Why Is Brinker International (EAT) Stock Rocketing Higher Today
What Happened:
Shares of casual restaurant chain Brinker International (NYSE:EAT) jumped 5.2% in the morning session after the company reported second quarter results that exceeded analysts' gross margin and EPS expectations. Looking ahead, full-year earnings guidance came in ahead of Consensus. However, revenue for the quarter and full-year revenue guidance slightly missed Wall Street's estimates. Regardless, revenue improved sequentially during the quarter, which is a good sign. Overall, this quarter's results still seemed fairly positive, and shareholders should feel optimistic. After the initial pop the shares cooled down to $42.52, up 4.5% from previous close.
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What is the market telling us:
Brinker International's shares are quite volatile and over the last year have had 10 moves greater than 5%. In context of that, today's move is indicating the market considers this news meaningful but not something that would fundamentally change its perception of the business.
Brinker International is up 1.1% since the beginning of the year, and at $42.52 per share it is trading close to its 52-week high of $44.57 from December 2023. Investors who bought $1,000 worth of Brinker International's shares 5 years ago would now be looking at an investment worth $1,050.
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