Shake Shack Inc (NYSE: SHAK) shares sold off more than $1.00 -- a decline that's noticeable on the stock's chart after 3:30pm -- amid perceived competition from Chipotle Mexican Grill, Inc. (NYSE: CMG).
Close to Wednesday's close, Chipotle filed a trademark for a product named "Better Burger." The filing indicated it was made on March 11, 2016 and will be used for restaurant services, take out, catering and bar services.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Chipotle, which has made its brand name from an offering of burritos and tacos for more than 20 years, has dabbled in other food types before. In 2011, Chipotle opened Asian fast-casual concept restaurant named ShopHouse Southeast Asian Kitchen; there are now locations around D.C. and California.
Of note, Shake Shack shares sold off despite a lack of move from other fast-casual burger themed names. Habit Restaurants Inc (NASDAQ: HABT) closed the day up 6.6 percent, sustaining the morning move it made on Tuesday.
Calls to Chipotle were not immediately returned.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.