Chipotle slips to new low on disappointing Q3 guidance
Chipotle Mexican Grill Inc.’s (NYSE:CMG) stock dipped by nearly 20% to a new 52-week low this morning after the restaurant chain said it expects its third-quarter earnings to be slightly below last year’s results.
In an 8:30 ET announcement, the Denver, Colo.-based company blamed a weak economy and the fact that food costs are rising “faster than expected” for the guidance.
By mid-day, Chipotle is at $57.28, down $13.87 from Thursday’s close, after having fallen as low as $55.42. The stock had traded as low as $65.15 and as high as $155.49 during the past 52 weeks.
Nearly 2.5 million shares had changed hands compared with an average three-month volume of 784, 211.
For detailed price information and news stories on Chipotle, click CMG.
About the Author
Contributing author Mary Ann Azevedo has more than 13 years of writing and editing experience that includes coverage of a broad range of companies.
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