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Stock Market & Financial Investment News

News Breaks
April 2, 2014
06:54 EDTCMGChipotle Mexican Grill volatility elevated at 52 into Q1 and outlook
Chipotle Mexican Grill April call option implied volatility is at 52, May is at 42, June is at 31; above its 26-week average of 28 according to Track Data, suggesting larger price movement into expected the release of Q1 results on April 17.
News For CMG From The Last 14 Days
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October 21, 2014
11:57 EDTCMGChipotle falls after outlook for FY15 comparable restaurant sales disappoints
Shares of fast casual restaurant chain Chipotle Mexican Grill (CMG) are falling after the company issued a disappointing outlook for fiscal 2015 comparable restaurant sales. WHAT'S NEW: Last night, Chipotle reported third quarter earnings per share of $4.15 and revenue of $1.08B, topping analysts’ consensus estimates of $3.84 and $1.06B, respectively. Comparable restaurant sales rose 19.8% in the quarter, driven primarily by increased traffic and from a higher average check, which includes the benefit of a nationwide menu price increase that was fully rolled out by the end of the second quarter. The company opened 43 new restaurants in Q3. WHAT'S NOTABLE: Chipotle forecast comparable restaurant sales increases in the mid-teens for fiscal year 2014, and the company said it expects to open 180-195 new restaurants during the year. The company also sees an effective tax rate for FY14 of about 38.5%. For FY15, the company sees low to mid-single digits comparable restaurant sales gains, 190-205 new restaurant openings and an effective tax rate of 39.1%. On Chipotle’s Q3 earnings conference call, management said it expects food costs to continue rising into the fourth quarter and throughout 2015. The company also noted that it was still seeing strong traction growth regardless of recent menu price increases. Chipotle said it will "opportunistically" repurchase stock in order to enhance shareholder value. ANALYST REACTION: This morning, Wells Fargo kept a Market Perform rating on Chipotle, but lowered its price target range on shares to $600-$625 from $650-$675. In its note, Wells said greater than expected commodity inflation and labor cost pressure in 2015 will likely lead to lower Street estimates. Wells expects same store sales to decline sequentially from 4Q14 through 3Q15 due to double-digit traffic comparisons in earlier quarters and less pricing in later quarters. Another firm, Oppenheimer, recommended using any post-earnings weakness in shares of Chipotle as a buying opportunity. The firm believes investors are concerned over 2015 estimates coming down on food cost pressures. The firm said food cost issues are unlikely to get worse from here and it kept an Outperform rating on Chipotle with a $775 price target. PRICE ACTION: In late morning trading, Chipotle fell $44.14, or nearly 7%, to $609.28 on nearly twice its average daily trading volume. Despite today's pull back, the shares have gained approximately 21% over the past 12 months. OTHERS TO WATCH: Other fast casual restaurant companies include El Pollo LoCo (LOCO), Fiesta Restaurant (FRGI), Jack in the Box (JACK), and McDonald’s (MCD), which reported results this morning.
09:15 EDTCMGOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Apple (AAPL), up 3%... Texas Instruments (TXN), up 2.3%... Harley Davidson (HOG), up 7%... Celanese (CE), up 4%... United Technologies (UTX), up 1.4%. ALSO HIGHER: Neonode (NEON), up 20% after signing technology development agreement with global tier-one printer OEM... Illumina (ILMN), up 10%, upgraded at Janney Capital following the company's better than expected Q3 earnings. DOWN AFTER EARNINGS: Coca-Cola (KO), down 5%... Chipotle (CMG), down 4.6%... Verizon (VZ), down 1%. ALSO LOWER: CEL-SCI (CVM), down 15.3% after announcing proposed offering of common stock, warrants... Omeros (OMER), down 12% after suspending Huntington's clinical trial with OMS824... Tesoro Logistics (TLLP), down 2.4% after 20M share secondary priced at $57.47... Rhino Resources (RNO), down 53%, downgraded to Underperform at Raymond James following the reduction in its quarterly cash dividend.
07:27 EDTCMGChipotle pullback a buying opportunity, says Oppenheimer
Oppenheimer recommends using any post-earnings weakness in shares of Chipotle as a buying opportunity. The firm believes investors are concerned over 2015 estimates coming down on food cost pressures. Opco says food cost issues are unlikely to get worse from here and it keeps an Outperform rating on Chipotle with a $775 price target.
07:12 EDTCMGChipotle upside to Q3 estimates low quality, says Wells Fargo
Wells Fargo says that while Chipotle delivered in Q3, greater than expected commodity inflation and labor cost pressure in 2015 will likely lead to lower Street estimates. Wells views the beat in Q3 as low quality since it was driven by a lower than expected tax rate and marketing. The firm expects Chipotle's same-store-sales to decelerate from Q4 of 2014 through Q3 of 2015 due to double-digit traffic comparisons in earlier quarters and less pricing in later quarters. It lowered its price target range for shares to $600-$625 from $650-$675 and keeps a Market Perform rating on the stock.
06:26 EDTCMGStocks with implied volatility above IV index mean; NQ CMG
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October 20, 2014
18:51 EDTCMGOn The Fly: After Hours Movers
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18:42 EDTCMGPrice increases at Chipotle seeing very little resistance
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18:36 EDTCMGChipotle considering Apple Pay support in 2015
Comment was made in Q3 earnings call.
18:32 EDTCMGChipotle will 'opportunistically' repurchase stock to enhance shareholder value
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18:29 EDTCMGChipotle expects opening sales volumes of $1.7M-$1.8M or higher
Comments were made in Q3 earnings call.
18:24 EDTCMGChipotle expects food costs to continue rising into Q4 and throughout 2015
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16:31 EDTCMGChipotle lower by almost 2% after Q3 results, guidance
16:29 EDTCMGChipotle sees FY15 low to mid-single digits comparable restaurant sales gains
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16:05 EDTCMGChipotle says comparable restaurant sales growth driven by traffic
Revenue for the quarter was $1.08B up 31.1% from Q313. The growth in revenue was driven by a 19.8% increase in comparable restaurant sales and from new restaurants not in the comparable base. Comparable restaurant sales growth was driven primarily by increased traffic and from an increase in average check, which includes the benefit of a nationwide menu price increase that was fully rolled out by the end of the second quarter.
16:03 EDTCMGChipotle opened 43 new restaurants in Q3
Total restaurant count now 1.724. Food costs were 34.3% of revenue, an increase of 70 basis points, driven by increased prices for beef, avocados, and dairy, partially offset by the menu price increase. Restaurant level operating margin was 28.8% in the quarter, an increase of 200 basis points from the third quarter of 2013. The increase was primarily driven by favorable sales leverage, partially offset by higher food costs, primarily for beef, avocados and dairy. General and administrative expenses were 6.6% of revenue, an increase of 20 basis points due to costs from our biennial All Managers’ Conference held during the third quarter, partially offset by favorable sales leverage.
16:02 EDTCMGChipotle sees FY14 mid teens comparable restaurant sales increases
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16:01 EDTCMGChipotle reports Q3 EPS $4.15, consensus $3.84
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15:30 EDTCMGNotable companies reporting after market close
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14:49 EDTCMGChipotle October weekly 650 straddle priced for 7.8% move into Q3
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11:35 EDTCMGChipotle technical view ahead of results
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