Sector Stock Performance
- While relatively weak sector performance over the last 30 days is notable given loosening government restrictions, it may reflect the expiration of stimulus benefits which provided a tailwind over the previous 3 months.
- In any case, the tech sector’s performance (Olo, PAR Tech & Grubhub) was propelled by Olo’s post IPO strength.
Profits & Valuations
- Unexpected FSR margin strength reflects the benefit of new found off-premise sales.
- FSR valuations reflect expectations for a dine-in rebound.