Both McDonalds and Starbucks made news this week via investor presentations and SEC 8K filings. McDonald’s reported that US same store sales improved in May to minus 5%, up from minus 19% in April. That improvement was totally driven by higher average ticket, due to larger order sizes. Later, in an investor presentation, the company noted that while 99% of its US units were now open, breakfast sales continued to be very soft. McDonald’s did not address what it would do in response, but confirmed a planned breakfast pastry and other chicken programs are still on hold. The company also boasted that it took 25 seconds off its average drive thru service time with its streamlined menu. Like many other QSR brands, it has reopened relatively few dining rooms thus far – only 1000 of its 15000 US units. Starbucks also noted at an investor presentation their breakfast daypart also was very soft and that they were being cautious in reopening U.S. lobbies. CFO Pat Grismer made news by announcing that the company would transition to easier REWARDS access later this year by skipping the cash card load step and directly using guests debit and credit cards. This step is similar to one that Dunkin had taken earlier.