Why Restaurant Stocks Plunged Today
Shares of McDonald's (NYSE: MCD), Chipotle Mexican Grill (NYSE: CMG), Texas Roadhouse (NASDAQ: TXRH), BJ's Restaurants (NASDAQ: BJRI), and Darden Restaurants (NYSE: DRI) all plummeted by more than 10% on Monday, as investors grew increasingly concerned about the consequences of the COVID-19 coronavirus outbreak on the industry.
As the number of confirmed cases of COVID-19, the disease caused by the novel coronavirus, continues to grow, government officials around the world are taking drastic measures to slow the spread. This includes ordering restaurants to reduce operating hours, banning in-store dining, and even forcibly closing stores.
Many restaurants are closing due to the COVID-19 coronavirus pandemic. Image source: Getty Images.
Source Fool.com
