Italian Food Stock Surges on Sale News
Daily Market Primer:
Markets continue to appear uncertain, flitting between modest gains and modest losses all day. As has often been the case in the current market environment, the NASDAQ is outperforming the Dow and S&P, as tech stocks continue to broadly outperform more traditional industrials.
Continuing hedging from the White House—they’re announcing tariffs today, while insisting that they will be “extremely flexible”—seems to be preventing a full-fledged market reaction. Investors simply aren’t sure what the outlook for US trade policy actually is. Metal tariffs could cause limited damage, but a broader trade war could prove incredibly damaging to the world economy. Right now, analysts are split on what to expect. The coming weeks appear sure to drive continued volatility for equity markets.
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Bravo Brio Restaurant Group owns and operates two restaurant concepts in the United States: BRAVO! Cucina Italiana and BRIO Tuscan Grille. They largely compete in the “affordable fine dining” market segment, offering nicer sit-down style Italian meals at value-conscious price points compared to traditional fine dining establishments.
This morning, they announced their impending sale to GP Investments, a private equity firm, through its wholly-owned Swiss subsidiary “Spice.” A Spice affiliate will be purchasing BBRG for $100 million. BBRG stock holders will receive $4.05 per share under the terms of the agreement, which represents a 37% premium over the stock’s average over the last 90 days.
Accordingly, the stock is up sharply during today’s trading, sitting up 16% at the time of this writing. BBRG’s stock has posted a solid rally over the past year after dropping substantially from highs around $15.00 per share in 2015.
It’s not every day that an Italian food stock is featured in our Top Performer Blog (our last news alert for Bravo Brio before this one involved “double the Ravioli Day!” – a true market mover). But it’s just another example of the diverse, sometimes unexpected, profits enabled by a strong news-analytics trading platform.
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