Restaurants stocks rise after Donald Trump's victory

Shake Shack

06/11/2024 20:11

** Shares of restaurant chains were up after Donald Trump
elected U.S. President on bets of deregulation and more
business-friendly backdrop
    ** Domino's Pizza  DPZ.N  shares up 3.34%, Chipotle Mexican
Grill  CMG.N  rises 2.9% and Wendy's  WEN.O  up 3.8%
    ** Shake Shack  SHAK.N  stock rises 5.7% and Darden
Restaurants  DRI.N  up 7.1%
    ** "I suspect this is related to a more favorable outlook on
regulations impacting labor costs, and more broadly the cost of
doing business in the US" - Jim Sanderson, analyst with
Northcoast Research 
    ** Shares of McDonald's  MCD.N  were down 1.5%, U.S.-listed
shares of Restaurants Brands  QSR.TO  fall marginally and
Starbucks  SBUX.O  down 1.2%
    ** "McDonald's and QSR are lagging peers, related to
brand-specific challenges in the US and exposure to non-US
performance" - Sanderson adds
    ** S&P 500 Restaurants Sub Industry Index  .SPLRCREST  up 4%
so far this year


 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; X: https://twitter.com/AnanyaMariam))