Diamonds and Dogs
Chipotle Mexican Grill (CMG) is hot today. The restauranteur is up 4% on double the normal volume as Bill Ackman's Pershing Square Capital acquired a 9.9% stake in the company. Mr. Ackman said the shares were undervalued and that he intended to engage with management, but the analyst at Maxim disagrees maintaining a sell rating and a $300 price target. Looks like Ackman has another adversary to deal with.
Not a good day for the grocery stores. Casey's General Stores (CASY) is down 10% after missing earnings by 11 cents on in line revenue. Even though Casey missed, the company did post record earnings. Rival, Sprouts Farmers Market (SFM) isn't fairing much better down 13% after lowering third quarter and full year guidance. Tough time to be a grocery store company.