NEW YORK ( TheStreet) -- The S&P 500 is soaring to new highs and there have been persistent complaints from investors about the lack of bargains.
A couple of weeks ago I offered McDonald's (MCD) on a platter. I warned investors to act fast and scoop up these shares before they dropped off the value menu. McDonald's stock (then) traded at $94.74, a mere 2.7% away from its 52-week low.
The argument was simple; It's McDonald's. The company isn't going anywhere. With the Street fearful of the company's near-term outlook, I saw it as a great opportunity to buy one of the best brands on the market.
Tuesday, the stock climbed almost 4%, its highest margin in more than two years, and Wednesday it is trading near $99, up 4.5% for the year to date. The main catalyst Chief Financial Officer Pete Bensen saying the company may look to cut costs and borrow more cash to return to shareholders.
That's all it took for investors to become believers once again.
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