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from the FIRE-sector-doing-bad-math-again dept.
The Intercept reports:
Bank of America Merrill Lynch downgraded Chipotle and warned investors that the stock will "underperform", complaining that the restaurant chain is paying its workers too much, and that cutting labor costs further will be difficult for the chain.
[...] Chipotle spokesperson Chris Arnold called Bank of America's analysis "flawed and inaccurate", adding that the restaurant chain hasn't cut employee hours but recently increased hours in conjunction with the addition of queso to the menu.
"That analysis is making estimates and conclusions about our management practices over a 12-year time frame from 2006 to 2017", Arnold told The Intercept. "Obviously, the scale of our business and labor wages have changed dramatically over that time frame. Drawing conclusions from 2006 and applying them as a directional change to our business over the past 12 months is simply flawed."
[...] "We continue to pay wages and offer benefits that are competitive and that reflect the priorities of our employees", Arnold said. "And with a commitment to developing and promoting people from within, we are providing significant opportunities for advancement."
The downgrade is a symptom of Wall Street's maniacal obsession with labor costs.
(Score: 5, Touché) by maxwell demon on Sunday October 22 2017, @10:24AM (3 children)
In other news, Chipotle downgraded Bank of America and warned workers that the employer will "underperform", complaining that the bank is paying its investors too much, and that cutting investor costs further will be difficult for the bank.
The Tao of math: The numbers you can count are not the real numbers.
(Score: 2, Funny) by Anonymous Coward on Sunday October 22 2017, @10:58AM (1 child)
Maybe he can get it posted on a billboard near the NYSE, and do a blurb on his show about it to boot :)
(Score: 0) by Anonymous Coward on Monday October 23 2017, @04:41AM
You want downtown Charlotte NC for that. BoA headquarters.
(Score: 3, Insightful) by Gaaark on Sunday October 22 2017, @03:47PM
^Brilliant!!
--- Please remind me if I haven't been civil to you: I'm channeling MDC. ---Gaaark 2.0 ---