Whilst the broader market closed broadly weak, there was notable strength for Cracker Barrel Old Country Store (CBRL), which settled +4.4% at $147.49, the highest level since early October'2015. Near term outlook is bullish into mid March, but the stock will be vulnerable if the main market implodes this spring.
Earnings were unquestionably fine, with EPS of $2.01.
Operating margin was 9.2% vs 9.4%.
Rev' $764 million, +1.1%
CBRL is one of the better listed companies in the sector, but the restaurant trade remains fiercely competitive. For now.. CBRL is unquestionably doing fine.
In terms of price, next upside resistance will be the July 13th 2015 high of $155.59. That is within range - not least after today's net gain, but sustainable action in the 160s will not be easy, as the broader market looks set for much lower levels this spring/early summer.
If the sp'1600s, CBRL could be expected to be trading in the 110/100 zone.