The Big Apple is finally opening for big business…
No, I’m not talking about your local Apple Store, people. Mayor Bill de Blasio told MSNBC on Thursday that New York City plans to reopen all of its doors on July 1!
And traders should have a lot of these names on their list of restaurant stocks to watch this summer…
So in today’s video I want to give you the four names I like most right now. I think these restaurant stocks to watch this summer will rally as we experience this massive reopening in New York City — and across the country.
Three out of four of these names are Russell 2000 stocks. I won’t go into a big Russell 2000 speech… However, it’s been outperforming the S&P 500 in a big way over the past several months. I think the Russell 2000 is up 70% on the year, while the S&P is only up 40% — which is of course still great.
But the point I’m trying to make is that these restaurant stocks are smaller, so they have a lot more upside potential and long-term growth if things go as planned.
The first restaurant stock to watch this summer I’ve got for you today is BJ’s Restaurants Inc. (Nasdaq: BJRI).
BJ’s is an American restaurant chain based in Huntington Beach, California. You’ve probably seen one near your local mall because it’s all over the map, or you may recall me talking about the company in this previous video.
It has its own brewery, so the place is pretty cool. I suggest you check it out next time you’re looking for a place to eat.
If you look at BJ’s stock chart, you’ll see that it held just above its 50-day moving average while the S&P 500 and Nasdaq pulled back a bit.
And once the stock takes out the $63 level, we could see this restaurant stock to watch this summer trading up to $80 soon after.
So check out my short video below, and be sure to share your thoughts in the comments section below.
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