Chipotle slumps 9 percent after Ohio outlet linked to food poisoning complaints

Chipotle slumps 9 percent after Ohio outlet linked to food poisoning complaints

It said it implemented its food-safety-response protocols, which include replacing the food and cleaning the restaurant. The local health department says it has since received 368 reports related to possible foodborne illnesses stemming from the restaurant. BMO Capital Markets lifted their price target on Chipotle Mexican Grill from $350.00 to $420.00 and gave the company a "market perform" rating in a research report on Friday.

According to the website, three reports were made on July 29 and July 30, indicating that at least nine customers fell sick after eating at the Powell location.

The burrito chain briefly closed down one of its restaurants in Powell, Ohio Monday after a number of customers became sick.

The company's stock was trading at about $437 on Tuesday, which is up about 50% from the start of the year but still down more than 40% from pre-crisis levels.

"Chipotle is a special case, because they were the source of so many cases in such a short amount of time", Ben Chapman, an associate professor and food safety extension specialist at North Carolina State University, told CBS MoneyWatch.

A spokeswoman for the Delaware General Health District said the agency is in the "infancy" stages of its investigation.

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Chipotle shut down the Powell restaurant on Monday over reports of customer and employee illnesses.

Chipotle Mexican Grill, Inc, together with its subsidiaries, operates Chipotle Mexican Grill restaurants.

Diversified Restaurant has a beta of 1.26, indicating that its stock price is 26% more volatile than the S&P 500. Its team inspected the location and found no reason the restaurant shouldn't reopen, it said.

Addressing food safety concerns is among the top priorities for Chipotle Chief Executive Officer Brian Niccol, who took the helm in March.

In 2015, Chipotle's business almost dried up after an E.coli outbreak that spanned 11 states, leading the company to undertake a chain-wide safety retraining in early 2016 that closed all 2,000 of its stores for a day.

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