Brolick, who was hired about a year ago, has had other successes in reinvigorating the chain. Customer service is improving, as noted by independent observers such as Zagat. Unfortunately, investors always want more.

Wendy's, which has called 2012 a "transition year," slashed its earnings outlook in May as rising commodity costs ate into profits. Its shares have barely budged this year, and new menu items have gotten mixed reviews. When discussing the heavily promoted W Burger, GrubGrade noted that while "it may leave you a little disappointed immediately after experiencing it, when you really look back on it in perspective, you might find, like me, that it really wasn't too bad after all."
 
The company, based in Dublin, Ohio, unloaded its struggling Arby's chain last year and is regaining some of its lost mojo. Same-store sales have risen for the past five quarters, a noteworthy accomplishment in uncertain economic times. And it doesn't plan to rest on its laurels.

Wendy's is providing as much as $10 million to franchisees to "re-imagine" their restaurants in 2013 with natural lighting, WiFi service, lounge seating, fireplaces, flat-screen TVs and digital menu boards. By year's end, Wendy's expects to have overhauled 75 restaurants and will accelerate the pace of "image activation rebuilds and remodels" in 2013 and 2014. Half of the company-owned restaurants will be remodeled by the end of 2015.

Wall Street seems to have faith in Wendy's. The average 52-week price target on the stock is $5.05, about 20% higher than where it currently trades. Unless the economy heads into a death spiral, Wendy's should be fine. Then again, the same could be said for its larger rivals, such as McDonald's (MCD).

In the coming months Wendy's needs to back its talk about changing its brand with results. 

Jonathan Berr is long McDonald's. Follow him on Twitter@jdberr.