Papa Gino’s Files Chapter 11, Closes 95 Restaurants
Adviser Investments’ Chief Investment Officer Jim Lowell has the market analysis for Monday, November 5. Major U.S. stockA financial instrument giving the holder a proportion of the ownership and earnings of a company. indexes saw mixed results and minimal movement as investors anticipate results from the midterm elections. The Dow Jones Industrial Average and S&P 500 rose 0.8% and 0.6%, respectively, while the NASDAQ fell 0.1%. The Institute for Supply Management published its latest service-sector data. Although October’s activity declined slightly from September’s 21-year high, the monthly index still exceeded analysts’ expectations and remains the second-highest reported figure. Meanwhile, Papa Gino’s and D’Angelo Grilled Sandwiches’ parent, PGHC Holdings, filed for Chapter 11 bankruptcy protection, concurrently shuttering nearly 100 under-performing restaurant locations and announcing the company’s sale to a private equityThe amount of money that would be returned to shareholders if a company’s assets were sold off and all its debt repaid. firm, Wynnchurch Capital.