SHAK - Why a New COVID-19 Test Is Giving Shake Shack and Other Restaurants a Big Boost
With Abbott Laboratories (NYSE: ABT) developing a $5 COVID-19 test that takes 15 minutes to produce results with no additional equipment required, dozens of restaurant stocks climbed today, including Shake Shack (NYSE: SHAK), up 6%, The Cheesecake Factory (NASDAQ: CAKE), with 4.91% gains, Bloomin' Brands, Inc. (NASDAQ: BLMN), up 3%, and Darden Restaurants (NYSE: DRI), up 3.66%, among others.
Those restaurants with a significant dine-in business model often posted larger gains than quick-service restaurants, which frequently saw modest stock market gains or even slight losses in trading today. Restaurant Brands International (NYSE: QSR) gained just 0.02%, for example, while McDonald's Corporation (NYSE: MCD) lost 0.73% of its value. Another loser was food delivery service Grubhub (NYSE: GRUB), which sank 2.05%.
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