While I like both CMG and PNRA, especially their menus, I can't help but toy with the thoughts of pair trades between them given the uncertainty in the current market. I am generally not a believer of hedging in terms of using options of the underlying stock -- why not simply reduce the number of shares if one is unsure? On the other hand, I am open to occasional pair trades as it is hedging involving more than 1 stock. Take the following setup with a grain of salt, do your own diligence and pull your own trigger as always.
I am pondering on shorting CMG and long PNRA. Fundamentally CMG's more expensive with P/E of 56.97 vs. PNRA's 32.49. However, CMG has a stronger balance sheet and has a good potential for a short squeeze with short float of 16.76% (PNRA has just 3.27%).
Chart-wise, it's a bit easier to justify. PNRA had a recent earnings pop and so is currently on high-pole pattern, bull-flagging. CMG, on the other hand, had a recent high volume sell-off and is forming a low-volume bear flag.