Wendy’s Stock Worth Watching as Restaurant Chain Names New CEO—Key Levels to Monitor

The Wendy’s Company

Wendy’s (WEN) stock is on the menu to watch Friday after the company named PepsiCo (PEP) executive Kirk Tanner as its next CEO, effective Feb. 5. Tanner, who most recently served as the beverage giant’s North American chief, will succeed Todd Penegor, who has been at the helm of Wendy’s since 2016. Under Penegor’s tenure, Wendy’s launched a nationwide breakfast menu that saw the company surpass Burger King as the second-largest U.S. burger chain based on sales. Tanner, who brings experience overseeing Pepsi’s global food service division, will play a pivotal role in the burger chain’s global expansion push that Penegor announced last year as part of a broader restructuring plan. Currently, Wendy’s has 1,000 restaurants in 31 countries outside the United States, with plans to open 200 stores in Australia by 2034.

The WEN share price has tracked mostly sideways since breaking above a six-month downtrend line last month. However, if the stock can hold these levels and flip previous resistance into support, it may mark the beginning of a new move higher. If the price starts to climb, keep an eye on the $20.50 level, where it may run into overhead resistance from a horizontal line and the 200-day moving average.

Wendy’s stock was up 0.2% at $19.29 about 20 minutes into Friday’s session. The stock has lost 13% over the past year.

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As of the date this article was written, the author does not own any of the above securities.