Why Portillo's Stock Skyrocketed Tuesday Morning
Shares of Portillo's (NASDAQ: PTLO) took flight Tuesday morning, jumping as much as 18.9%. As of 1:18 p.m. ET, the stock was still up 13.3%.
The catalyst that sent the fast-casual restaurant stock higher was the company's preliminary financial results, which were surprisingly robust.
Portillo's made a presentation at the ICR Conference this week, and the company provided preliminary results for the fourth quarter, which were much better than investors had feared. The biggest surprise was same-store sales, which increased 0.3% year over year, well ahead of analysts' consensus estimates of a 1.1% drop, and management's guidance, which implied a 0.8% decline.
Source Fool.com
