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Dow Falls on Thursday

- By Omar Venerio

U.S. stocks were mixed on Thursday, with shares of 3M Co. (MMM) plummeting more than 12%. The Dow Jones Industrial Average fell 0.24% to 26,531, the S&P 500 index advanced 0.19% to 2,933 and the Nasdaq Composite Index rose 0.38% to 8,133.

Shares of Chipotle Mexican Grill Inc. (CMG) fell almost 5% on Thursday after the company announced first-quarter results. Revenue grew 13% from the prior-year quarter to $1.3 billion, beating expectations by $30 million. Earnings of $3.40 per share beat analysts' estimates by 37 cents.


"This is the fifth consecutive quarter of accelerating comps, which reinforces our view that when we connect with guests through culturally relevant marketing focused on Chipotle's great taste and real ingredients, and provide more convenient access with less friction, they respond enthusiastically," CEO Brian Niccol said.

During the quarter, the company opened 15 new restaurants and closed two locations, bringing its total number of restaurants to 2,504.

Food, beverage and packaging costs were almost one-third of revenue, down 20 basis points from the prior-year quarter. Restaurant-level operating margins reached 21%.

Looking ahead to full fiscal 2019, the company expects mid- to high single-digit comparable restaurant sales growth, up from prior guidance of mid-single-digit growth.

Gainers

  • Valero Energy Corp. (VLO)
  • Lam Research Corp. (LRCX)
  • HollyFrontier Corp. (HFC)
  • International Paper Co. (IP)
  • Comcast Corp. (CMCSA)



Losers

  • Xilinx Inc. (XLNX)
  • 3M Co. (MMM)
  • Freeport-McMoRan Inc. (FCX)
  • Altria Group Inc. (MO)
  • LKQ Corp. (LKQ)



Global markets

The main European stock markets traded mostly lower. The U.K.'s FTSE 100 retreated 0.50%, France's CAC 40 fell 0.33%, Germany's Dax slid 0.25% and Spain's IBEX 35 rose 0.47%.

In Asia, Japan's Nikkei 225 gained 0.48%, India's BSE Sensex lost 0.83%, Hong Kong's Hang Seng declined 0.86% and China's Shanghai Composite tumbled 2.43%.

Disclosure: The author holds no positions in any stocks mentioned.

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This article first appeared on GuruFocus.