Notable news items and price action from the restaurant space including our fundamental view on select names.
- RRGB is to test a smaller restaurant prototype. RRGB’s regular store size is approximately 5,600 square feet; the area of the smaller prototype will be between 2,000 and 4,000 square feet. d CHUX gained on accelerating volume.
- DIN has entered into an asset purchase agreement with Apple American Group LLC for the sale of 66 Applebee’s company restaurants located in Massachusetts, New Hampshire, Rhode Island, Vermont, and New York. The transaction is expected to result in proceeds of $49 after taxes.
- PFCB has signed an agreement with Alsea to develop 17 restaurants in Argentina, Chile and Colombia in the next 10 years.
- The tender offer to acquire MSSR has been extended by Tilman Fertitta until July 29, 2011.
- RT cut to “Neutral” at SunTrust Robinson.
- TXRH raised to “Buy” at SunTrust Robinson.
- JACK raised to “Buy” at SunTrust Robinson.
- AFCE gained 3.9% on accelerating volume. WEN, JACK, RUTH, BJRI, and TXRH also gained on accelerating volume.