Yum! Brands (NYSE:YUM) printed less-than-desirable operating update last night ahead of its 11 December investor day. 2014 EPS growth is now expected in the positive mid-single digits, versus 9% consensus, and China sales are recovering, but at a slower pace than expected. That news has shares of the Louisville, Kentucky-based fast food operator down around 4.5% pre-market. Not including last night’s fall, YUM’s stock is down roughly 0.5% year-to-date versus a broader market that is up 11.5% over that period. That begs the question whether YUM could find itself on an activist’s menu. Fast food peer McDonald’s (NYSE:MCD) has already been speculated as a possible target following a series of disappointing sales reports in 2014. Shares of the golden arched company have fallen over 5% in the past two days after a disappointing November same-store-sales report before Monday’s open. And one could argue YUM has an even more compelling agenda for a possible agitator than its supersized peer. YUM has been asked numerous times about separating its China business—most recently on its 3Q14 earnings call in October. Weakness in China was behind last night’s lower than expected 2014 EPS growth—with full year same-store sales for the division in the negative mid-single digits. With the company’s once all-powerful growth engine sputtering, the spin question could become even more prevalent. Of course, the flip side may be that YUM’s China operations need to get back on track before a separation becomes truly feasible. YUM’s nomination deadline for the 2015 AGM is 31 January.