Chipotle Mexican Grill Lower On Health Concerns At Northwestern Locations

Chipotle Mexican Grill, Inc. (NYSE: CMG) shares are trading lower by $15 at $625.23 in Monday's session.

The closure of all its restaurants in Seattle and Portland due to a reported E. coli outbreak is the catalyst for the decline. This is the third outbreak reported at the once popular chain since August.

However, the Street is using the sharp decline off the open to purchase shares of the company. After a sharply lower open ($610 vs, Friday's close of $640.23), the issue quickly bottomed at $606.52 and has rebounded to $627.

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

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