Here's Why Churchill Downs Shares Are Moving

Churchill Downs, Inc. CHDN shares are trading higher by 2.57% to $136.95 Tuesday morning. The stock is rebounding following Monday weakness after the company announced it will suspend operations at Churchill Downs Racetrack following horse deaths.

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What Happened?

Churchill Downs Racetrack says the company has experienced an unusual number of horse injuries, resulting in 12 equine fatalities over the past month.

Extensive internal and external investigations by the KHRC and HISA have failed to identify a single potential cause or detect any discernible pattern linking the fatalities.

Diagnostic testing of the racetrack has not raised concerns, with experts confirming its consistency with past measurements at Churchill Downs.

Despite these findings, as a precautionary measure and in line with HISA's recommendation, Churchill Downs, Inc. has chosen to relocate the meet for a comprehensive review of safety protocols, surface integrity and consultation with experts nationwide.

According to data from Benzinga Pro, CHDN has a 52-week high of $150.45 and a 52-week low of $86.38.