Starbucks (SBUX) stock is trading higher on Oct. 12 after the coffee giant explicitly ruled out buying Chipotle Mexican Grill (CMG), easing concerns about a costly acquisition. The denial follows a Financial Times report suggesting Starbucks had worked with advisers on a potential takeover proposal.
“Starbucks is not buying Chipotle,” a company’s spokesperson confirmed on Monday morning, triggering a rally in Starbucks shares that has them trading up about 10% year-to-date at writing.
