BLMN - Why Bloomin' Brands Surged Today
2023-08-18 13:42:03 ET
Shares of Bloomin' Brands (NASDAQ: BLMN) were defying market gravity today, surging 7.8% as of 11:44 AM EDT on an otherwise mediocre day for the markets.
The restaurant chain -- a parent to Outback Steakhouse and smaller-footprint concepts Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse & Wine Bar -- was the recipient of a large investment from activist investor Starboard Value.
A vote of confidence in the company's valuation and the potential for operational improvements from the seasoned restaurant investor was a tasty recipe for market gains. And shares still look rather cheap if the company and Starboard find a way to turn Bloomin's recent anemic foot traffic around.
For further details see:
Why Bloomin' Brands Surged Today