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Yum! (NYSE: YUM) Brands owned Taco Bell will begin offering premium Mexican items in July. The lineup, backed by celebrity chef Lorena Garcia, will offer a variety of items at higher prices than Taco Bell's traditional menu.

Taco Bell isn't undergoing a massive shift in its strategy--it will keep its standard menu--but the new items might allow the company to draw customers away from the likes of Chipotle (NYSE: CMG) and Qdoba (NASDAQ: JACK).

Yum! Brands traded down on Friday, falling over 3%. Traders may have sold shares on the company's exposure to China. Yum also owns KFC, which has built up a significant presence in China in recent years.

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