Chipotle 50-for-1 Stock Split

And, the latest surging meme coin.

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Today is Wednesday, March 20, 2024.

The Early Bird Index today is 71.95.

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Chipotle 50-for-1 Stock Split

Chipotle Mexican Grill (NYSE: CMG) jumped by 4.91% in after-hours trading on Tuesday after approving a 50-for-1 stock split, the first stock split in company history.

Details: Shareholders will vote on an amendment about the stock split on June 6. If approved, current shareholders will receive 49 additional shares for each share held. Shares will trade at a post-split basis on June 26.

Definition: A stock split is when a company increases the number of shares to grow investor interest. In this case, the current stock price will be divided by 50. It is a way to encourage new investors to buy the stock at a lower price.

Stock Price: Chipotle trades at nearly $2,800 per share. The stock is up over 300% in the last five years.

Final Thoughts: This is one of the biggest stock splits in history. If you want to invest in Chipotle, the price will be lower.


Notable Earnings Today: Micron (Nasdaq: MU), KB Home (NYSE: KBH), General Mills (NYSE: GIS), Chewy (NYSE: CHWY), BioNTech (Nasdaq: BNTX), Five Below (Nasdaq: FIVE), Ollie’s Bargain Outlet (Nasdaq: OLLI), Guess? (NYSE: GES), Signet Jewelers (NYSE: SIG), Steelcase (NYSE: SCS), Kingsoft Cloud (Nasdaq: KC), Worthington Enterprises (NYSE: WOR), Alvotech (Nasdaq: ALVO), Curiosity Stream (Nasdaq: CURI), HeartBeam (Nasdaq: BEAT), JinkSolar (NYSE: JKS), Mogo (Nasdaq: MOGO), Orla Mining (NYSE American: ORLA), PDD Holdings (Nasdaq: PDD), Sportradar Group (Nasdaq: SRAD).

Notable IPOs Today: Astera Labs, Inc. Common Stock (Nasdaq: ALAB), ProShares Nasdaq-100 High Income ETF (Nasdaq: IQQQ).

Notable Equity Crowdfunding Campaigns Ending Today: Moocho (StartEngine), Aviva Brick Oven (Honeycomb), Kara Water (StartEngine).

Notable Economic Events Today: Crude Oil Inventories (10:30 a.m. ET), FOMC Statement (2:00 p.m. ET), Fed Interest Rate Decision (2:00 p.m. ET).

The Latest Surging Meme Coin: Slerf

Source: @Slerfsol on X/Twitter

A brand new meme coin called Slerf has emerged out of nowhere recently and has taken the cryptocurrency world by storm.

Background: Slerf is a sloth-themed coin that surged after its creation less than a week ago. Named after a character called “Slerf the Sloth,” it quickly raised $10 million from investors.

Powering the Story: Over the weekend, Slerf recorded a trading volume of more than $2.7 billion, according to reports. To put that in perspective, that trading volume was greater than all decentralized exchanges on the Ethereum blockchain.

Price: Slerf is up 25% since its creation less than a week ago.

Final Thoughts: Should you invest in Slerf? No way, unless you really like risk. It’s still early days for this volatile meme coin.

JetBlue Cuts Unprofitable Routes

According to multiple reports on Tuesday afternoon, JetBlue (Nasdaq: JBLU) has told staff that it plans on cutting back on multiple unprofitable routes.

Details: JetBlue will reduce some flights out of Los Angeles. It will also eliminate some routes in Seattle, Miami, Las Vegas, and some international destinations.

Background: Shares of JetBlue are down about 1% in the past 12 months, but the stock is up in 2024. The company tried to acquire Spirit Airlines (NYSE: SAVE), but the deal was terminated.

Final Thoughts: Although travel demand is strong, JetBlue expects revenue to drop in the quarter.

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.