Sector Wrap: Restaurants recover

A mixed bag of earnings reports led the overall market to fluctuate Friday. Citigroup reported a better-than-expected second quarter but several technology companies--including Google--disappointed.

For the restaurant sector, lower oil prices helped fuel a recovery from earlier in the week. On Monday, eight restaurant companies hit new 52-week lows. Share prices then dropped even lower on Tuesday.

The share price declines came as several analysts released pessimistic notes previewing the second-quarter earnings season for the sector. Most restaurant companies begin reporting their financial results on Monday.

Analysts have been concerned that higher costs for commodities and labor as well as a slowdown in consumer spending due to high gas prices, low consumer confidence and the weak housing market will torpedo sales and profits in the sector.

Shares of DineEquity Inc., which operates the IHOP and Applebee's chains, rose 40 cents to close the week at $22.87. That's a rise 22.4 percent from the company's lowest point in the week of $18.68.

CBRL Group Inc., which owns the Cracker Barrel Old Country Store chain, hit a low of $18.93 Tuesday and then rebounded 17 percent to close Friday at $22.22.

Ruth's Hospitality Group Inc. shares fell 3 cents to close at $3.85 Friday after slipping to new 52-weeks lows on Tuesday, Wednesday and Thursday.