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Strategies & Market Trends : Value Investing
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To: Mark Marcellus who wrote (16995)9/24/2003 12:45:32 PM
From: Bob Rudd  Read Replies (1) of 78892
 
MCD: Sold @23.94 for 32% gain on blended cost. My concern here is that the rise in beef prices to multi-year highs [chicken and other foods also rising], will bring a warning. STAR mentioned that 1st 8 wks of this Q, beef prices are up 20% YoY. MCD is the largest beef buyer in the US. No mention of hedging beef prices in 10-k's [They do mention hedging currencies though, so $'s drop may not be as helpful as it otherwise would be]. I'm probably wrong on this since no one else seems to be seeing it as an issue, but several sources like S&P, JPMorgan see MCD as fully priced at current levels. So I'm seeing the downside as a bit more likely than the upside.
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