Chipotle beat estimates for earnings per share and met revenue expectations, delivering notable increases in both digital and same-store sales.
The strength could carry Chipotle s stock to new heights, Matt Maley, chief market strategist at Miller Tabak, told CNBC s Trading Nation on Wednesday. We re looking at this 1,550 level. That was the old high back in February and it was also where it closed [on] Friday, Maley said. The key is what does it do after we get this earnings report? the strategist said. If it can break above that kind of double-top high in any kind of meaningful fashion, it s going to be incredibly bullish for the stock on a technical basis, so, you ll definitely want to continue to buy the stock.
Though Booking is up more than 10% this year, other travel stocks are winning out, with Spirit Airlines, JetBlue and Expedia logging some of the largest returns. A lot of the travel names have basically moved sideways since March, O Hara told CNBC s Trading Nation on Friday. But Bookings is breaking out. . If it holds its current levels, it would be a new weekly closing high and that s very powerful by our work.
O Hara set a $2,750 to $2,800 target for Booking, roughly 11.5% and 13.5% above its Monday trading price near $2,460. We are buyers of Booking on the breakout, O Hara said.
Booking shares fell nearly 1% by midday Monday.
Quint Tatro, president of Joule Financial, is watching three stocks closely this earnings season. He s using United Airlines, which reports earnings Monday afternoon, as a barometer for the rest of the airlines and, more importantly, consumer demand and the economic rebound. Airline stocks are not usually something that we re too keen on for quarterly earnings, but we really want to see what the companies say about the bookings that they re seeing, the demand they re seeing for this sort of reopening trade. I think that has the opportunity of setting the tone for the week, Tatro told CNBC s Trading Nation on Friday.