McDonald's stock soars to record high

mcd.top.pngClick the chart to track McDonald's stock. By Hibah Yousuf, staff reporter


NEW YORK (CNNMoney.com) -- McDonald's Corp.'s third-quarter profit soared 10% to trounce expectations, and shareholders are lovin' it. The fast-food behemoth's stock continued to surge in record territory Thursday, nearing $80 a share.

McDonald's posted a net income of $1.4 billion, or $1.29 per share, for the three months ended Sept. 30, and revenue jumped 4% to $6.3 billion. Same-store sales, which measure sales at its stores open at least a year and are a key performance gauge, rose 6%.

The company's stock jumped 2.6% to an all-time high of $79.48 following the news. Shares of McDonald's have been climbing to new records day after day during last two months, and the stock is up more than 30% this year, leaving rivals Burger King and Wendys/Arbys Group Inc. (WEN) in the dust.

Despite the sluggish economy, Mickey D's been able to thrive by broadening its appeal and introducing new items to the menu, including the McCafe Frappes and Smoothies.

McDonald's CEO Jim Skinner said he is confident that the momentum will continue and expects same-store sales in October to increase between 5% and 6%.

Analysts polled by Thompson Reuters expect McDonald's will earn $4.9 billion in 2010, up more than 7% from net income of $4.6 billion in 2009.  To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 16,435.97 27.43 0.17%
Nasdaq 4,098.71 3.19 0.08%
S&P 500 1,867.92 3.07 0.16%
Treasuries 2.70 -0.02 -0.77%
Data as of 10:28am ET
Company Price Change % Change
Facebook Inc 60.19 1.25 2.12%
Micron Technology In... 24.78 0.87 3.64%
Bank of America Corp... 16.10 -0.05 -0.34%
Pfizer Inc 30.67 0.42 1.39%
Newmont Mining Corp 25.00 1.46 6.20%
Data as of 10:14am ET

Sections

On eve of hearing UAW says it will no longer challenge loss in organizing election at Volkswagen's only U.S. plant. More

The human toll of the 'coverage gap' can be found all too easily in Hidalgo County in Texas, one of 24 states that opted out of expanded Medicaid under Obamacare. More

Schwinn, Trek and Cannondale are all iconic American bicycle brands. But none of them are made in the United States. More

Getting people to donate money is a big business, and some universities, hospitals and other nonprofits are rewarding their top fundraisers with as much as $1 million to bring in the big bucks. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.