Shares of Chipotle had their best day in more than four years. Despite the surge, the stock is still way off its all-time high of nearly $760. Jeff Bernstein, Senior Restaurant Analyst at Barclays, was with us to discuss whether the hiring of its new CEO will be enough to fuel a turnaround for Chipotle.
Chipotle tapped Taco Bell's CEO, Brian Niccols. Investors were on board with the move, sending shares soaring. Bernstein said it will take some time for consumers to jump on board. Chipotle is not a major media advertiser, so getting the new message across won't be immediate, the analyst adds.
During his time at Taco Bell, Mr. Niccol played a key role in bringing life back to the brand, bringing innovative food items to the menu. His marketing background helped get consumers excited about items such as Quesarito, Naked Chicken Chalupa and Nacho Fries. Bernstein said he expects to see some new product news at Chipotle, but acknowledges the assembly-line structure will keep them somewhat limited.
Loy Gordon, owner of Neir's Tavern, joined Cheddar News to discuss how he saved the establishment three times and why he did so. Gordon also showed Cheddar News some specialty drinks that patrons can enjoy.
To celebrate Black-Owned Business Month, Cheddar News visited Neir's Tavern in Queens, one of the city's oldest taverns where the Martin Scorsese film "Goodfellas" was filmed. Loy Gordon, the bar's owner, discussed the history behind the establishment.
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