Starbucks Denies Acquiring Chipotle, Bristol Myers Falls, Salesforce

Today's biggest winners and losers in the stock market, a look at the notable movers:
On this episode of Stock Movers:

- Chipotle (CMG) shares are trading lower after Starbucks (SBUX) denied that it is considering acquiring the fast-casual chain. The deal rumors had sent Chipotle shares higher and Starbucks shares lower, with Chipotle investors looking forward to a potential reunion with Brian Niccol, who previously led Chipotle and is now CEO of Starbucks.

- Bristol Myers (BMY) shares erase earlier gains to fall as much as 3.9% after the drugmaker reported mixed results from a late-stage trial of its drug candidate for a lung disease, where a lower dose was more successful than a high-dose version of the therapy. Analysts tout concerns about the dose response, with RBC Capital Markets calling it “confounding” and requiring further explanation.

- Salesforce (CRM) shares jump after BofA Global Research raised the recommendation on the software company to buy from underperform, pointing to tailwinds from AI adoption. The firm said Salesforce's enterprise artificial-intelligence strategy has reduced risks of AI disruption and that large enterprises were unlikely to replace platforms like Salesforce that contain their business logic and data Salesforce has also signed a definitive agreement to acquire Loops, an AI-powered analytics platform that monitors business performance, explains metric changes and surfaces improvement opportunities using machine learning.

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