Panera Bread short sellers take a beating for fighting the trend

Those who fought the rising trend in Panera Bread Co.’s stock over the past several months were left holding the bag.

The fast-casual restaurant chain’s stock PNRA, +14.21% has been surging since the election, as hopes for tax reform and infrastructure spending helped fuel a rally in the consumer discretionary sector. Recent mergers in the restaurant space, such as Olive Garden parent Darden Restaurants Inc.’s DRI, -1.31%deal last week to buy Cheddar’s Scratch Kitchen for $780 million, helped bolster the bull case.

See also: Burger King parent buys Popeyes for $1.8 billion in cash.

The stock had run up 46% from Nov.

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