Shares of McDonald’s Corp. were sinking sharply lower on Friday and on pace to register its worst dollar decline in its history as a publicly traded company and its worst percentage drop since October of 2008, according to FactSet data, which has McDonald’s data going back to 1972. McDonald’s become a publicly traded company in 1965. The decline for shares of the fast-food chain also put it in position to book the worst weekly drop since 2008 and the sharpest total dollar decline for a week ever. Shares of the component of the Dow Jones Industrial Average were most recently off 4.9% or $7.67, weighing on the price-weighted blue-chip benchmark. For the week, McDonald’s shares are off 9.4%. Friday’s drop came as RBC Capital Markets cut its price target for the company to $170 from $190. The bank also cut its U.S. same-store expectations after a slow start to the $1 $2 $3 menu. RBC maintained its outperform rating on the fast-food giant’s stock. Analysts say “deteriorating industry conditions” and “disappointing” sales of the new value menu drove the U.S. same-store sales forecast for the first quarter down to 1% from 3.5%.
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