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Big Earnings Help Chipotle Mexican Grill, Inc. Sizzle

Some big-name tech companies also reported their earnings, buoying the whole sector

By Anthony Mirhaydari, InvestorPlace Market Strategist

Fade Chipotle Stock As It Rallies Towards $500

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U.S. equities roared higher on Thursday, nearly recouping their weekly losses, thanks to the flow of tech-sector earnings. Facebook, Inc. (NASDAQ:FB) gained 9.1% after reporting blowout results with solid user growth, putting to bed concerns about a blowback from data privacy concerns. Visa Inc (NYSE:V) and Advanced Micro Devices, Inc. (NASDAQ:AMD) also rallied, up 4.8% and 13.7% respectively, on results.

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Chipotle Mexican Grill, Inc. (NYSE:CMG) eclipsed all of them, however, with a 24.5% rise to hit the best level in nearly a year. Earnings beat estimates on impressive same-store sales.

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Telecoms were the laggards, down 3.2% after AT&T (NYSE:T) reported lower-than-expected earnings and revenue for the first quarter. Industrial were weak too, falling 0.4%. American Airlines Group Inc (NASDAQ:AAL) lost 6.4% after lowering its forward guidance on higher fuel costs.

Earnings news eclipsed the big macroeconomic development, which was that the European Central Bank left interest rates unchanged and left asset purchases at its current monthly pace.

After the close, Amazon.com, Inc. (NASDAQ:AMZN) crushed earnings results amid ongoing success for its AWS cloud services platform. Shares soared 6.7% in response.

Looking ahead, investors will get the advance estimate of Q1 GDP on Friday. Analysts are looking for a 2.1% annual rate.

Check out Serge Berger’s Trade of the Day for April 27.

Today’s Trading Landscape

To see a list of the companies reporting earnings today, click here.

For a list of this week’s economic reports due out, click here.

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Anthony Mirhaydari is founder of the Edge (ETFs) and Edge Pro (Options) investment advisory newsletters. Free two- and four-week trial offers have been extended to InvestorPlace readers.

Article printed from InvestorPlace Media, https://investorplace.com/2018/04/earnings-chipotle-mexican-grill-cmg-stock-sizzle/.

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