Dining and Drinking
Is Shake Shack the next Krispy Kreme?
Is Shake Shack the next Krispy Kreme?

A stock market that has been gyrating insanely all month on its way to a 3% loss can be forgiven for seeking solace in a buzzy initial public offering. But that in itself doesn't make Shake Shack, the star IPO of the moment, a good buy.  Shake Shack is a one-time Manhattan food truck that has grown into a multi-state 63-store high-end burger chain. Its IPO was priced to open Friday at $21, and closed at $45.90 for a one-day gain of more than 118%. Considering how much money an underpricing of that magnitude left on the table, one would think its lead underwriters, JPMorgan and Morgan Stanley, would be fired or at least investigated, but let it go. The important question for...