Wall Street Manna

An irreverent look at Wall Street

Tuesday, December 16, 2008

Let them eat cake!

Lower gas prices means the consumer will still go out to eat. Cheesecake Factory (CAKE 7.37), which also owns Gran Luxe and Brinker International (EAT 8.53), which owns Chile's, Maggiano's, Romano's Macaroni Grill and On the Broder are both plays, with good charts that have made a rolling bottom, that now look like they getting ready to head higher.

Not a play you need to overthink. Everyone knows these stories, and yet nobody is interested. But today I saw good buying in both.

In media, you have CBS at 7.97, The New York Times at 7.14, and News Corp at 8.92, all of which have shown good buying interest also.

What is good about these plays is that hedge funds, have already puked up their positions.

Five names that everybody knows, all trading at hat sizes.