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Wednesday, November 11, 2020

COVID anxiety hits the restaurant sector again

  • The vaccine relief rally has worn off in the restaurant sector as the reality of escalating COVID-19 hospitalizations across multiple states dampens the short-term outlook for dine-in traffic.
  • Decliners include Red Robin Gourmet Burgers (RRGB -4.9%), Darden Restaurants (DRI -4.3%), Dave & Buster's Entertainment (PLAY -6.0%), Texas Roadhouse (TXRH -3.0%), Bloomin' Brands (BLMN -3.9%) and Dine Brands Global (DIN -4.8%). Pandemic favorites like Chipotle (CMG +3.4%), Domino's Pizza (DPZ +1.6%) and Wingstop (WING +1.7%) are doing just fine.
  • Food suppliers Performance Food Group (PFGC -7.7%), Chefs' Warehouse (CHEF -6.1%), US Foods (USFD -4.6%), Sysco (SYY -3.4%) and United Natural Foods (UNFI -4.1%) are also lower.
  • https://seekingalpha.com/news/3635006-covid-anxiety-hits-restaurant-sector-again

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