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.