Chipotle Surges the Most Since 2007 After Investors Warm to New CEO

• April 26 2018
• Leslie Patton, Jonathan Roeder

It’s a new day for Chipotle Mexican Grill Inc., and ideas that the company previously spurned -- such as drive-thrus and new menu items -- are now on the table.

It’s a new day for Chipotle Mexican Grill Inc., and ideas that the company previously spurned -- such as drive-thrus and new menu items -- are now on the table.

Shareholders are energized by these new potential ingredients in the burrito chain’s business mix, sending the stock up as much as 20 percent on Thursday after first-quarter results topped analysts’ projections. Investors are buying into the optimism of Chief Executive Officer Brian Niccol, who arrived in March from Taco Bell.

“I’m focused on finding some wins,” Niccol said in an interview.

The shares jumped to as high as $408.66 as of 10 a.m. in New York, marking the biggest intraday gain since 2007. The chain reported same-store sales that topped analysts’ projections, providing a welcome respite from the negative headlines of recent years.

A key goal is to recapture consumers’ attention -- an area that Niccol’s Taco Bell excelled in.

“Chipotle has not been out there driving culture and leading conversations and reminding people that we do great food,” Niccol said. “We haven’t done it in a way that’s fun and gets people to talk about it.”