McDonald's beat fourth-quarter earnings and revenue expectations
McDonald's Corp (NYSE:MCD) reported fourth-quarter adjusted earnings of $2.59 per share on revenue of $5.93 and a 12.6% rise in same-store sales, all of which beat Wall Street's expectations. Nevertheless, MCD was last seen 2.1% lower to trade at $265.32.
In stark contrast to the industry trend, the blue-chip fast-food giant saw increased traffic domestically as consumers shift from full-service restaurants to more affordable options. In a press release, McDonald's CEO Chris Kempczinski said the company expects "short-term inflationary pressures to continue in 2023."
McDonald's stock remains above its year-over-year breakeven mark. Keep an eye on the shares' 100-day moving average, a trendline that's holding today and stepped up as support earlier in the month.
Options traders remain bullish, with call volume is exceeding normal volume this morning. More than 10,000 bullish bets have crossed the tape already today, volume that's 14 times the intraday average amount. The most activity is taking place at the weekly 2/3 280-strike call, where new positions are being opened.