Papa John's (PZZA) shares plunged more than 8% Wednesday after the pizza franchise sales fell short of Wall Street's fourth quarter estimates. Adjusted earnings came in at 88 cents a share, beating estimates of 66 cents a share. Revenue jumped 5.5% from the prior year to $439.6 million, but missed estimates of $447 million. Papa John's same-store sales in North American rose 3.8% but fell short of estimates of 5.9%. This comes as the company began a marketing campaign for its re-launched pan pizza, calling this its "biggest product launch" yet.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
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