Wendy’s loses ground in burger wars as a Nelson Peltz takeover target

Wendy's distress is idiosyncratic, not macro: shares down 65% in three years, sixth consecutive same-store sales decline, net income off 40% on elevated beef costs, and $2.4bn debt near annual revenue. The activist interest from Nelson Peltz signals a value/restructuring story confined to single-name consumer discretionary exposure, with negligible read-through to broad indices or crypto.