Chipotle Restaurant in New York
Scott Mlyn | CNBC
Shares fell sharply on Monday amid concerns over a resurgence of Covid cases linked to the variant. The S&P 500 fell 2.1%, and pandemic losers like airline and hotel stocks have suffered the brunt of the losses. Shares of Starbucks and Domino’s also fell.
The United States reported more than 52,000 new cases of Covid on Wednesday, according to Johns Hopkins University. But fears related to the resurgence of infections have faded into the background for restaurant stocks.
Domino’s actions climbed more than 12% in morning trading after the company’s second-quarter earnings and earnings beat Wall Street estimates. Despite concerns over pizza fatigue and difficult comparisons to last year’s skyrocketing sales, the company reported US same-store sales growth of more than 3%.
Domino’s stock has risen 38% year-to-date, bringing its market value to $ 20.6 billion. Thursday’s stock move set a record $ 532.94 per share for the pizza chain.
Chipotle shares rose more than 1%, declining slightly after hitting a new high of $ 1,806.66 per share. The burrito chain shared their own second quarter results Tuesday afternoon, exceeding analysts’ expectations. The stock has climbed 28% this year, giving the company a market value of $ 50 billion.
Starbucks shares rose 2% in morning trading, creating an all-time high of $ 121.93 per share. The coffee chain is expected to release results for its last quarter after the bell on Tuesday. Its stock has risen 13% this year, bringing its market value to $ 143 billion.