McDonald's (MCD) reported disappointing second quarter earnings, missing estimates on both the top and bottom lines. Jefferies managing director of equity research Andy Barish joins Market Domination to discuss his outlook on the company.

Barish notes that "expectations were pretty low going into the quarter." However, he says management "sounded very good in terms of their confidence and tone" about plans to "reestablish value leadership and improve transactions and same-store sales going forward" globally. He mentions that the recently introduced $5 meal deal is "starting to gain some traction," reflecting McDonald's history as "the everyday value leader."

Regarding the consumer spending slowdown, Barish told Yahoo Finance: "It's definitely not just a McDonald's specific issue, and it's not just a restaurant specific issue, it's across all of consumer." However, he states "this is not new."

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This post was written by Angel Smith