McDonald's Attempts To Close In Triple-Digits For The First Time Since July
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
McDonald's Corporation (NYSE: MCD) shares were trading higher by $1.00 at $99.91 in Monday's session. It has gained $11.00 since announcing a change in leadership on January 28. It should be noted that the increase would be closer to $12.00, but the issue went ex-dividend on February 26 for $0.85.
McDonald's on Monday morning was back over $100.00 for the first time since July 2014, when it began the month at $100.74 but slipped to $94.56 by month-end. The all-time high was made in April 2013 at $103.70. It reached its lowest level in two years when it bottomed at $87.62 in December, but quickly rebounded back over $90.00.
For the most part, the issue has been in a $90.00-$100.00 trading range since November 2011. McDonald's and other fast-food restaurants could be reaping the benefits of lower gas prices, as consumers are utilizing their savings at the pump to eat out on a more regular basis.
The last price it closed over the psychological $100.000 barrier was on July 15, when it ended the session at $100.30.
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