Buzzing Stocks: McDonald’s Returns These Gains, Coach and Zynga SINK
Shares of McDonald’s (NYSE:MCD) gained nearly 1 percent in early trading, then gave it all back and some. The fast-food giant reported a weaker-than-expected 3.7 percent increase in August sales, but it was an improvement from July, the company’s worst month in more than nine years. Same-store sales rose 3 percent in the United States and 3.1 percent in Europe. Shares of competitor Yum! Brands (NYSE:YUM) also increased on the news.
Coach (NYSE:COH) shares fell 1.79 percent. The luxury retailer received a downgrade to Hold from Buy at Brean Murray. The firm cited valuation concerns. British luxury player Burberry is also adding weakness to the sector by announcing a profit warning. Other retailers such as Ralph Lauren (NYSE:RL) and Tiffany & Co (NYSE:TIF) also traded in the red.
Google (NASDAQ:GOOG) shares lost 1.22 percent. The company released the latest version of its YouTube app for the Apple (NASDAQ:AAPL) iPhone and iPod Touch. It will provide thousands of additional videos and advertising for the first time. However, the app will not come pre-loaded on Apple products. Mobile devices contribute 1 billion video views a day, according to Google.
Zynga (NASDAQ:ZNGA) shares ticked 1 percent lower Tuesday. The social gaming company lost another executive. Jeff Karp, chief marketing officer, has reportedly left the Zynga for undisclosed reasons. He joins chief operating officer John Schappert and chief creative officer Mike Verdu among top officials to leave the company since August.
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