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Conway Gates: I’m Conway Gittens, I work for the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Powered by Nvidia (NVDA) The rally appears to have run out – at least for now – with all three major averages relatively stable during the day.
There has been news on the housing front. Home sales fell in May, according to the National Association of Realtors. The median home price reached a new high of $419,300. Investors will be treated to a barrage of housing data next week, along with the Fed’s preferred measure of inflation.
In other news: Fresh on the heels of Nvidia’s 10-for-1 stock split, Chipotle (CMG) It does a 50-for-1 stock split. This means that each Chipotle shareholder will receive 50 shares for every share they own. More importantly, the price of each share will rise from approximately $3,220 before the split, to just $64 after the split.
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“We believe this will make our inventory more accessible to our employees as well as a broader range of investors,” Jack Hartung, Chipotle’s chief financial and administrative officer, said in a statement.
A stock split is a tool used by companies to make shares more affordable, without making existing shareholders poorer. The more affordable a stock is, the more likely more people will buy or sell it.
There is research that shows that companies that split their stock usually outperform the S&P 500 in the short term.
Chipotle shares begin trading at the revised price on June 26.
This will do it for your daily briefing. From the NYSE, I’m Conway Gittens from TheStreet.
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