The IHOP logo is displayed at a restaurant location, Thursday, Aug. 14, 2025, in Bedford, N.H. (AP Photo/Charles Krupa)Copyright 2025 The Associated Press. All rights reservedDine Brands stock has climbed sharply in recent days, and the headlines are buzzing. To a casual investor it might look like momentum is back, that Applebee’s and IHOP have turned a corner. That view is wrong. This rally is not built on operational success. It is built on speculation that private equity may be circling. Markets love de ...