Why Dave & Buster's Stock Skyrocketed Today
Shares of Dave & Buster's (NASDAQ: PLAY) jumped today after the "eatertainment" chain adopted a "poison pill" shareholder rights policy designed to keep any one investor from gaining a significant stake in the company. Investors seemed to take that as a vote of confidence from management in the company's future at a time when Dave & Buster's is facing unprecedented uncertainty. Many of its locations are in communities under lockdown-style conditions and are therefore closed.
Before today's gains, the stock had plunged 90% since Feb. 21, a sign of the threat investors believe the coronavirus to be.
Today, the stock had soared 61% as of 12:58 p.m. EDT in response to the shareholder rights plan.
Source Fool.com
