Why Wendy's Stock Crashed Today
Shares of fast-food chain Wendy's (NASDAQ: WEN) fell as much as 8.6% on Thursday even though the market trended upward in general. Noted short-seller Jim Chanos appeared on CNBC in the morning and said that he still expects several food-service stocks (including Wendy's) to continue falling. After mounting a partial recovery, the stock closed Thursday's trading 4.4% lower.
The founder of short-selling investment firm Kynikos Associates appeared on CNBC's Halftime Report, where he said that the firm still is short-selling restaurant stocks such as Wendy's, Burger King parent Restaurant Brands (NYSE: QSR), and Dunkin' Brands (NASDAQ: DNKN). Restaurant Brands shares fell as much as 5.4% today, and Dunkin bottomed out at a drop of 8.2%.
Image source: Getty Images.
Source Fool.com