Wendys Co WEN shares are trading higher by $0.44 at $9.87 in Wednesday's session. The catalyst for the rally is a Q3 EPS beat of a penny with nearly $30 million more in revenues. Also, the company forecast FY 15 to be inline with Wall Street estimates of $0.32.
After a higher open, the issue retreated to $9.57 before moving higher. So far, it has reached $9.99 and is not far off that level. If that level is breached, there is still formidable resistance at the quintuplet of highs at $10.02-$10.13 from August 12-18.
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
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