Yum Brands Spikes on Good Chinese Data
Shares of Yum Brands (NASDAQ: YUM) spiked in Monday's after-hours session, rallying over 7%, after the company said that Chinese comp sales were better than expected. For February, Chinese comp sales were up 2%; analysts had been expecting comp sales to fall 20%.
Yum Brands owns several fast food companies including Taco Bell and Pizza Hut. Its KFC brand is particularly exposed to China, so much so, that Yum Brand shares frequently tend to trade with developments in the Chinese economy.
Unfortunately for shareholders, Yum took a huge PR hit in China last year after concerns grew about the safety of its Chicken. The company blamed the issue for its poor earnings results in February.
Shares of Yum Brands closed at $67.84 on Monday.
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