McDonald's Corp MCD shares are trading slightly lower Thursday afternoon after the company's CEO released a letter regarding headwinds related to war in the Middle East.
What Happened: In a new letter posted on LinkedIn, McDonald's president and CEO Chris Kempczinski reflected on 2023 and warned of potential headwinds in markets in and around the Middle East.
"Several markets in the Middle East and some outside the region are experiencing a meaningful business impact due to the war and associated misinformation that is affecting brands like McDonald’s," Kempczinski said.
The McDonald's CEO called the developments "disheartening and ill-founded" and noted that McDonald's is represented by local owner operators who employ thousands of their fellow citizens regardless of location.
"That local community connection is the genius of the McDonald’s System," Kempczinski said.
Several other fast-food stocks are moving lower including Wendy's Co WEN, Restaurant Brands International Inc QSR and Yum! Brands Inc YUM.
McDonald's is expected to report quarterly earnings at the end of the month. Investors are likely to get further updates on the headwinds in the Middle East at that time. According to Benzinga Pro, analysts currently anticipate earnings of $2.82 per share on revenue of $6.44 billion.
See Also: McDonald's Revenues Expected To Increase, Plus Merck And More On CNBC's 'Final Trades'
MCD Price Action: McDonald's shares were down 0.0.39% at $293.24 at the time of publication, according to Benzinga Pro.
Photo: courtesy of McDonald's.
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