Sweetgreen Drops 5.6% and Yum Slips 3.3% as Cyclospora Fears Hit Restaurant Stocks
Updated
Updated · Forbes · Jul 15
Sweetgreen Drops 5.6% and Yum Slips 3.3% as Cyclospora Fears Hit Restaurant Stocks
1 articles · Updated · Forbes · Jul 15
Summary
Sweetgreen sank 5.6% Wednesday and is down more than 24% over the past month as investors sold restaurant shares exposed to raw-produce concerns during the cyclospora outbreak.
Taco Bell owner Yum Brands fell 3.3%, while Chipotle lost 4.8%, after Taco Bell pulled some menu items and halted lettuce service at some Michigan franchises.
Michigan officials have not publicly tied any chain to the outbreak, but said lettuce has repeatedly surfaced in the investigation; authorities still have not identified the source.
3,762 cyclosporiasis cases have been reported in Michigan, including 44 hospitalizations, while the CDC has confirmed 1,645 U.S. cases and says more than 5,100 reports still need investigation.