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Takeaway: The Chipotle shareholder carnage continues as investors fade disclosure of Bill Ackman's 9.9% stake.

So Much For The Ackman Pop ... Next Stop For Chipotle? $250 - chipotle ackman 

Hours after Hedgeye Restaurants analyst Howard Penney hosted his Chipotle (CMG) short call on September 6th, Bill Ackman's Pershing Square Capital disclosed a 9.9% stake in Chipotle. The stock jumped on the news. 

But then, as it often does, reality set in... Chipotle's shares are down -9% from the peak of the Ackman hype.

Just as Penney predicted hours after the news...

 

And to be clear, he's reiterating the call today.

hungry for more?

For a good overview of Penney's short call on the company see the CNN Money story, "Why Chipotle could crash another 50%." To read Penney and analyst Shayne Laidlaw's response to Ackman's Chipotle stake after it was disclosed read, "Pershing Has Stepped In Front of a Ticking Time Bomb."

Finally, below is short video in which Penney responds to an institutional client's question about the "smoking gun" that will ultimately take down Chipotle.