Janney Sends McDonald's Down With Sales Estimate

Shares of McDonald’s (NYSE: MCD) gapped lower Wednesday morning after Janney cut estimates on weak domestic sales.

According to a survey conducted by Janney, franchisees’ sales outlook is the weakest it has been in a decade. This was enough for the research house to cut its June comparable sales estimate by 1.1 percent to a 2.6 percent drop. In addition, second quarter EPS was reduced by two percent.

According to Bloomberg, if Janney is right, McDonald's will record the worst June and July sales in 11 years.

McDonald’s shares were last trading at $99.71, down 0.6 percent in the pre-market.