
The big news Tuesday morning was the announcement by Starbucks (SBUX) that CEO Laxman Narasimhan was stepping down immediately to be replaced by Chipotle Mexican Grill (CMG) CEO Brian Niccol.
Naturally, SBUX shares were up in pre-market trading, and CMG shares were down. This is a big gain for Starbucks and a big loss for Chipotle.