Why Shares of Chipotle, Shake Shack, and Texas Roadhouse Fell Today
Restaurant stocks including Chipotle Mexican Grill (NYSE: CMG), Shake Shack (NYSE: SHAK), and Texas Roadhouse (NASDAQ: TXRH) all tumbled today as industry stocks were battered along with the broader market on a coronavirus warning from President Trump. The president said Tuesday that the next two weeks would be "very, very painful" as COVID-19 spreads through the country, and a White House task force projected that 100,000 to 240,000 Americans would die from the virus in the coming months.
That news rattled investors, with the S&P 500 closing down 4.4%, and restaurant stocks falling sharply as the industry is at the mercy of the virus, which has forced restaurants across the country to limit themselves to takeout and delivery.
At the closing bell, Chipotle shares were down 5.4%, Shake Shack was off 13.9%, and Texas Roadhouse had fallen 12.3%.
Source Fool.com
