Over the past month, Luckin Coffee (NASDAQ:LK) has declined over 9%. Though it may not seem like it, that’s good news for two reasons.
First, that trading seems strong in this panicked market. Outside of the plunging travel sector, few stocks seem worse-positioned for this sell-off.
The coronavirus originated in Luckin’s home market. Restaurant stocks more broadly now are rolling over. U.S. counterpart Starbucks (NASDAQ:SBUX) is down almost 22% over the past four weeks.