I think this was a good earnings call in terms of making sure they are on the right track for a turn around.

Staying on the sidelines for a stock like Wendy's is probably a good idea for most investors though. IMO this stock is an active trade and has essentially become a "battleground" between shorts and longs.

Why do I say it is a battleground?

1 - Short interest is VERY high which is holding the price down but also creates volatility because shorts have to cover regularly. I think the price shooting up before the earnings call was shorts covering.

2 - Someone (or multiple people who knows...), sold an insane amount of puts at $6 a share and those are set to expire next week on 5/15.

These 76,126 puts are equivalent to 7,612,600 shares. So someone is willing to buy that many shares at $6.

I have not found out who sold those puts but the best theory I have seen so far is it is Nelson Peltz.