Strong Retail Sales of Farm Tractors; Chipotle Canceling Executive Bonuses
Retail sales of farm tractors less than 40 horsepower were up 26.2 percent last month compared to February of 2015. The Association of Equipment Manufacturers says the numbers show a strong start to 2016 and a continuation of last year’s trend with year-to-date growth of 19.7 percent. Retail sales for 2WD tractors of 40-100 horsepower grew by 5.8 percent in February compared to last year bringing the year-to-date growth to minus .9 percent. However, AEM notes that there continues to be volatility in this tractor segment.
Last week Chipotle Mexican Grill announced it was cancelling executive bonuses for 2015 due to a food-borne illness outbreak at its stores across the country, which has rattled the company’s stock. Chipotle further restructured already-granted options awards so that they only pay off if management is able to repair restaurant chain’s value. At one time, Chipotle was the hottest restaurant in the United States and its stock was a market darling.