EDITOR'S NOTE
Caterpillar was down 5% after its earnings miss this morning (and bearish talk about flat end-user demand and "global economic uncertainty"), then went positive. Even Jim Cramer--who owns the stock!--said its rebound this morning was illogical.
Boeing missed by mile on its bottom line, but stuck with its "return to service" targets for the 737 Max, and the shares--down 13% this month--were up nearly 4% earlier today.
Snap recovered almost its entire 16% plunge on earnings last night, only to start sinking again mid-morning.
There have been, in other words, a lot of wacky reversals today.
Political reversals, too: The president just lifted sanctions on Turkey after the country reportedly agreed to a permanent ceasefire in Syria.
Oh, and Chipotle--the best performing S&P 500 stock of the year, up more than 80%--is down 5.5% after its earnings today.
We'll be speaking with "rock star" CEO Brian Niccol right around 1 p.m. today. And I'm going to ask him about another big reversal--cities banning drive-thrus! Apparently they are doing so because it will fight obesity and climate change. But let me just say, the Wendy's drive-thru has been a lifesaver for me the past nine months. (Chili and a Frostie, baby.) Why force people to park and walk who may not be able to??
In any case, Chipotle's getting hit today in part because their new drive-thrus (sorry, "Chipotlanes") are delaying some store openings. So I'll be asking the CEO what happens if drive-thrus are falling out of favor altogether...although if this trend really takes hold, McDonald's et al would have a lot more to lose.
See you soon!
Kelly
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Rabu, 23 Oktober 2019
Big reversals and the drive-thru is in peril
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