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Mon, Feb. 8, 2:57 PM
- Momentum favorites Chipotle (CMG -4.2%), Under Armour (UA -8.8%), Lululemon (LULU -6.5%), and Tesla Motors (TSLA -9.1%) are getting bashed again as investors decrease their risk tolerance.
- The blended loss for the four CULT stocks is steeper than what the FANG stocks are peeling off on the day.
- Aside from investor anxiety, Chipotle took a long lunch break today, while Tesla is reeling from analyst resets.
- Previously: Is it time for Tesla Motors to take on a strategic partner? (Feb. 08 2016)
- Previously: Chipotle's lunch break begins (Feb. 08 2016)
Wed, Feb. 3, 9:30 AM
- Chipotle (NYSE:CMG) price target cuts are flying in from Wall Street after the company's earnings report and conference call disclosures.
- Wall Street PT action: Jefferies to $390 from $420, Credit Suisse to $475 from $530, Goldman Sachs to $550 from $600, Cowen and Company to $412 from $425.
- During the conference call, Chipotle execs said January comps were down 36% in a stunning falloff (earnings call transcript).
- On Seeking Alpha, contributor Orange Peel Investments indicates things could actually be "significantly worse" for the restaurant chain in 2016. Orange Peel sees fair market value in the neighborhood of $300.
- CMG -3.79% to $457.99.
Wed, Feb. 3, 9:19 AM
Tue, Feb. 2, 5:38 PM
Tue, Feb. 2, 4:42 PM
- Chipotle Mexican Grill (NYSE:CMG) is off 1.6% after hours after reporting revenues that dropped 6.8% and missed expectations amid a CDC investigation of E. coli bacteria incidents at its restaurants.
- It said same-store sales tumbled 14.6% Y/Y, and restaurant level operating margin slid 700 basis points to 19.6%.
- Store count rose by 79 in Q4, to bring the total to 2,010. Food cost ratio was down 120 bps to 33.8% of revenue, with continuing relief in dairy and avocado prices, and a decline in beef prices.
- For 2016, it sees 220 to 235 new openings and a full-year effective tax rate of about 39%.
- Conference call to come at 5 p.m. ET.
- Press release
Mon, Feb. 1, 1:32 PM| Mon, Feb. 1, 1:32 PM | 5 Comments
Mon, Feb. 1, 9:38 AM
- Chipotle (NYSE:CMG) jets higher in early trading on reports the CDC is poised to announce the "all-clear" on the restaurant chain.
- SA contributor Orange Peel Investments warns that buying ahead of the company's earnings report could be risky with the potential for more negative disclosures from management.
- Hedgeye's Howard Penney is of a similar mind that algorithmic trading could be behind the Chipotle bump today.
- Channel checks on Chipotle traffic from a variety of sources this month haven't been encouraging.
- Previously: WSJ: CDC to declare end of Chipotle E.coli outbreak (Feb. 1)
- CMG +5.30% to $476.00.
Tue, Jan. 19, 3:06 PM
- It's a rough day for burrito sellers with El Pollo Loco (NASDAQ:LOCO) and Del Taco Restaurants (NASDAQ:TACO) both down 7%.
- Chiptole (CMG -1.5%) is still on unsound footing, while even Qdoba-owner Jack in The Box and Tex-Mex influenced Chuy's Holdings are 1% lower.
- There's been a reset with some analysts on the growth track of some Mexican-style restaurants chains after Chipotle's dreamy run high ended.
Fri, Jan. 15, 3:59 PM
- Following multiple E.coli and norovirus outbreaks, all of Chipotle (NYSE:CMG) 1,900+ restaurants will be closed for a few hours on Monday, Feb. 8, so that the company can hold a national staff meeting on food safety.
- CEO Steve Ellis has said he's "hopeful" the Center for Disease Control would soon state Chipotle's outbreaks are over. A company spokesman asserts Chipotle hasn't seen an E.coli case in two months, and has since been serving a million customers a day without incident.
- Chipotle's beaten-down shares have rallied today in spite of 2.2% S&P drop, and are now up 18% since Tuesday's close. A CLSA upgrade helped yesterday, and an ICR conference talk provided a lift on Wednesday.
- Q4 results arrive on Feb. 2.
Wed, Jan. 6, 9:17 AM
- Chipotle (NYSE:CMG) says it approved an extra $300M in share buybacks on top of a previous allowance of $300M which still has a balance of $116M.
- The company purchased about 401K shares in December at an average cost of $527 per share. For Q4, Chipotle pulled the trigger on 609K shares at an average price of $556 per share.
- Comparable-store sales weakened considerably for Chipotle in December following more national attention to cases of E. coli tied to the restaurant chain. The comp estimate for December is now -30%.
- Chipotle issues an early warning on 2016 sales. "Future sales trends may be significantly influenced by further developments," warns the company ominously.
- SEC Form 8-K
- Previously: Chipotle lowers Q4 expectations, discloses federal subpoena (Jan. 06 2016)
- CMG -2.08% premarket to $439.00.
Wed, Jan. 6, 9:03 AM
- Chipotle (NYSE:CMG) discloses that it expects Q4 comparable-store sales to decline 14.6%.
- Non-recurring expenses of $14M to $16M are anticipated for the quarter due to issues related to food safety.
- Q4 EPS guidance is set at $1.70 to $1.90 for the quarter vs. $2.55 consensus (before some recent analyst revisions).
- The company also disclosed that it received a federal subpoena in California requesting documents related to a notovirus incident.
- SEC Form 8-K
- CMG -3.86% premarket to $431.00.
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, 3:05 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. 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. 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)
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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