Chipotle Mexican Grill Inc. shares shed more than 20 percent Friday to close at $56.70 after the company warned of missed third-quarter earnings. The Mexican-food dining chain said that third-quarter earnings will decline from the prior year, with same-store sales growing by the low-single digits, below expectations of mid-single digits. The modest growth should result in per-share earnings of about 60 cents for the quarter, Morgan Stanley analyst John Glass said, compared with an estimate of 72 cents a share, according to analysts surveyed by Thomson First Call. "They were so good for so long. ... It goes to prove that no one is resilient," Piper Jaffray & Co. senior restaurant analyst Nicole Miller Regan said.
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Political stakes are high for success of the program, which mandates 12 weeks of paid family and medical leave.
