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Why Steakhouses Are Hot, Hot, Hot Right Now

Plus Shake Shack's stock takes a tumble.

Ruth's Chris Steak House
Ruth's Chris Steak House
Chelsea McManus

Steakhouses are seeing “more subdued growth” than their competition, at least according to Bloomberg. STK, Morton’s and Ruth’s Chris are seeing a bump in sales due to an uptick in consumer spending, not business dinners. The first six months of the year saw a 2.7 percent increase in sales, Bloomberg says

Shake Shack's stock prices have been plummeting despite the only-in-Brooklyn ChickenShack sandwich. Morgan Stanley analysts downgraded the stock, which traded above $90 in May, saying "Any way you stack it... SHAK is expensive." Look for the stock to settle around $38.

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