After the close, Chipotle Mexican Grill (CMG) filed a shelf registration giving Pershing Square the ability to dump there 2.88 million shares. Pershing Square run by Bill Ackman claims no intent to dump the shares, but the wise move would be to unload them as soon as possible. The restaurant sector is in the dumps if fast casual plays like Zoe's Kitchen (ZOES) getting crushed with positive comps. Even premium burger joint Shake Shack (SHAK) trades near the lows after two year on the public markets. One could easily argue that Chipotle could've seen the same drop over the last year as the sector has struggled. The health scare as possibly masked fundamental issues in the sector. The stock trades at 35x 2018 EPS estimates that continue to plunge. One has to wonder if Ackman doesn't quickly realize that paying $400 for CMG was where the stock belonged all along versus being some huge bargain. Don't be the one holding the stock after Pershing Square unloads 10% of the stock. The likelihood exists that Chipotle would've traded down to $300 or below if not for Ackman scooping up the shares. Disclosure: Long ZOES