After you receive this Alert, we will be selling 25 shares of Panera (PNRA) at around $231.11. Following the trade, PNRA will represent roughly 1.90% of the portfolio.

PNRA shares are outperforming the market today, and we want to take advantage of the opportunity to trim our position following the recent rally, which was sparked by the company’s strong earnings report and encouraging conference call last week. You can read our earnings analysis here.

Recall that we recommended members trim their positions on the rally (see here), although we were restricted. While we continue to believe in the long-term delivery opportunity and the ongoing benefits of Panera 2.0, we find it prudent to protect profits at these levels. We would be willing to add back to the position on any material pullback once shares have cooled off.

Regards,

Jim Cramer, Portfolio Manager & the AAP Team
Action Alerts PLUS

DISCLOSURE: At the time of publication, Action Alerts PLUS was long PNRA.