The suffering shareholders of two prominent locally based restaurant companies got a respite yesterday as investors bet that falling oil prices will bring relief to consumers.
CBRL Group Inc., the parent of the Cracker Barrel chain, jumped more than 12 percent to close at $24.68. O’Charley’s Inc. rose almost 9 percent to close regular trading at $11.22. It continued to climb after hours, adding on another percentage point.
Both companies’ shares climbed steadily throughout the day on above-average volume, but they have a long way to go to reach their highs for the year. CBRL is 35 below its 2008 peak, O’Charley’s has steadily slid 25 percent from the $15 level, where it ended last year.
In the banking sector, an optimistic late-day Deutsche Bank analyst report helped propel stocks higher, helping locals Pinnacle Financial Partners and Tennessee Commerce Bancorp continue their recent rebound.
Pinnacle shares rose more than 6 percent to more than $25, while Tennessee Commerce jumped 10.6 percent to $14.10. Despite those big gains and others this month, both stocks also are well off their levels from earlier this year.