Chipotle Mexican Grill (CMG) is getting pole axed today on what would normally be decent results – 8% same store sales, good earnings and revenue growth yada yada, but expectations are sky high for this name. The company said sales started to slow in April which should be no surprise considering the economy has had a serious slowdown the past 3-4 months.
A lot of the so called "yuppie" trade is being taken out and shot as well – Whole Foods Market (WFM), Lululemon (LULU), etc – plus anything high growth consumer discretionary such as Monster Beverage (MNST), Panera Bread (PNRA), Starbucks (SBUX), Buffalo Wild Wings (BWLD) and Dunkin Donuts (DNKN). Looks like fewer and fewer investors care about individual names and just sell off themes in one group nowadays.
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