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The Ratings Game: Chipotle’s stock tumbles to start a new bear market

Chipotle Mexican Grill Inc.’s stock dropped to a five-month low Tuesday, enough to kick off a new bear market, after Oppenheimer said it was still “too spicy” to buy despite the recent sharp selloff.

The stock CMG, -2.81% slumped 2.8% to $396.08, the lowest closing level since Feb 6. It ended the session 20.2% below its 14-month closing high of $496.14 reached on May 16.

Many on Wall Street define a bear market as a decline of 20% or more from a bull-market peak. The new bear market ended the previous bull market, in which the stock rallied 38% off the 3½-year closing low of $359.92 on Nov.

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