The battle for the world's most valuable public company took a turn last week with NVIDIA Corporation
On Companiesmarketcap.com, Chipotle Mexican Grill
On the site, Chipotle, which has a market cap of $88 billion, is shown as moving up 187 places and passing the three largest companies:
- Microsoft Corporation
(MSFT ) : $3.33 trillion - Apple Inc
(AAPL ) : $3.22 trillion - Nvidia: $2.97 trillion
The restaurant company will complete a 50-for-1 stock split after the market closes on Tuesday, with shares trading at a new split-adjusted price to open Wednesday's trading session.
When stock splits and reverse stock splits occur, finance sites can sometimes take time to show adjusted financials and market capitalizations. Tuesday's error is less frequently seen, as it is occurring ahead of the planned stock split.
Why It's Important: Chipotle is one of the top-performing restaurant stocks over the last 10 years, gaining over 440%.
The stock has been a top performer since its 2006 IPO at $22 per share.
Chipotle beat analyst estimates for both revenue and earnings per share in the first quarter. The company also reported that comparable restaurant sales were up 7% year-over-year.
The company plans to open 285 to 315 restaurants in the current fiscal year, with around 80% coming with a Chipotlane, the company's version of a drive-thru.
Chipotle's first-ever stock split could make shares easier to obtain for employees and investors looking to buy whole shares instead of partial shares, given a current share price in the thousands.
CMG Price Action: Chipotle shares are up 1% to $3,233.48 on Tuesday versus a 52-week trading range of $1,768.64 to $3,463.07.
