Chipotle jumps on first ever stock-split as shares hover at record high

Shares of Chipotle Mexican Grill were up nearly 6% at $2960 premarket on Wednesday after the burrito chain's board approved a 50-for-1 stock split as the company looks to make the stock less expensive for potential investors. A stock split lowers the price of shares without affecting the company's valuation, making them more affordable for individual investors. If the split is approved at the upcoming annual meeting on June 6, Chipotle's shareholders will receive an additional 49 shares for each share held.