(52-week high article updated with additional information and stock prices.)
NEW YORK (
) -- A duo of big-name restaurant stocks --
-- hit fresh 52-week highs Tuesday even as
Shares of McDonald's touched an all-time high of $75.84 in early-afternoon trading Tuesday, before edging back somewhat to $75.79. The burger-and-fries chain's
, the most recent full trading day.
Yum! Brands, the operator of KFC, Taco Bell and Pizza Hut restaurant chains, reached as high as $44.69 in morning trading Tuesday, a new record high, after it too
. Yum! shares were lower by 0.3% at $44.21 Tuesday afternoon.
Other food-related stocks also rose to fresh 52-week highs Tuesday, including convenience store operator
Casey's General Stores
, natural beverage makers
( HANS), food processor
and online restaurant reservation service
Yum! and McDonald's are among analysts' top picks for
, especially now that Burger King shares are considered passé by savvy investors who know
Casey's shares jumped 6.8% to $41.55, off earlier highs of $42.15. Hain edged up 0.1% to $24.01 after touching $24.10 earlier Tuesday. Hormel shares fell 0.3% to $44.21 after reaching $44.41, and Opentable fell 1% to $55.30 after hitting a fresh all-time high of $56.13.
Burger King said last week it agreed to be taken private by New York-based hedge fund
, in what will be the second time in less than a decade that its shares will no longer traded on an exchange.
With the economy still very much in recovery mode and
, consumers continue to be choosy about how they spend their limited discretionary funds. For the restaurant industry that means the competition is stiffer than ever, and some dining establishments are bound to go bust.
Burger King shares were flat at $23.60 Tuesday morning after surging 14.7% Wednesday amid speculation of the buyout, and then gaining another 25.1% Thursday after the takeover was confirmed.
-- Written by Miriam Marcus Reimer in New York.
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