Wendy's Goes Cold on Breakfast Plans

Corey Goldman:So, shares of Wendy's, not exactly sizzling this morning after the company announced that it's getting into the breakfast thing, competing with the likes of Dunkin Donuts, McDonald's and Starbucks in serving up all things, bacon, eggs, and pancakes. The stock is down about 10% and one of the reasons is because of the money it's going to be spending about $20 million, which Wendy's says it's going to impact its fiscal earnings going forward. It has now reduced its adjusted earnings per share to between 3.5% and 6.5% growth for 2019 from what it was expecting, which was between 3.5% and 7% so a bit of a head. Analysts also feel that it's a pretty crowded market, so there's only so many places that people can and want to go for their bacon and eggs and that they're pretty well to where they already are a but we'll see. So cold stock for Wendy's this morning, perhaps warmer in the future. For TheStreet.com, I am Corey Goldman.