Chipotle Mexican Grill reported Friday that it plans to raise its prices in order to combat higher food costs. The company also issued a profit warning to its investors that due to weak economic conditions it will report lower then expected results. The news sent the stock to its lowest price point since January 2007 at $55.42 just before closing at $56.70 a share.

As the restaurant industry faces a slowing in consumer spending, thriving Chipotle begins to face growth hurdles. The company's stock dropped over 3 percent as the company missed analyst's forecast by one penny. Analyst remain positive; however, stating that the company is less sensitive to price conscious diners then other restaurants. Overall the company's earnings were up 66.4 percent compared... More