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Dec. 28, 2015, 1:40 PM
- Restaurant same-store sales returned to positive territory in November with a 0.5% gain, according to tracking from Black Box Intelligence. Traffic was down 1.7% during the month, while pricing and higher average ticket helped bail out the sector. However, average ticket growth has slowed down over the last few months as beverage sales have weakened.
- QTD same-store sales are up 0.2% after increasing 1.5% in Q3.
- Restaurant stocks: CAKE, CBRL, CMG, DNKN, DPZ, DRI, EAT, JACK, MCD, PNRA, RRGB, RT, SBUX, SONC, WEN, BWLD, BDL, NATH LUB, QSR, CHUY, BLMN, PZZA, TXRH, DENN, KKD, BBRG, DFRG, BOBE, RUTH, IRG, DIN, SHAK, HABT, NDLS, BOJA, PBPB, PLKI, FRSH, RAVE, LOCO, TACO, PZZA, KONA, BGR, BJRI, CHUY, FRS, CBRL, GTIM, TAST, ARKR, WING, BOJA, ZOES, PLAY, FOGO, ARCO.
Dec. 28, 2015, 7:51 AM
- A Chipotle (NYSE:CMG) near Boston College has reopened weeks after 136 students and other patrons fell ill with norovirus.
- Officials say the infections weren't linked to the E. coli cases that shuttered dozens of restaurants across the country.
- Previously: Chipotle's latest E. coli cases may remain a mystery (Dec. 25 2015)
- Previously: Norovirus confirmed as issue at Boston Chipotle store (Dec. 09 2015)
Dec. 25, 2015, 3:32 AM
- Chipotle (NYSE:CMG) says it may never pinpoint what caused the recent E. coli outbreak linked to two restaurants in Kansas and Oklahoma, as it no longer has any of the potentially contaminated ingredients that could determine the source of the infections.
- Health officials investigating the cause of the restaurant's larger E. coli outbreak - which has sickened at least 50 customers in nine states since October - have cited similar hurdles.
- According to Bespoke Market Intelligence, just 9.5% of consumers visited a Chipotle this month, down from 14.1% in November.
Dec. 22, 2015, 12:43 PM
- 51% of respondents to a CNBC survey indicated they have stopped eating at Chipotle (CMG -4.4%) due to the recent E. coli outbreak. Another 9% said they have concerns, but still eat there. 23% said said they have no concerns. The remainder of the respondents weren't Chipotle diners to begin with.
- Though not a scientific analysis of consumers, the results are still more negative than might be expected for the fast-casual chain with the wide reach.
- Shares of Chipotle dipped below $500 today with a downgrade from JPMorgan factoring in. Sub-$500 trading on CMG hasn't been seen since late in 2013.
- Previously: JPMorgan resets expectations on Chipotle (Dec. 22 2015)
Dec. 22, 2015, 7:01 AM
- JPMorgan downgrades Chipotle (NYSE:CMG) to a Neutral rating after having the restaurant stock slotted at Neutral.
- The investment firm chops its price target on Chipotle to $555 from $630.
- CMG fell 3.56% yesterday to $521.71 after the CDC posted an update on new E. coli cases.
- Previously: Chipotle hit again by E. coli report (Dec. 21 2015)
- Previously: If Chipotle is losing traffic what chain is winning it? (Dec. 21 2015)
Dec. 21, 2015, 3:58 PM
- A statement from Chipotle (NYSE:CMG) addresses the new report from the CDC on 5 more E. coli cases tied to the restaurant chain.
- The company says it completed a "comprehensive" reassessment of food safety programs and believes it can achieve a "near zero" level of food safety risk.
- The five new cases disclosed today that dated back to November were expected, according to the Chipotle release.
- Shares of Chipotle fell 3.6% with over 2.6M shares traded.
- Sector watch: Restaurant analysts have been divided over which chain may have picked up some lost Chipotle traffic over the last few months, although the name most mentioned has been Qdoba (NASDAQ:JACK). Pret a Manger and Panera Bread (NASDAQ:PNRA) have also been cited due to their strong rate of geographic overlap with Chipotle. The case for Taco Bell (NYSE:YUM) and Del Taco (NASDAQ:TACO) hasn't been supported by early channel checks on traffic. Both Starbucks (NASDAQ:SBUX) and McDonald's (NYSE:MCD) may have caught some extra lunch business, but not enough to drive comps significantly higher.
- Previously: Chipotle hit again by E. coli report (Dec. 21 2015)
Dec. 21, 2015, 3:05 PM
- The CDC says it's investigating food sickness complaints from Chipotle (CMG -2.8%) stores in Kansas, North Dakota, and Oklahoma that may be linked to a rare form of the E. coli strain.
- The 5 illnesses, reported between November 18 and November 26, have not been part of any of the prior CDC Chipotle tallies.
- Shares of Chipotle were down as much as 6%, but have recovered a bit.
Dec. 21, 2015, 11:06 AM
- Consumer perception on Chipotle (CMG -1.4%) is still moving lower, according to YouGovBrandIndex.
- The fast-casual chain's "Buzz" score tracked lower even after CEO Steve Ellis made the TV rounds to apologize for food contamination issues.
- Analysts vary widely on how long Chipotle will see a sales impact from food safety concerns.
Dec. 15, 2015, 2:05 PM
- Chipotle (CMG -0.3%) is expected to reduce its reliance on local suppliers and shift some food sourcing to centralized preparation in order to increase safety.
- The shift in strategy follows a series of food contamination issues.
- The company has criticized the use of "factory" farms in prior marketing materials.
- Shares of Chiptole are up 8.3% since bottoming out at $515 a few weeks ago.
Dec. 10, 2015, 7:57 PM
- Health officials in Seattle closed down a Chipotle (NYSE:CMG) store due to "repeated" food safety violations.
- The store has recently re-opened after being shut down following the E. coli outbreak which impacted some Chipotle stores in the Pacific Northwest.
- Separately, the toll of students at Boston College who became sick after eating at a Chipotle store has risen to 141. In that case, a notovirus is believed to have been the culprit.
Dec. 10, 2015, 9:57 AM
- Chipotle (NYSE:CMG) is up in early trading after CEO Steve Ellis made some TV appearances to apologize for the recent food issues and reiterate that new safety practices are in place.
- Ellis says Chipotle will be 10 to 15 years ahead of restaurant industry standards after it puts in place the new procedures. Most analysts think the chain will raise prices late in 2016 to help offset the new costs.
- CMG +5.03% to $575.99.
Dec. 9, 2015, 12:58 PM
- Health officials in Boston confirm a notovirus was the cause of the sickness of 120 students who ate at a Chipotle (CMG +2.1%) store on the campus of Boston College.
- While most investment firms think Chipotle sales growth will be pressured well into 2016 due to the recent food safety issues, CLSA is taking a long-term view in backing an Outperform rating.
- The investment firm thinks shares look attractive due to the huge earnings potential of the millennial generation and the ability for Chipotle to expand efficiently by strategically utilizing a smaller-store format.
Dec. 8, 2015, 2:38 PM
- Chipotle (CMG -1.3%) execs presented today at the Bernstein Consumer Summit. They touched on food safety broadly by saying that price increases in the future will help offset food safety costs.
- In regard to the Boston College news, the company said the sickness tied to its campus store is due to a notovirus, not E. coli. The number of students impacted has grown to 80 at last check.
- There are also brand new reports out of Georgia of some Chipotle-related illnesses that will be need to be monitored.
- What to watch: The official CDC page on the E. coli outbreal hasn't been updated since last Friday. If the CDC increases the number of states affected from nine, shares could take a tumble (E. coli incidents map).
- Previously: Restaurant insiders warn on catching the falling burrito (Dec. 8)
Dec. 8, 2015, 8:05 AM
- Chipotle (NYSE:CMG) is down again in early trading.
- The head basketball coach at Boston College confirmed today that 8 players have sickness tied to E. coli after eating at a campus Chipotle store.
- Boston College officials have sent an e-mail to all students and faculty warning about the issue after over 30 students reported being ill.
- A number of investment firms (Piper Jaffray, JPMorgan, BTIG Research) backed their bullish ratings on CMG yesterday while clipping their price targets, however some restaurant industry insiders think Chipotle's traffic issues could sustain into 2016.
- Previously: Chipotle shares drop amid new outbreak fears (Dec. 08 2015)
- CMG -5.72% premarket to $520.17. Shares are down 23% over the last three months.
Dec. 8, 2015, 1:59 AM
- Thirty Boston College students got sick after eating at a Chipotle (NYSE:CMG) restaurant over the weekend, a school spokesman said, sending shares down 6% in after-hours trading yesterday.
- The incident renews fears about food poisoning at the restaurant chain, which is trying to bounce back from a spate of E. coli illnesses in nine states that sickened at least 47 customers.
- On Friday, Chipotle said it expected sales to drop between 8-11% in the fourth quarter, marking the first time the figure fell since the company went public in 2006.
Dec. 7, 2015, 5:40 PM
Chipotle Mexican Grill Inc together with its subsidiaries operates Chipotle Mexican Grill restaurants, which serves a menu of burritos, tacos, burrito bowls (a burrito without the tortilla) and salads, made using fresh ingredients.
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