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Global fears over an increase in COVID-19 cases was one of the contributing factors of markets trading down Monday. The S&P 500 fell 1.2% to $3,281, its fourth straight day of declines.
A rising number of COVID-19 cases has been seen in regions like Spain, France and the United Kingdom. Denmark, Greece and Spain have all placed new restrictions on activity in response to the increased number of cases in the region. The United Kingdom is considering a national lockdown in response.
See Also: Peloton, Zoom, More Stay-At-Home Stocks Hold Up During Market Downturn
Restaurant Stocks Fall: One of the hardest-hit sectors of the global pandemic has been the restaurant sector. In the U.S., various states have banned eating out at restaurants or in a limited capacity. Restaurants that are more dependent on sit-down traffic and sales got hit hard on Monday.
The Invesco Dynamic Leisure and Entertainment ETF (NYSE:PEJ) fell 3% to $32.23. Over 35% of the ETF's assets are in restaurant stocks.
QSR Fare Better: Quick service restaurant stocks didn’t fall as far Monday, given their lower reliance on sit-down sales and a growing shift to takeout and home delivery.
Several Winners: The restaurant industry didn’t see all red on Monday, as pizza stocks and delivery-focused stocks traded higher.
Photo by Cbraccialini via Wikimedia.
Posted In: CAKE CMG DENN DIN DPZ MCD PEJ PZZA RRGB RUTH SBUX TAST WING YUM