Materials needed for the case include: (see the links below):

• https://www.wsj.com/articles/mcdonalds-revenue-down-3-on-russia-exit-weaker-euro-11658837112
• https://q10k.com/MCD
• Analyst reports on McDonald's Corporation issued afterthe earnings announcement by Deutsche Bank(couldnt find a link to it)
• https://corporate.mcdonalds.com/content/dam/gwscorp/assets/investors/financial-information/earnings-release/Q2%202022%20Earnings%20Release.pdf

Case assignment

Read the Earnings Press Release and listen in on the conference call available in the Recent Events section of the Investor Relations portion of the McDonald's Corporation website (https://corporate.mcdonalds.com/corpmcd/investors.html). The webcast you are to listen to is called 'McDonald's Q2 2022 Earnings Conference Call'. Click on the link to be directed to the call. if you cant access the previous link, click the following link to access the call transcript

( https://news.alphastreet.com/mcdonalds-corporation-mcd-q2-2022-earnings-call-transcript/)

Please answer the following questions after reviewing the case materials and listening to the conference call.

Part 3) Analysts role and responses to the earnings information and conference call exchange

a-Security or financial analysts employed at brokerage houses are typically assigned to follow particular firms within an industry.Review the analyst report from Deutsche Bank included in the case and describe the type of information that is included in the report.

b-What information in the analyst report do you think would be most useful to investors? Be specific about the information and why you think it would be useful. Discuss at least two types of information in your answer.

c-Discuss any link you see between the new information in the analysts' reports and both the Q2 2022 earnings announcement detail and the discussion in the conference call.

d-Stock markets are constantly updating expectations of a company's performance. In that vein, a company's stock price prior to an earnings announcement captures an expectation of the valuation impact of the news that will be released in the announcement. Much of market's expectation is formed by a 'consensus analyst forecast'.

-Describe what is meant by the term "consensus analyst forecast?"

_Based on the Wall Street Journal article - 'Higher Menu Prices Lift McDonald's U.S. Sales but Consumer Outlook Uncertain"following McDonald's earnings release (article dated July 26, 2022), how did the actual quarterly revenues and 'adjusted earningscompare with the analyst consensus forecasts? Compute the percentage by which the actual McDonald's revenues and adjusted earnings differed from the analysts expectation. Show your calculations.