PLAY - Coronavirus Testing Hopes Lift Shares of BJ's Dave & Buster's and Bloomin' Brands
On Aug. 26, the Food and Drug Administration authorized a new coronavirus test from Abbott Laboratories that is quicker and cheaper than anything else so far. And investors believe that's good news for beaten-down restaurant stocks like BJ's Restaurants (NASDAQ: BJRI), Dave & Buster's Entertainment (NASDAQ: PLAY) and Bloomin' Brands (NASDAQ: BLMN). Each stock is still down in 2020, but with each new encouraging development in the ongoing COVID-19 saga, investors purchase shares in anticipation of a turnaround.
Today, BJ's Restaurants stock was up 14%, Dave & Buster's shares were up 16%, and Bloomin' Brands was up 9%. It was a continuation of the momentum from the previous day, right after the rapid tests were announced.