Why Chipotle Stock Is Down Today
Shares of Chipotle Mexican Grill (NYSE: CMG) were falling again Tuesday as investors continued to bail from restaurant stocks as the coronavirus outbreak spreads across the country. What was different about today was that Chipotle shares sank even while the broader market rallied on hopes for a stimulus bill.
Investors may be starting to differentiate between stocks likely to perform well during the pandemic (like consumer staples), and stocks tied to discretionary purchases, especially those that involve gathering places like restaurants, which are likely to take a hit.
A number of cities and states have begun ordering restaurants to close, with the exception of takeout and delivery, which is likely to hurt the burrito chain, as are the work-from-home policies most offices have adopted.
Source Fool.com
