Why Chipotle Stock Was on Fire Today
Shares of Chipotle Mexican Grill (NYSE: CMG) were soaring today after the company delivered a first-quarter earnings report that calmed investors and convinced them that the burrito chain would not only survive the pandemic, but come out even stronger on the other side. Despite the beginning of lockdowns in March, which directly impacted the company, Chipotle still reported growth in revenue and comparable sales, and only a modest decline in earnings per share for the quarter, though that was helped by a tax benefit. The company also said it had enough cash to survive more than a year under a worst-case scenario from the pandemic.
As a result, the stock was up 12.1% as of 1:52 p.m. EDT.
Image source: Chipotle.
Source Fool.com
