Chipotle Mexican Grill (CMG) Gains on Strong Volume; Ackman Sees Relationship as 'Constructive'
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Chipotle Mexican Grill (NYSE: CMG) is gaining sharply Thursday on strong volume. Shares are up 6.7%.
Earlier, large investor Bill Ackman of Pershing Square Capital said he has had an "extremely constructive relationship."
In a note earlier this week, analyst at Detwiler Fenton noted, "... checks suggested that line counts and consumer traffic / occupancy rates have been increasing sequentially over the past couple of quarters, building from the trough that formed in Q1." They added, "What's more interesting to us is that field reports suggest that such programs have been driving re-engagement. In September of this year, traffic was off more than 13% to LY and comp sales were off about 20%. Our checks suggest that October was a markedly better month, comps off in the mid-single digits in many stores. Note that October was up against a relatively flat result LY, as this was before the E. Coli news cycle hit. What's more, we're hearing that November comps are up nicely - double digits in much of the chain; but this is up against a teen decline LY in November."
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