Shares of Chipotle Mexican Grill (NYSE: CMG) headed lower, as the burrito chain continued to fall with the broader market over concerns about the spread of the coronavirus.
Restaurant chains are generally seen as vulnerable to an outbreak, since Americans are likely to avoid gathering places like eateries if the virus spreads. Chipotle, meanwhile, may have an additional obstacle to overcome, given its history with foodborne illness outbreaks, specifically the 2015 E. coli outbreak that hammered sales and took years to recover from.
The stock closed down 9% today after trading down as low as 10%, while the S&P 500 closed the day down 7.6%, its worst day since the financial crisis.
Source Fool.com