Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Markets & Finance

Raymond James Downgrades Restaurant Stocks

Raymond James cut its investment opinions on restaurant chains early Thursday, explaining that higher fuel prices following Hurricane Katrina could discourage people from going out to eat.

Analyst Bryan Elliott downgraded California Pizza Kitchen (CPKI) to outperform from strong buy; Darden Restaurants (DRI), Brinker International (EAT), IHOP (IHP), and RARE Hospitality International (RARE) to market perform from outperform; Outback Steakhouse (OSI), CBRL Group (CBRL), Cheesecake Factory (CAKE), Panera Bread (PNRA), and Steak n Shake (SNS) to underperform from market perform.

After Hurricane Katrina damaged oil refineries, more than 10% of U.S. refining capacity is offline and could remain that way for few weeks, Elliott said. He noted increased potential for gasoline shortages in areas such as Atlanta and Houston, which could increase the risk of a major change in consumer driving behavior. If this happens, spending on restaurants could be curtailed dramatically, Elliott said.

blog comments powered by Disqus