The consumer companies to watch, he said, are the ones who are able to shift some business into online channels. "Yum China, the parent company of Pizza Hut and KFC, has continued to execute very well on the delivery part of their business," he said. "Their recent results are still negative – same-store sales were -13% for KFC, for example – but we do think that delivery, which is getting close to 40% of their business, has allowed them to outperform other fast-food operators on same-store sales."