Chipotle Mexican Grill Inc.’s stock has dropped into bear market territory Friday, as it has lost more than 20% from its Aug. 5 record close of $757.77. The rule of thumb among many on Wall Street is that a bear market is defined as a decline of 20% or more from a significant high. The bear market is thought to remain in place until there is a rise of 20% or more off a bear-market closing low. The stock fell 2.6% in afternoon trade Friday, and has lost more than 15% in the last month, amid growing concerns over an E. coli outbreak that forced the fast casual restaurant chain to close stores in Washington and Oregon. The stock was down 21% from its record. The last time Chipotle’s entered a bear market was on April 28, 2014. The stock bottomed that day, after a 22% decline from an all-time high hit six-weeks earlier, and closed back in bull-market territory in less than two months.
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