Why Brinker International Stock Jumped 12% in July
Shares of restaurant owner Brinker International (NYSE: EAT) rose 12% in July according to data from S&P Global Market Intelligence. Although that was a nice number, the stock was still down by roughly 36% through the first seven months of 2020. There's a lot of backstory here and it's all related to COVID-19.
Brinker International owns and franchises Chili's and Maggiano's Little Italy restaurants. It's normally a pretty boring business, but the coronavirus pandemic changed things in swift fashion. Early in the year governments closed non-essential businesses, particularly those where people gathered in groups, and asked residents to stay at home. In effect, Brinker's business was shut down. The stock was lower by roughly 80% at the worst point in March.
Image source: Getty Images.
Source Fool.com
