Starbucks Says It Is Not Buying Chipotle; CMG Gives Back Gains
A flat denial from Starbucks wiped out the takeover buzz that had lifted Chipotle shares.
MarketBuzz Daily · · $CMG$SBUX
Starbucks has shut down talk of a Chipotle takeover. The company put out a statement on Monday saying it will not acquire the burrito chain. A deal would have ranked among the biggest in restaurant history.
The denial came after a Financial Times report said Starbucks had worked with advisers on a possible proposal. That speculation had pushed Chipotle up by more than 7%.
Markets reacted fast. Chipotle shares dropped about 4 percent after the statement. Starbucks shares rose about 1 percent.
Key points
- Starbucks publicly denied it will acquire Chipotle.
- Chipotle fell about 4 percent, while Starbucks gained about 1 percent.
- The takeover chatter had earlier lifted Chipotle more than 7%.
What it could mean for $CMG
With the takeover story off the table, Chipotle may now trade more on its own results. Investors could turn their attention to the company's Q3 report as the next big catalyst. Starbucks holders may see the denial as a sign the company is staying focused on its core business, though that is only one reading.
With the takeover premium gone, Chipotle traders may be repositioning ahead of Q3 results. This offer is a guide to a 5-step options checklist, which some investors might want to read before placing any trade, though it is no guarantee against losses.
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