Summary by Futu AI
McDonald's Corporation reported Q3 2024 revenues of $6.87 billion, up 3% year-over-year, while global comparable sales decreased 1.5%. Operating income declined 1% to $3.19 billion, with diluted earnings per share at $3.13, down 1%. U.S. comparable sales increased 0.3%, driven by average check growth and effective value campaigns.The International Operated Markets segment saw comparable sales decline 2.1%, impacted by negative performance in France and the UK. The International Developmental Licensed Markets segment reported a 3.5% comparable sales decrease, affected by the ongoing Middle East conflict and weaker sales in China. Franchised margins grew 1% to $3.45 billion, representing approximately 90% of restaurant margin dollars.The company continued executing its growth strategy, including accelerating restaurant development with plans to open over 2,100 new locations in 2024. McDonald's declared a 6% increase in quarterly dividend to $1.77 per share and repurchased 1.7 million shares for $444 million during the quarter. The company maintains its target of reaching 50,000 restaurants globally by 2027.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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