{"id":1760,"date":"2023-04-29T02:48:56","date_gmt":"2023-04-29T06:48:56","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/chipotle-was-the-sp-500s-best-performer-for-april-this-was-the-worst\/"},"modified":"2023-04-29T02:48:57","modified_gmt":"2023-04-29T06:48:57","slug":"chipotle-was-the-sp-500s-best-performer-for-april-this-was-the-worst","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=1760","title":{"rendered":"Chipotle Was the S&P 500’s Best Performer for April. This Was the Worst."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

April is coming to an end, bringing the close of a volatile month for the stock market.<\/p>\n

The
\n S&P 500
\n climbed 1.5% in April, following weeks of economic data that have shown a slowing economy amid stubborn inflation. But strong earnings reports from major components of the index, such as
\n Meta Platforms
\n (ticker: META) and
\n Microsoft
\n (MSFT), have helped to push it forward.<\/p>\n

\n

Here are the best and worst performing stocks in the S&P 500 for April.<\/p>\n

Chipotle Mexican Grill<\/h2>\n

While customers were busy choosing between a beef burrito or a chicken bowl, investors were cashing in on the Chipotle\u2019s strong stock performance. <\/p>\n

\n Chipotle Mexican Grill
\n (CMG) was the best performing S&P 500 stock in April. Shares jumped 21% this month and had their best month since April 2020, when they rose 34.3%, according to Dow Jones Market Data.<\/p>\n

Chipotle stock jumped this week after the fast casual chain reported first-quarter earnings and revenue that beat Wall Street expectations. That was a much needed pivot after it reported disappointing fourth-quarter results in February. <\/p>\n

\u201cWe kind of like the environment we\u2019re in right now, where consumers have jobs, they have money, they\u2019re visiting restaurants, and the inflation that we\u2019re seeing is pretty modest,\u201d Chief Financial Officer John Hartung\u00a0<\/strong>said on the company\u2019s earnings call. <\/p>\n

Wall Street is primarily bullish on the company. Of the 34 analysts surveyed by FactSet, 24 say the stock is a Buy, 10 say it is a Hold, and none rate it as a Sell.<\/p>\n

\u201cWe\u2019re encouraged by transactions returning to solidly positive growth, given multiple demand drivers (including new menu items Chicken Al Pastor and fajita quesadilla),\u201d UBS analyst Dennis Geiger said in a research note. He rates the stock a Buy with a $2,250 price target. <\/p>\n

The stock closed Friday at $2,067.62.<\/p>\n

First Republic<\/h2>\n

\n First Republic Bank
\n (FRC) recently reported what Chief Financial Officer Neal Holland called \u201cunprecedented\u201d outflows for its first quarter. The stock has since plummeted, and is now the S&P 500\u2019s worst performer in April.<\/p>\n

Shares of First Republic plunged 74.9%\u00a0in April, and had their worst month since March, when they fell 88.6%. The March decline was its worst on record.<\/p>\n

The downfall started after the collapse of Silicon Valley Bank. Customers of regional banks got spooked and pulled their deposits. First Republic\u2019s declined by $72 billion, or 41% in the first quarter.<\/p>\n

\u201cWe continue to take steps to strengthen our business. We remain fully committed to serving our communities, and we are grateful for the ongoing support of our clients and colleagues,\u201d management said in the company\u2019s first-quarter earnings release.<\/p>\n

However, at least 20 wealth management practices, including teams and solo advisors, have left First Republic for competitors since March 17.<\/p>\n

On Friday alone, the stock plunged another 43% as a seizure by the Federal Deposit Insurance Corporation looked more likely. CNBC reported Friday that it is more possible the FDIC will take First Republic into receivership, citing unidentified sources. <\/p>\n

Write to Angela Palumbo at angela.palumbo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

April is coming to an end, bringing the close of a volatile month for the stock market. The S&P 500 climbed 1.5% in April, following weeks of economic data that have shown a slowing economy amid stubborn inflation. But strong earnings reports from major components of the index, such as Meta Platforms (ticker: META) and […]<\/p>\n","protected":false},"author":1,"featured_media":1761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-1760","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nChipotle Was the S&P 500's Best Performer for April. This Was the Worst. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"April is coming to an end, bringing the close of a volatile month for the stock market. 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