The fast food giant reported a first-quarter earnings and revenue beat
The shares of McDonald's Corp (NYSE:MCD) are up 1.7% to trade at $251.41 at last check, after the fast food concern posted a first-quarter earnings and revenue beat. The company noted a 3.5% rise in comparable sales growth within the U.S., while international markets saw even higher jumps. Plus, stateside price increases and the launch of a new loyalty program contributed to the blue chip's strong results.
Options traders have been quick to respond to the earnings event, with 5,414 calls and 4,850 puts across the tape so far, which is triple the intraday average. The weekly 4/29 245-strike put is currently the most popular, followed by the weekly 5/6 255-strike call.
The brokerage bunch has yet to chime in, but is firmly optimistic towards McDonald's stock. However, there is still some room for upgrades. Of the 25 analysts in coverage, seven call MCD a tepid "hold."
McDonald's stock still has some ground to cover before coming within reach of its Jan. 4, all-time high of $271.14. The security is bouncing off the 30-day moving average, which yesterday contained a pullback from last week's rally to the $260 region. Year-over-year, MCD is up 8.2%.