Farallon Capital Partners and its affiliates raised their stake to 2.13 million shares (7.3%), from the 1.56 million (5.3%) they reported owning on Dec. 3.

price earnings ratio of 28.30, and a price earnings to growth ratio of 1.31.

Upgraded by Friedman Billings from Mkt Perform to Outperform

Had a chance to visit several restaurants, studied the growth, enjoyed the different selections offered

great pizza, good employees, competent management, good brand.

Casual dining is out.

From Barron's 7-2-07:

"In retailing, most people look at the demand side. I always focus on the supply side. Look at casual-dining restaurant companies like P.F. Chang [PFCB], Cheesecake Factory [CAKE], Red Robin Gourmet [RRGB], Buffalo Wild Wings [BWLD] and California Pizza Kitchen [CPKI]. They're growing 15% to 40% per year and generally have P/E multiples of 20 to 30. By my calculation, based on the rate they are opening restaurants, Americans are going to have to eat 28 meals a week out of the house by 2011 to justify these multiples. So unless Americans are going to get very fat or very rich or their houses are going to burn down, that's unlikely to happen."