Delivering Alpha 2021

Gundlach at Delivering Alpha: Considering taking off shorts on Chipotle, Delta

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"Bond king" Jeffrey Gundlach said on Wednesday that he might take off his short position on Chipotle stock, "because it is starting to perform well again."

Speaking at CNBC's annual Delivering Alpha Conference in New York, Gundlach also said that he is considering a similar move for Delta Air Lines.

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"I look for things where many good things, if not every good thing, is priced in, when every seat is taken, when the price of oil has collapsed, when it becomes the darling stock, it's probably fully valued for a short-term pullback and we got that," the Doubline Capital founder and CEO said. "It [Delta] is probably a decent long-term story but it [the short] was really a short-term idea."

Chipotle shares edged higher in midday trading, while Delta was trading slightly lower.

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