After having pulled and analyzed the full menu of every single Wendy’s location in the United States, Stephens analyst James Rutherford said he and his team found that 18% of U.S. units of Wendy’s have listed all beef items as out of stock. According to the firm’s count, 1,043 Wendy’s units in the U.S. were selling zero fresh beef items as of the evening of May 4, Rutherford said. A short outage is not material, in his view, and he is maintaining his Overweight rating on Wendy’s shares with hope for a quick improvement in supply, Rutherford tells investors.