven units this year and five more next year. Development will be focused on one new market, Chicago, as well as on the filling in of other large, underpenetrated markets including South Florida, Philadelphia, and Washington, D.C., Ivankoe said.

Dec 22 · 3:05:00 PM · Source: Restaurant News
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by Rich Pike

Steak N Shake (SNS)

The Steak n Shake Co. became the restaurant industry’s most expensive stock listing on Monday after the company completed a 1-for-20 reverse stock split that left shares closing at $293.00 each.
The company’s reverse split was undertaken to attract “knowledgeable, long-term owners,” said Steak n Shake’s CEO, Sardar Bilgari. Steak n Shake, which posted last week a fourth-quarter jump in sales and profit, is in the process of reorganizing its operations into that of a holding company, and has agreed to acquire another restaurant company, Western Sizzlin’ Co., which also is helmed by Biglari.

Dec 22 · 2:52:00 PM · Source: Restaurant News
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by Rich Pike