Taco Bell Enjoys Backhanded Victory on National Taco Day
Chipotle shares plummet after hedge fund manager’s comments
Keywords Taco Bell, Chipotle, Cantina Bell, Mexican, Fast Food
Hedge fund guru David Einhorn made a simple remark, calling the fast-casual burrito chain "overvalued" and citing competition from Taco Bell and its recently implemented Cantina Bell menu developed by Top Chef Masters' Lorena Garcia, and Chipotle stock prices took a dive to the tune of 6.5 percent. The president of Greenlight Capital has become known for his inflated statements, having previously set his sights on the likes of Lehman Brothers and Green Mountain Coffee Roasters.
But while Taco Bell may have been reveling in their brief Wall Street win, the Huffington Post today reports that Chipotle burrito baron Steve Ells has reason to be all smiles despite the number-crunching, as Market Force, a market research company, has found that Chipotle tops the list for fast-casual Mexican chains while Taco Bell ranked lowest in nearly every survey category save for value. Given that these chains all serve essentially the same product, that’s one tough burrito to swallow.