After Monday's close, Bob Evans Farms operator of casual restaurants with a down-home flair reported earnings for the second quarter. The firm's net profit increased nearly 15% to $15.5 million, or 45 cents per share, easily trumping analysts' estimates of 39 cents per share.
Sales rose 3.3% during the reporting period to $426.3 million, while same-store sales at the flagship chain rose 0.7%. Same-store sales at the Mimi's Caf brand slipped 1.5%. Looking ahead, BOBE continues to back its 2008 earnings outlook of $1.77 to $1.84 per share, topping Wall Street's consensus view of $1.71 per share.
In midday activity, BOBE is among the best-performing names on the Nasdaq Exchange in terms of percentage gains. The stock has zoomed up 17% to overtake many layers of resistance, including its 10-week moving average. The last time BOBE closed above this trendline (on a weekly basis) was in early July.
One trendline today's high-volume surge hasn't managed to topple, however, is the 80-day moving average, hovering just overhead near the 31 level. The stock has been contained beneath this resistance zone since early July.