Shares of Regis Corp. (RGS) - Get Report jumped as investors bet better days are ahead for the owner of Supercuts, SmartStyle, Roosters and other hair salon chains as several states move to reopen a range of businesses.
Regis's stock price at last check shot up 20% to $11.36 on optimism about a rebound in the salon owner's prospects. States are beginning to allow retail and other businesses, closed since March due to the coronavirus epidemic, to reopen.
Georgia has led the way, with hair salons, tattoo parlors, bowling alleys, gyms, restaurants and an array of other businesses given a green light this past Friday to open their doors.
Oklahoma also chose to lift some of its restrictions, giving an OK to salons and barber shops among other businesses.
Colorado lifted restrictions on hair salons starting Sunday, though social-distancing rules will still be in force.
Texas, Alabama, Arizona, Maine, Hawaii, Florida, Louisiana and Nevada all are slated to lift their stay-at-home restrictions on Wednesday.
Hammered by growing state restrictions, Regis at the end of March said it would be temporarily closing all its salons across the country.
On April 5, the company also furloughed for a month 485 workers at its headquarters and distribution centers.
Regis also slashed its CEO's paycheck by 60%, while cutting the salaries of its vice presidents by 30% and that of full-time staff by 20%.
The company has 7,152 hair-salon locations worldwide.
Regis's stock price has more than doubled from a low of $4.70 a share on March 30, though it is still more than a third below its recent high of $18.07 set on Jan. 17.