McDonald's downgraded, falls

Investor's Business Daily

The world's largest burger chain was downgraded by Lazard Capital on tough competition, as longtime rivals Burger King Worldwide (BKW) and Wendy's (WEN) updated their menus and increased advertising campaigns. Taco Bell, owned by Yum Brands (YUM), has also gained ground with an expanded menu. What Lazard called the "abrupt firing" of McDonald's (MCD) USA President Jan Fields raised further doubts about the company's future direction. Shares fell 0.9% to 86.24.

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