Wendy’s Co. (NYSE: WEN) is HOLD. Wendy’s operates quick-service restaurants with approximately 6,500 franchised and company-owned restaurants in the U.S. and 30 other countries. We view Wendy’s as a well-run company with a long track record in its industry. However, near-term trends are more problematic. Through the latest quarter, U.S. sales are down and are demonstrating continued decline. Traffic at U.S. restaurants is also lower. International sales are having greater success and are showing growth. The company is still on track to open 2%-3% new stores this year. From a technical standpoint, the stock appears stuck in a long-term bearish pattern of lower highs and lower lows. Not surprisingly, given the weak long-term performance, valuation measures are enticing. The company recently cut its dividend, though it currently pays an attractive 6.7%.