If you haven’t had a chance to check, U.S. stocks traded sharply higher on Thursday.
Fast food giant McDonald’s delivered fresh evidence to it’s investors that its long awaited turnaround effort is gaining traction. This is good news after many shaky weeks.
Following the report, McDonald’s stock jumped to an all-time high, and boosted the Dow by 47 points.
Earnings rose to $1.40 a share which is up from $1.09 a year ago. Currency headwinds hit revenue, which fell 5 percent to $6.62 billion from $6.99 billion.
Wall Street expected McDonald’s to deliver about $1.27 in earnings per share on $6.41 billion in revenue, according to a consensus estimate from Thomson Reuters.
Sales at restaurants for the last 13 months jumped 4 percent while those in the U.S. rose 0.9 percent amid breakfast strength. Overall global sales at established restaurants were expected to rise 1.9 percent while those in the U.S. were expected to drop 0.2 percent, according to a Consensus Metrix estimate.