Restaurant Get Cooked Early
This morning, many of the leading restaurant stocks are declining lower. Chipotle Mexican Grill Inc (NYSE:CMG) has been one of the stronger restaurant stocks in the market. This leading stock sold off sharply on April 19, 2012 when it traded as high as $439.40 a share. Today, CMG stock is trading lower by $4.61 to $414.18 a share. Short term traders can watch for intra-day support around the $413.50, $411.00, and and $408.70 levels. The daily chart will still have minor support around the $401.00 area.
Some other leading restaurant stocks that are coming under early selling pressure include Yum! Brands, Inc. (NYSE:YUM), Panera Bread Co (NASDAQ:PNRA), and Tim Hortons Inc. (USA) (NYSE:THI). All of these stocks are trading together today, however, they will very often trade in their own direction. Traders must judge each chart individually when it comes to the restaurant stocks.