Chew on This: Casual Dining Makes Bank
Hello from New York, where I’ll be honest, this old timer doesn’t snap back quite as quickly as he used to. After a big night on the town with Mrs. Jeffmacke, Todd-O, and Fish, I’m feeling so sluggish I actually canceled my appointment for hair plugs. No worries; I’ll be well-rested enough to pick up my motorcycle and first round of HgH treatments later. If all goes according to plan, I’ll be a Yankee in no time!
Here’s what I’m watching when not complaining about loud kids, complicated remote controls and the slothful youth of America:
- Mosaic (MOS), which I felt decent about selling into yesterday’s close and just before the company missed, is now green on the day. Stocks that refuse to go down on bad news tend to move higher. I’m staying out of agriculture stocks but am keeping an eye on them as a tell for “bad news in the stocks." At the very least, Mosaic, et al suggest that shortin’ ain’t easy in this environment.
- Pirates. Man, the evil genius of stealing an enormous bomb floating in plain sight. I respect that moxie even as I ponder the crews’ Plan B if negotiations fail.
- Bed Bath & Beyond (BBBY) certainly didn’t need an uptick rule to jam shorts today. The last towel store standing crushed the bears the old fashioned way; they beat expectations. The heavily shorted retailer is trading 20% higher.
- What a great night at a crowded midtown eatery. Speaking of which, check the action YTD in casual dining chains. Brinker (EAT), Chipotle (CMG), Darden (DRI) etc; you name it and chances are good it’s up on the year. Argue why it shouldn’t be all you want - the stocks are arguing for a big dining bottom.
- Speaking of which, BBBY has led to an explosion in retail in general today. Family Dollar (FDO) rocking on good results that came as no surprise, Target (TGT), Nordstrom (JWN); you name it and it’s probably working, whether it “should” or not.
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Best thing about being 40; no one ever says you're way too young to be bald.
Keep celebrating, go grab a bottle of Remy's Louis XIII and smoke some Cohibas with friends before they are legal and it kills all the fun.
As for hair plugs - when the revolution comes, the pitchforked mobs are bound to go for the guys with the fake rugs first. Do you really want to die next to The Donald? Sheeesh.
However, the kids get louder (esp. in teenage years), the remotes get more complicated, and the youth more slothful.
It's not their fault really, they've been programmed to have short attentions spans, seek short term immediate gratification, and be consumers of anything and everything.
Your call on casual dining is a good one I believe, as fewer and fewer people know how to cook much less make toast. Movie producers need to update their "down on his luck" scenes to have the hobo using a solar oven to heat up a lean cuisine instead of a fire and a can of beans.
Happy Birthday, dam*it. 40 is a great year, especially when you have a Wife and Kids to go home to.
Cheers,
Eric
