Stock Market Today, Oct. 8: Chipotle Surges 6% on New Starbucks Takeover Report
Chipotle Mexican Grill (NYSE:CMG) , a fast-casual Mexican grill, closed at $32.65, up 6.10%. The stock moved after reports said Starbucks had explored a takeover, and investors are watching the Oct. 28 earnings report and Boorito-season sales trends. Trading volume reached 63.7M shares, coming in about 271% above its three-month average of 17.2M shares. Chipotle Mexican Grill IPO'd in 2006 and has grown 3,610% since going public. The S&P 500 (SNPINDEX:^GSPC) closed at 7,766, down 0.46%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) finished at 27,193, down 1.25%. In restaurants: limited-service, fast-casual Mexican food, McDonald's (NYSE:MCD) closed at $236.88, up 2.60%, and Restaurant Brands International (NYSE:QSR) closed at $70.65, up 1.76%, as takeover speculation kept Chipotle and related restaurant names in focus. Brian Niccol might be creating his own homecoming to Chipotle after a report surfaced that Starbucks (now helmed by Niccol) was interested in acquiring the burrito chain he once led. CMG shares popped 6% on the revelation today, after the market was largely unmoved on rumors of the deal earlier in the week. Continue reading