Some interesting divergences in yesterday’s price action.
In quick service stocks yesterday:
- Extremely light volume throughout the category with the exception of JACK
- CMG and PNRA both up on low volume
- JACK down 10% on high volume following a poor quarter with little in the way of a solution from management
In casual dining stocks yesterday:
- More volume in this category yesterday with PFCB, TXRH, CHUX, and MSSR all posting gains on strong volume
- EAT also gained on the day, albeit on volume that fell below the thirty-day moving average, and has almost pared back the losses it suffered in stock price since its disappointing earnings release in late October.
- CBRL underperformed on the day following disappointing sales numbers in earnings along with conservative 2011 guidance released yesterday