Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Chipotle Mexican Grill (NYSE: CMG) shares are up 11% this morning, taking the stock to an all-time high of nearly $200 per share since its spinoff from McDonald's (NYSE: MCD).

So What: The company reported blowout earnings yesterday afternoon. That closely watched restaurant metric, same-store sales, rose 11.4% year over year in Q3. Restaurant-level operating margins increased to 27.7%, and earnings per share clocked in at $1.52 per share, a 40.7% increase from last year. 

Now What: Chipotle's performance blew away Wall Street analysts' earnings estimates, so watch for burrito-sized increases to estimates in the coming days. Higher expectations make it more challenging for a company to cook up earnings surprises, but the Chipotle concept and management team keep delivering nonetheless.

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