Yum! (YUM) Ticks Higher as Einhorn's Chipotle Call Plays Out (CMG)
Yum! Brands (NYSE: YUM) shares are bid higher Friday morning following dismal results at peer Chipotle Mexican Grill (NYSE: CMG), which were issued after the market closed on Thursday.
In early October, Greenlight Capital's David Einhorn lauded Yum! while simultaneously saying he's short Chiptole. Einhorn wasn't necessarily long Yum!, but thought Taco Bell was becoming a formidable competitor to Chipotle.
On October 10th, Yum! posted strong third-quarter results, pushing Chipotle a little higher. Since then, Yum! is up about 1.7 percent while Chipotle is down 1.4 percent.
For a summary of Chipotle's results, click here.
Ahead of the open, Yum! is up about 0.7 percent.
In early October, Greenlight Capital's David Einhorn lauded Yum! while simultaneously saying he's short Chiptole. Einhorn wasn't necessarily long Yum!, but thought Taco Bell was becoming a formidable competitor to Chipotle.
On October 10th, Yum! posted strong third-quarter results, pushing Chipotle a little higher. Since then, Yum! is up about 1.7 percent while Chipotle is down 1.4 percent.
For a summary of Chipotle's results, click here.
Ahead of the open, Yum! is up about 0.7 percent.