NEW YORK (TheStreet) -- Shares of McDonald's (MCD) were edging down in midday trading on Monday as the company recalled about 29 million fitness wristbands in the U.S. due to risk of skin irritation or burns.
The fast-food giant has received more than 70 reports of incidents, including seven reports of blisters, after wearing the wristbands, according to the Consumer Product Safety Commission.
The wristbands were distributed exclusively by McDonald's restaurants nationwide from August 9 to August 17 with Happy Meals and Mighty Kids Meals.
Additionally, the company recalled about 3.6 million units in Canada.
The "Step-iT" activity band is plastic and snaps onto the wrist. The band features a digital screen that tracks a child's steps or other movement.
Earlier today, Canaccord Genuity initiated coverage of the stock with a "hold" rating.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its notable return on equity, expanding profit margins and solid stock price performance.
But the team also finds weaknesses including unimpressive growth in net income, weak operating cash flow and generally higher debt management risk.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: MCD