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Trading food stocks: SHAK, YUM & DNKN

Today on the "Halftime Report" our experts debated which food stock you should add to your portfolio.

Pete Najarian has his eyes on McDonald's, and he's lovin' it. He's bullish on the stock for three reasons: he likes what CEO Steve Easterbrook has done, he likes the menu changes, and he likes the fast food chain's real estate potential. With a new, healthier menu and increased efficiency, he thinks the stock will continue to move higher.

Shake Shack is set to report earnings today after the bell, and Jim Lebenthal isn't too optimistic about the company's results. The fast food chain feels like a "broken growth stock," he argues. The stock has rallied over the past month, but given that its P/E ratio is 100x earnings, Lebenthal needs to see a stronger move to the upside before he would think of jumping in.

Although Guggenheim Securities downgraded Dunkin' Brands today to Neutral from Buy on growth concerns, Terranova thinks the stock tends to perform on a longer-term basis. Right now though he's watching Yum! Brands and Domino's Pizza. He believes that investors have been overly negative when it comes to YUM!, and that we're now "beginning to see a little of a return." Domino's pizza has had "one heck of a run over the last three weeks," which makes Terranova positive on the name.

Trader disclosure: On March 7, 2016 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Halftime Report" were owned by the "Halftime Report" traders:

Jim Lebenthal: Long AAPL, BA, C, CSCO, DCO, DIS,EEQ, GAIA, GM, INTC, JCP, KMI, KMY, MPC, OA, ORBC, PFE, QCOM, QRVO, SPLS, TIF,TRN, TWX, WGO

Pete Najarian: Long AAPL, BAC, BMY, DIS, DISCA,GE, KMI, KMI-A, KO, MRK, PEP, PFE, SAVE. Long calls AAL, AMJ, DAL,EMR, EWZ, FDX, GDX, GE, GM, HAIN, HBAN, KSS, LC, MCD, MDLZ, MPZ, MXIM, NRF, RHT, SLV, SWN, UAL, USG, WMB, WPX, WYNN, XME, ZIOP. Long puts DB, EWH, RIG, VLO

Joe Terranova: Long VRTS