Skift Take
The stock market's overall performance isn't doing many businesses favors right now, but Chipotle's woes aren't helping the once darling chain.
— Kristen Hawley
Chipotle Mexican Grill Inc. hasn’t found the bottom.
Shares of the burrito chain plunged as much as 7 percent on Friday, after a report from Cowen & Co. said that traffic at its restaurants had declined in the first week of February. The shares traded as low as $247.52, the lowest intraday price since October 2012.
On a day when the S&P 500 Index touched a three-month low, Chipotle was among its worst-performing stocks. The restaurant chain has dropped about 18 percent this week, during a broader market selloff.
The company reported disappointing earnings after the close on Tuesday, saying it was still struggling to draw customers back to its restaurants more than two years after a wide-ranging food-safety crisis burst into view.
The company’s shares reached a record high of $757.77 in August 2015. Since then, they have lost two-thirds of their value.
©2018 Bloomberg L.P.
This article was written by Craig Giammona from Bloomberg and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to [email protected].
