Two Restaurant Stocks Get Roasted
This morning, two market leading restaurant stocks are selling off sharply lower. Chipotle Mexican Grill Inc (NYSE:CMG), and Panera Bread Co (NASDAQ:PNRA) have both been major winners in 2012, however, today these stocks are falling significantly lower. When stock market leading stocks decline traders should always take note as these stocks are often falling out of favor with investors.
Today, Chipotle Mexican Grill Inc (NYSE:CMG) is declining lower by $18.75 to $396.54 a share. Short term traders should watch for intra-day support around the $392.00, $389.00, and $384.50 levels. The daily chart of CMG stock will have support around the $380.00 levels.
Panera Bread Co (NASDAQ:PNRA) is trading lower by $4.35 to $139.13 a share. This stock topped out in late March 2012 at $166.00 a share. Short term traders can watch for intra-day support around the $138.00, and $135.50 levels. The daily chart for PNRA stock will have support around the $130.00 area.
Some other leading restaurant stocks that are trading lower include Tim Hortons Inc (NYSE:THI), and Pizza Inn Inc (NASDAQ:PZZI). Most other stocks in the restaurant sector are holding up rather well today. This tells us that CMG, and PNRA are isolated stocks and most other stocks in the sector are not falling in sympathy.