- Domino's Pizza, Chipotle Mexican Grill and Starbucks hit all-time highs on Thursday.
- After concerns about the delta Covid variant hit stocks earlier this year, the market – including restaurant stocks – has bounced back.
- Shares of Domino's climbed more than 12% in morning trading after the company reported its second-quarter results.
In this article
Domino's Pizza, Chipotle Mexican Grill and Starbucks hit all-time highs on Thursday as investors shrugged off any concerns about the delta Covid variant.
On Monday, stocks fell sharply over concerns about a resurgence of Covid cases tied to the variant. The S&P 500 tumbled 2.1%, and pandemic losers like airline and hotel stocks bore the brunt of the losses. Shares of Starbucks and Domino's also dipped.
The U.S. reported more than 52,000 new Covid cases on Wednesday, according to Johns Hopkins University. But fears tied to the resurgence of infections took a backseat for restaurant stocks.
Shares of Domino's climbed more than 12% in morning trading after the company's second-quarter earnings and revenue topped Wall Street's estimates. Despite concerns about pizza fatigue and tough comparisons to last year's skyrocketing sales, the company reported U.S. same-store sales growth of more than 3%.
Domino's stock has risen 38% year-to-date, bringing its market value to $20.6 billion. Thursday's stock move set a record high of $532.94 a share for the pizza chain.
Chipotle shares were up more than 1%, falling slightly after setting a new high of $1,806.66 per share. The burrito chain shared its own second-quarter results on Tuesday afternoon, beating analysts' expectations. The stock has climbed 28% this year, giving the company a market value of $50 billion.
Starbucks' stock rose 2% in morning trading, creating an all-time high of $121.93 per share. The coffee chain is expected to report the results of its latest quarter after the bell on Tuesday. Its stock has risen 13% this year, bringing its market value to $143 billion.
Source: Read Full Article