Chipotle To End Its Build-Your-Own Pizza Test In Colorado, Stock Trades Lower But Still Near 52-Week High
Portfolio Pulse from Aaron Bry
Chipotle Mexican Grill, Inc. (NYSE:CMG) is closing all five of its Pizzeria Locale restaurants in Colorado, a test concept that had been operating since 2013. The company did not provide specific reasons for the closure. Chipotle's stock traded lower on Thursday, closing down 1.29% at $2,093.37, amid overall market weakness. The company will report earnings on July 26. CAVA Group Inc (NYSE:CAVA), a company with a similar model to Chipotle, went public last month and is currently valued at around $4 billion.
July 06, 2023 | 10:12 pm
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NEUTRAL IMPACT
CAVA Group Inc, a company with a similar model to Chipotle, went public last month and is currently valued at around $4 billion.
CAVA's mention in the article is more of a comparison to Chipotle rather than a direct impact on its stock. However, the company's recent IPO and current valuation could be of interest to investors.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Chipotle is closing its Pizzeria Locale restaurants in Colorado, which may have contributed to the stock trading lower. The company's earnings report is due on July 26.
The closure of the Pizzeria Locale restaurants could be seen as a failure of a business experiment, which may have negatively impacted investor sentiment. The upcoming earnings report could further impact the stock price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100