Why Wendy's Stock Withered on Wednesday
An analyst initiated coverage of the stock.
Overview
Wendy's (NASDAQ: WEN) stock has generally traded down since an apparent plan to take the company private was abandoned in late August. On Wednesday, an analyst initiated coverage of the fast-food purveyor's stock with a rather lukewarm take, which didn't help improve investor sentiment -- the company's stock fell by nearly 6% that trading session.
Well before market open that morning, Seaport Global Securities formally began its tracking of Wendy's stock. Analyst Eric Gonzalez rated the veteran fast food purveyor's equity a neutral, and not only because of that scotched go-private effort.
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Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.