They have marked time by working off the (buyout price) premium and some of the uncertainty.

With cool spring weather retailers were unable to sell much seasonable merchandise in March. Easter is coming at the tail end this year. That means April will make or break their fiscal first quarter.

Employment's good and they traffic in consumables, so you can't postpone that forever.

Something along these lines will happen over the next 12 months, but it will be at the timing and discretion of McDonald's management team. No one likes to be dictated to.

Investors know this year will not be a great litmus test. The acquisition is a wealth of opportunity for Federated and it is something that will be executed diligently over time.

There's a little bit of a slowing effect in February because of the weather, coming on the heels of a very strong January. Consumer confidence is moderating.