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Market Snapshot
briefing.com
| Dow | 33503.90 | -52.96 | (-0.16%) | | Nasdaq | 11061.39 | -62.12 | (-0.56%) | | SP 500 | 3938.63 | -20.23 | (-0.51%) | | 10-yr Note | -29/32 | 3.78 |
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| | NYSE | Adv 1080 | Dec 1949 | Vol 839 mln | | Nasdaq | Adv 1745 | Dec 2883 | Vol 4.2 bln |
Industry Watch
| Strong: Information Technology, Energy, Consumer Staples |
| | Weak: Communication Services, Materials, Utilities, Consumer Discretionary |
Moving the Market
-- Digesting new Fedspeak, including St. Louis Fed President Bullard (FOMC voter) saying that a 5-7% fed funds rate may be needed, and Kansas City Fed President George (FOMC voter) saying a real slowdown in the economy and labor market may be needed to reduce inflation
-- Worries about higher rates leading to further deterioration in the economic environment, which would lead to a deterioration in earnings growth prospects
-- Climbing Treasury yields and strengthening dollar
-- Mixed earnings news receiving mixed reactions from names like Macy's (M), Cisco (CSCO), NVIDIA (NVDA), and Kohl's (KSS)
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Closing Summary
17-Nov-22 16:30 ET
Dow -7.51 at 33549.35, Nasdaq -38.70 at 11084.81, S&P -12.23 at 3946.63
[BRIEFING.COM] Today's trade started on a weaker note. Market participants again dealt with concerns about the Fed overtightening and forcing a recession for the U.S. economy. These concerns were stoked by comments from Fed officials ahead of the open.
Specifically, St. Louis Fed President Bullard (2022 FOMC voter) acknowledged that the fed funds rate is not yet at a sufficiently restrictive level and then showed in a Taylor Rule exercise that the Fed may need to go to 5-7% in the battle to get inflation under control. Kansas City Fed President George (2022 FOMC voter) for her part said a real slowing in labor markets and a contraction in the economy may be needed to reduce inflation, according to CNBC.
For stock market participants, these remarks piled onto worries about higher rates ultimately leading to a further deterioration in the economic environment, which would lead to a deterioration in earnings growth prospects.
The Treasury market reacted strongly to these comments. The 10-yr note yield, which hit 3.68% overnight, settled up nine basis points at 3.78%. The 2-yr note yield, which hit 4.34% overnight, rose nine basis points to 4.45%.
Things improved markedly around midday, however. The S&P 500 pared its losses to 0.1% while the Nasdaq and Dow tipped into positive territory. There was no specific news catalyst to account for the improvement, but the move did coincide with buying interest picking up for mega cap stocks and semiconductor issues. The market trended lower again as buying subsided in these areas, but the major indices were able to maintain levels noticeably higher than their session lows.
The Vanguard Mega Cap Growth ETF (MGK), down just 0.1% at today's high, closed the session down 0.6%. The PHLX Semiconductor Index, up 1.4% at its intraday high, closed with a gain of 1.1%.
On an individual basis, Macy's (M 22.67, +2.96, +15.0%), Cisco (CSCO 46.59, +2.20, +5.0%), and Bath & Body Works (BWWI 38.97, +7.84, +25.2%) were notable winners today after reporting favorable quarterly results.
Eight of the 11 S&P 500 sectors closed in the red. Utilities (-1.8%) and consumer discretionary (-1.3%) suffered the heaviest losses while information technology (+0.2%) and energy (+0.1%) led the outperformers.
Notably, the Russell 2000 (-0.8%), which is comprised of small cap stocks with high exposure to the U.S. market, was the worst performer among the major indices.
Energy complex futures settled the session in mixed fashion. WTI crude oil futures fell 4.7% to $81.63/bbl and natural gas futures rose 3.0% to $6.75/mmbtu.
JD.com (JD), Foot Locker (FL), Atkore International (ATKR), Spectrum Brands (SPB), Buckle (BKE), and Twist Bioscience (TWST) are set to report earnings ahead of Friday's open.
Looking ahead to Friday, market participants will receive the following economic data:
- 10:00 ET: October Existing Home Sales (Briefing.com consensus 4.38M; Prior 4.71M)
- 10:00 ET: October Leading Economic Index (Briefing.com consensus -0.5%; Prior -0.4%)
Reviewing today's economic data:
- October Housing Starts 1.425 mln (Briefing.com consensus 1.420 mln); Prior was revised to 1.488 mln from 1.439 mln; October Building Permits 1.526 mln (Briefing.com consensus 1.518 mln); Prior 1.564 mln
- The key takeaway from the report is that there was no growth in single-unit starts in any region nor any growth in permits (a leading indicator) in any region for single-unit dwellings.
- Weekly Initial Claims 222K (Briefing.com consensus 222K); Prior was revised to 226K from 225K; Weekly Continuing Claims 1.507 mln; Prior was revised to 1.494 mln from 1.493 mln
- The key takeaway from the report is that it covers the week in which the survey is conducted for the November Employment Situation Report. The relatively low level of initial claims should contribute to expectations for another relatively solid increase in nonfarm payrolls.
- November Philadelphia Fed Index -19.4 (Briefing.com consensus -5.0); Prior -8.7
- Dow Jones Industrial Average: -7.7% YTD
- S&P Midcap 400: -12.3% YTD
- Russell 2000: -18.2% YTD
- S&P 500: -17.2% YTD
- Nasdaq Composite: -28.8% YTD
Market continues to pullback
17-Nov-22 15:35 ET
Dow -118.52 at 33438.34, Nasdaq -98.56 at 11024.95, S&P -29.51 at 3929.35
[BRIEFING.COM] The stock market continued to pullback from its highs in recent trading.
After the close, Applied Materials (AMAT), Ross Stores (ROST), Gap (GPS), Williams-Sonoma (WSM), and Palo Alto Networks (PANW) are among the earnings reporters.
JD.com (JD), Foot Locker (FL), Atkore International (ATKR), Spectrum Brands (SPB), Buckle (BKE), and Twist Bioscience (TWST) are set to report earnings.
Looking ahead to Friday, market participants will receive the following economic data:
- 10:00 ET: October Existing Home Sales (Briefing.com consensus 4.38M; Prior 4.71M)
- 10:00 ET: October Leading Economic Index (Briefing.com consensus -0.5%; Prior -0.4%)
Mega caps and semi's lead market lower
17-Nov-22 15:00 ET
Dow -52.96 at 33503.90, Nasdaq -62.12 at 11061.39, S&P -20.23 at 3938.63
[BRIEFING.COM] The stock market continued to pullback from session highs in the last half hour.
The move lower coincided with buying interest easing up in mega cap stocks and semiconductor names. The Vanguard Mega Cap Growth ETF (MGK), trading flat a short time ago, is down 0.8% now. The PHLX Semiconductor Index, up 1.4% a short time ago, trades up 0.7% now.
Energy complex futures settled the session in mixed fashion. WTI crude oil futures fell 4.7% to $81.63/bbl and natural gas futures rose 3.6% to $6.80/mmbtu.
Hasbro outperforms in S&P 500 after initiating eOne sale process
17-Nov-22 14:30 ET
Dow -56.23 at 33500.63, Nasdaq -69.89 at 11053.62, S&P -22.09 at 3936.77
[BRIEFING.COM] The S&P 500 (-0.56%) has moved slightly lower in the last half hour, now down about 22 points.
S&P 500 constituents Pool (POOL 317.40, -20.05, -5.94%), Etsy (ETSY 113.11, -6.61, -5.52%), and IDEXX Labs (IDXX 408.30, -17.78, -4.17%) are among today's top laggards despite a dearth of corporate news.
Meanwhile, toy manufacturer Hasbro (HAS 57.55, +1.58, +2.82%) outperforms after news the company started the process of trying to sell eOne TV and film business.
Gold slips as dollar, yields rise
17-Nov-22 14:00 ET
Dow +1.17 at 33558.03, Nasdaq -11.90 at 11111.61, S&P -11.22 at 3947.64
[BRIEFING.COM] With about two hours to go on Thursday the tech-heavy Nasdaq Composite (-0.11%) now sits in second place, flip-flopping between gains and losses over the last half hour.
Gold futures settled $12.80 lower (-0.7%) to $1,763.00/oz, pressured by gains in the dollar and treasury yields.
Meanwhile, the U.S. Dollar Index is up about +0.4% to $106.65.
Page One
Last Updated: 17-Nov-22 09:04 ET | Archive
Fedspeak makes macro picture look cloudier
The Federal Reserve isn't doing the stock market any favors this morning. Concerns that the Fed will overtighten and force the U.S. economy into a hard landing were partly behind yesterday's selling and widening inversion of the yield curve. Those concerns remain in place today and have been heightened by remarks made this morning by some voting FOMC members.
It is important to note that the futures market was already trending lower in front of today's Fedspeak, yet the Fedspeak took things down another notch.
Specifically, St. Louis Fed President Bullard (FOMC voter) acknowledged that the fed funds rate is not yet sufficiently restrictive and, citing the Taylor Rule, said a 5-7% fed funds rate may be needed. Kansas City Fed President George (FOMC voter), meanwhile, said a real slowing in labor markets and a contraction in the economy may be needed to reduce inflation, according to CNBC.
These remarks spoke directly to market participants' growing fear: more tightening and more economic slowing, neither of which would be good for the earnings outlook.
Currently, the S&P 500 futures are down 53 points and are trading 1.3% below fair value, the Nasdaq 100 futures are down 183 points and are trading 1.5% below fair value, and the Dow Jones Industrial Average futures are down 385 points and are trading 1.1% below fair value.
Treasuries are also on the weaker side of things. The 2-yr note yield is up eight basis points to 4.44% and the 10-yr note yield is up nine basis points to 3.78%.
This morning's data didn't necessarily assuage any of the aforementioned concerns. Initial jobless claims were still relatively low; housing starts and building permits were devoid of strength in single-unit dwellings; and the Philadelphia Fed Index (-19.7) fell deeper into contraction territory.
- Initial jobless claims for the week ending November 12 decreased by 4,000 to 222,000 (Briefing.com consensus 222,000). Continuing jobless claims for the week ending November 5 increased by 13,000 to 1.507 million.
- The key takeaway from the report is that it covers the week in which the survey is conducted for the November Employment Situation Report. The relatively low level of initial claims should contribute to expectations for another relatively solid increase in nonfarm payrolls.
- Housing starts decreased 4.2% month-over-month in October to a seasonally adjusted annual rate of 1.425 million (Briefing.com consensus 1.420 million) from an upwardly revised 1.488 million (from 1.439 million) in September. Building permits dropped 2.4% month-over-month to a seasonally adjusted annual rate of 1.526 million (Briefing.com consensus 1.518 million) from an unrevised 1.564 million).
- The key takeaway from the report is that there was no growth in single-unit starts in any regions nor any growth in permits (a leading indicator) in any region for single-unit dwellings.
- The November Philadelphia Fed Index fell to -19.4 (Briefing.com consensus -5.0) from -8.7 in October. A reading below 0.0 is indicative of contraction.
- The key takeaway from the report is that new order activity continued to decline, evidenced by the New Orders Index slipping to -16.2 from -15.9.
Separately, there is some earnings news in the spotlight as well. That news hasn't moved the needle in a positive direction for the broader market but there have been some individual winners.
Dow component Cisco Systems (CSCO) is up 3.5% following its better-than-expected results and retailer Macy's (M) is up 8.1% following its better-than-expected results and increased FY23 guidance.
NVIDIA (NVDA) had what has been labeled a better-than-feared report, yet it is down 1.4% as growth stocks are feeling the pinch of rising long-term rates. Retailer Kohl's (KSS) is down 3.3% after beating earnings estimates but withdrawing its FY22 guidance citing the recent volatility in business trends, the significant macroeconomic headwinds, and its unexpected CEO transition.
The macro is very much in focus right now and that picture is looking cloudier as the Fed continues to press the point that it is not done raising rates and expects to hold its policy rate eventually at a higher level for longer.
-- Patrick J. O'Hare, Briefing.com
Macy's more affluent customer base helps retailer to ring up beat-and-raise earnings report (M)
As earnings from the retail sector continue to roll in, one main observation is that retailers operating on either the luxury side of the spectrum (RL, TPR), or on the value side (WMT, TJX), are vastly outperforming those who fit somewhere in between the two.
Macy's (M), a higher-end department store chain, is withstanding the macroeconomic headwinds better than many competitors, as illustrated by its beat-and-raise Q3 earnings report. The company's results and outlook stand in stark contrast to Target (TGT), which issued a dismal earnings report yesterday morning. Kohl's (KSS), another middle-of-the road big box retailer, refrained from providing Q4 guidance and withdrew its FY22 outlook in this morning's Q3 earnings report.
Macy's more affluent customer base is clearly a key advantage in this inflationary environment.
- While TGT CEO Brian Cornell lamented that consumers are pulling back from making discretionary purchases, Macy's luxury brands, Bloomingdale and Bluemercury, posted solid comparable sales growth of 5.3% and 14.0%, respectively.
- Pricier categories, such as dressy apparel, luggage, and tailored sportswear, were notable areas of strength. Overall, comparable sales decreased by 3.1% on an owned basis, due to a 4.4% decline for the Macy's banner. It's worth noting, though, that Macy's lapped a 37.2% surge in comparable sales from the year-earlier period.
Considering that Macy's had beaten EPS estimates in twelve consecutive quarters, it doesn't come as a major surprise that the company achieved that feat once again in Q3. However, the magnitude of the beat is likely better than many had anticipated.
- Last quarter, Macy's warned that it planned to ramp up markdowns to clear out old inventory, particularly in pandemic-related categories like active, casual sportswear, sleepwear, and soft home. Therefore, the company's margins and earnings were expected to take a significant short-term hit in Q3.
- With gross margin only slipping by 20 bps sequentially to 38.7%, it seems that the degradation wasn't as bad as feared.
- The company has also kept expenses under control. SG&A expense as a percent of sales increased by 300 bps yr/yr to 39.3%, but that's partly due to the year-earlier period benefitting from a high number of open positions due to the tight labor market. Compared to 3Q19, SG&A expense as a percent of sales is lower by 330 bps.
Macy's is in good shape as the height of the holiday shopping season fast approaches. Merchandise inventory, which is only up by 4% compared to last year, is at a healthy level after the company worked through some promotional activity in Q2 and Q3 to clear out aged product. Perhaps sales won't be as strong as they were last year when inflation wasn't much of an issue, but we believe Macy's will outperform many retailers this holiday season.
Bath & Body Works soars on squeaky clean Q3 results (BBWI)
Shares of Bath & Body Works (BBWI +25%) are soaring today after the retail bath shop chain posted squeaky clean Q3 (Oct) results, including a massive adjusted EPS beat, upbeat sales numbers, and raised FY22 guidance. BBWI now expects FY22 earnings of $3.00-3.20 from $2.70-3.00 and sales to fall by mid-single digits yr/yr, slightly better than its previous forecast of a mid-to-high single-digit decline.
- Perhaps the best number from Q3 was adjusted EPS of $0.40, smashing BBWI's prior expectation of $0.10-0.20. Meanwhile, sales fell by just 4.5% yr/yr, in-line with BBWI's previous outlook of a mid-to-high-single digit decline yr/yr.
- BBWI attributed its results to its team's closeness to the customer, focus on innovation and success in leveraging its vertically-integrated supply chain. These comments do not really paint a clear picture. Instead, in our view, there were a few items that specifically appeared to have driven BBWI's upbeat numbers.
- One component was BBWI's loyalty program, which launched in late August. Even though the company has only enjoyed less than two months of its loyalty program, the results were still stunning. Over 21 mln members have enrolled to date, making up over a third of its total customer base. Even more significant, loyalty sales represent roughly two-thirds of its total U.S. sales since launch.
- Another driver was BBWI targeting certain actions to improve profitability, including revisiting its promotions and pricing plans and product costing to enhance merchandise margins.
- The third contributor was BBWI's focus on working with its vendor base to reduce product costs. The company has also looked to streamline operations to be more agile to ensure it is not overbought on certain products.
- Looking ahead, BBWI's Q4 outlook was decent, projecting adjusted EPS of $1.45-1.65 and sales to drop by mid-single to low-double digits yr/yr. Perhaps more importantly, BBWI commented that it is well-positioned for the holiday season and continues to plan for a very price-sensitive consumer, with targeted deals that most resonate with each shopper.
- Q4 is BBWI's most vital quarter, so its remarks are also fueling today's favorable price action. However, if BBWI fails to deliver next quarter, its shares could take a beating.
BBWI has had a difficult year as inflationary pressures have dampened discretionary spending levels, as well as cut into BBWI's margins. However, with BBWI's outlook on FY22 inflationary costs remaining steady in Q3, perhaps these pressures are beginning to subside. BBWI also has a new CEO, Sarah Nash, who takes the corner office on December 1. Given her experience in leadership roles at Unilever (UL) and Estee Lauder (EL), BBWI might be staring at the beginning of a mighty turnaround.
Cisco finally seeing supply chain relief, enabling company to capitalize on resilient demand (CSCO)
The supply chain constraints that had been a thorn in the side of Cisco (CSCO) for many quarters are gradually dissipating, enabling the networking giant to convert more of its record setting backlog into revenue. As such, CSCO delivered a solid beat-and-raise 1Q23 earnings report that featured a return to top-line growth of nearly 6% after revenue slightly declined last quarter. Throughout this frustrating two-year stretch, CSCO remained adamant that demand was strong and that it was at the center of several potent secular trends, including the shift to hybrid work, the ramp up of 5G technology, and the explosion of applications and data to the cloud.
Now, this robust demand is finally starting to translate into higher growth as CSCO secures the necessary components and materials to finalize more shipments. In Q1, the company was able to reduce its backlog by about 10% sequentially, although its backlog is still sitting at the second highest level in its history. Encouragingly, CEO Chuck Robbins stated during the earnings call that component shortages continued to ease from last quarter, while the redesign of many of the company's products also helped to improve the situation. This development is not only positive from a revenue perspective, but it should also be beneficial to margins.
As CSCO works through its backlog, it will ship out an increasing number of products that include the price increases that were implemented earlier in the year. Therefore, the company's gross margin appears poised to recover in FY23 after inflation and supply chain issues dragged margins lower this year. In 1Q23, non-GAAP gross margin declined by 150 bps yr/yr to 63.0%.
Reflecting the healthy demand environment and the supply chain improvements, CSCO issued upside Q2 revenue guidance of $13.29-$13.55 bln and non-GAAP operating margin of 31.5-32.5%. The mid-point of that operating margin guidance represents a slight increase from the 31.8% CSCO registered in Q1. In addition to CSCO's pricing actions and the clearing out of its backlog, there are a couple other factors that should provide a boost to margins and earnings.
- The company also announced a restructuring program today that will impact about 5% of its workforce and will include some office closures. Although many of these employees will be offered different positions within the company, the program is still expected to generate cost savings as it better aligns employees with a hybrid work environment.
- Like many other technology companies that have traditionally relied on hardware sales (HPE, DELL, NTAP, etc.), CSCO is transitioning to more of a software and subscription-based model. The goal is to generate more predictable, recurring, higher-margin revenue, while making the company less reliant on continually selling expensive hardware. With ARR (annualized recurring revenue) increasing by 7% to $23 bln in Q1, CSCO is making good progress in this mission.
- In CSCO's largest segment (Secure, Agile Networks), momentum is building as revenue jumped by 12% to $6.68 bln, compared to a decline of 1% last quarter. Despite the macroeconomic uncertainties, demand from enterprises has remained firm, especially for switching products, which experienced double-digit growth in Q1.
The main takeaway is that CSCO is finally seeing some relief on the supply chain front, enabling it to capitalize on the resilient demand for networking, wireless, and security products. This should bode well for other networking equipment names that have suffered from similar component shortages, such as Juniper Networks (JNPR), Extreme Networks (EXTR), and Ciena (CIEN).
NVIDIA's Q3 report contains positive developments, but lingering issues keeps shares in check (NVDA)
NVIDIA's (NVDA) Q3 (Oct) earnings report contained some positive developments, including what appears to be a bottom in Gaming revenue. However, the chip maker's second-straight earnings miss and light Q4 revenue guidance are keeping shares in check. The broader markets ticking lower is also a factor weighing on the price.
- Investors were likely not expecting robust headline results in Q3 after several chip makers warned of a rapidly deteriorating demand backdrop in the months leading up to NVDA's report. In fact, NVDA already warned that Q3 would be challenging last quarter, expecting sequential declines in its Gaming (~26% of total revs) and Professional Visualization (~3%) segments, as well as a 460 bp contraction in non-GAAP gross margins yr/yr to 62.4% (the midpoint of its prior guidance).
- Although NVDA's Gaming and ProViz predictions materialized, declining 23% and 60% qtr/qtr, respectively, margins dipped further than expected, tumbling 10.9 pts yr/yr to 56.1%. This helped fuel NVDA's double-digit adjusted EPS miss, a blemish that may be clouding out other positives.
- One such positive was revenues falling less than analysts anticipated, dropping 16.5% yr/yr to $5.93 bln. The heavy lifter here was NVDA's Data Center segment (~65%), which delivered 31% growth yr/yr and 1% sequentially. NVDA remarked that growth was broad-based across leading U.S. cloud service providers, consumer internet firms, and other vertical industries. Meanwhile, the weak sequential growth was mainly due to lingering fragility in China.
- NVDA's Q4 revenue guidance of $5.88-6.12 bln slightly missed estimates. However, we think it is better to focus on the silver lining that NVDA expects a sequential improvement in Gaming sales, signaling that the worst of the slowdown in demand may be over. Recall NVDA's strategy last quarter was to reduce sell-in over Q2 (Jul)-Q4 (Jan) to let channel inventories correct. NVDA is still working through the correction, but given the sequential growth forecast, NVDA seems on track to deliver on its Q2 expectation to enter FY23 in good shape.
- Margins are also expected to make a good recovery, with NVDA targeting non-GAAP gross margins of 65.5-66.5% in Q4, translating to only a 100 bp contraction yr/yr at the midpoint.
Even though investors do not seem to have much appetite for NVDA shares today, the company's Q3 report was mostly positive. There are still a few lingering concerns, such as softening Gaming and Data Center demand in China, which cropped up toward the end of Q2. China is NVDA's second-largest market in terms of where products are initially billed, comprising around 26% of total revs in FY22 (second to Taiwan at ~32%). Hence, weakness in the region adds a layer of uncertainty. ProViz is also finding it more difficult to recover than Gaming, with NVDA forecasting flattish growth qtr/qtr in Q4. Still, we think NVDA remains a solid long-term play but caution that its relatively pricey ~40x forward earnings multiple, a sizeable premium to Advanced Micro (AMD) at ~23x and Intel (INTC) at ~20x, could continue to create volatility in the near term.
Restaurant Brands Int'l feels like a king after naming former Domino's CEO to Exec. Chairman (QSR)
Restaurant Brands International (QSR +7%) feels like a king today after appointing former Domino's Pizza (DPZ) CEO Patrick Doyle to Executive Chairman, effective immediately. The parent company of Burger King, Tim Hortons, Popeyes, and Firehouse Subs, QSR commands a vast footprint within the quick-service restaurant industry. Each restaurant also operates in a much-different field from the pizza-making environment that was Domino's Pizza.
Nevertheless, QSR is confident that Mr. Doyle's success at DPZ, where he grew system-wide sales to $13.0 bln from $5.6 bln during his eight-year tenure, will translate to its franchises, which in some cases have underperformed competitors.
- For example, Burger King, QSR's most prominent banner by far, boasting system-wide sales of $23.45 bln in FY21, comprising 66% of total revs, has registered overall comps lagging McDonald's (MCD) over the past five years running. Also, overall same-store sales growth from Wendy's (WEN) outperformed Burger King in FY21 and FY20.
- Mr. Doyle received a strong reputation for changing recipes and adding new menu items at DPZ. Burger King may need similar treatment to close the gap on its main rivals.
- QSR has started a "Reclaim the Flame" campaign at Burger King to entice store traffic and boost sales. The early stages of this initiative have shown success, with Burger King's same-store sales growth of +4% in Q3 closing the gap on its rivals.
- QSR also kicked off further initiatives in October after meeting with franchisees, including reclaiming a share of voice and media considerations, shoring up its brand equities, and introducing a modernized "You Rule" tagline.
- Given these new strategies, we think Mr. Doyle may monitor their progress over the next few quarters before possibly diving in with more radical ideas.
- Given the smaller size of QSR's other banners, they may not receive as much attention from the newly appointed Chairman as Burger King. That might not be a big deal, though, as Popeyes has posted comp growth relatively in-line with KFC (YUM). Furthermore, Tim Hortons' same-store sales growth surpassed total comps for two consecutive quarters as of Q3.
Bottom line, given Patrick Doyle's success at DPZ, it is not surprising to see such excitement today over QSR naming him as its new Executive Chairman. We think the enthusiasm is warranted. However, it could take multiple quarters before we get a sense of Mr. Doyle's vision for the future of QSR's four banners.
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