Starbucks up, Chipotle falls after coffee chain says it is not buying burrito chain
CMG•Starbucks shares rose about 1% to $91.50, while Chipotle Mexican Grill shares fell about 3% to $30.57 in morning trading after Starbucks said it was not buying Chipotle.
1. Shares move on denial
Starbucks said it was not buying Chipotle, amid takeover speculation. A report last week said Starbucks had worked with advisers on a potential takeover proposal for Chipotle. Chipotle declined to comment and said its focus remained on executing its “Recipe for Growth strategy.” Up to the previous close, Starbucks was up about 8% year to date, while Chipotle was down about 15%.
