The stock market closed mixed on Friday, as traders assessed the latest batch of corporate earnings – which have been mixed thus far. Investors also evaluated the news on Chinese stimulus, while looking ahead to a Fed meeting and more earnings report next week.
Overall, S&P 500 closed flat at 4,536, while NASDAQ fell 0.2% to 14,033.
Tweet of the Day
ALL SHE WANTS IS WINGSTOPpic.twitter.com/Rbu4xa8Jzl
— Barstool Sports (@barstoolsports) July 10, 2023
Chart of the Day
Here is the one-year chart of Wingstop (WING) as of July 5, 2023, when the stock was at $189.
Wingstop is the largest fast-casual chicken wing-focused restaurant chain in the world. As of December 2022, the company has 1,959 restaurants in operation with 98% of them being franchises. Management’s vision is to become a top 10 global restaurant brand, with a goal of 4,000 restaurants in the U.S. and another 3,000 internationally.
Wingstop boosted its advertisement fund by switching from local to national advertising. This led to an increase in their presence in social, streaming, and digital platforms. The company spent close to $40 million on advertising last qtr, a 71% increase from a year ago. Wingstop is now a big player in media and advertises in popular properties like the NFL and NBA. Last quarter, the company delivered 74% profit growth on 43% revenue growth. Driven by transaction growth, same-store sales increased by 20%.
WING is part of the Growth Portfolio.
