Chipotle's Q4 Guidance Not As Bad As Expected

Chipotle Mexican Grill, Inc. CMG shares are trading higher $14.00 (4 percent) at $409.06 in Tuesday's session. Investors are relieved that the lower Q4 guidance announced before the open wasn't as bad as the Street expected.

As a result, the issue has been able to shrug off its pre-market swoon to under $380.00 and is now trading well into the green. In a volatile session, the issue has found intra-day support well ahead of the top of Monday's range ($399.25) as the current low stands at $408.20.

So far on the upside the issue has hit $414.96 and has fallen back to the $410.00 area. The current high coincides with its November 23 high (414.74). It's also attempting to post its first close over $400.00 since November 25, when it ended that session at $410.28.