Chipotle Leaves A Bad Taste In Investors Mouth After Q1 Report

Chipotle Mexican Grill, Inc. CMG shares are trading lower by $25 (5.5 percent) at $420.92 in Wednesday's session. Although the company posted a $0.07 beat for EPS, revenues came in light by $34 million. Q1 comps were down by an alarming 29.7 percent.

After a lower open, it briefly rallied $5 to $430 before continuing its move lower. The ensuing decline reached $415 and rebounded back it mid-range for the session.

If the decline continues, two key support levels that may come into play are its January 13 low ($406.65) and its low for the recent slide that was made the day before ($399.14).