Chipotle Mexican Grill, Inc. CMG shares are trading lower by $24.00 (6 percent) at $372.00 in Tuesday's session. The catalyst for the sharp decline are comment from a Chipotle executive that the company isn't rebounding from the e-coli fiasco as they had predicted.
The comment, which came during the pre-market session, ignited an immediate tailspin that continued into the early part of the regular session. Within one minute of the announcement, it fell $8 from to $398.00 to $390.00 and the selling was just getting started.
The selling crescendo didn't end until the issue reached $365.33 and so far has rebounded into the $370 handle. That low comes in just below its November 3 low ($366.51), but well above its November 2 low ($358.63).
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