Leading Indicator

I forget who, but someone recently suggested that the fortunes of chain high end steak houses and similar were a pretty good leading indicator for the fortunes of a certain segment of the population. They're the kind of places that people who don't go to expensive restaurants all that often go to for "special" meals, and when money's tight those meals don't happen.

NEW YORK -

Shares of NEW YORK -

Shares of McCormick & Schmick's Seafood Restaurants Inc. sank to their lowest level in more than three years Friday after the company cut its fourth-quarter and full-year earnings guidance because of weak traffic.

The company is the latest restaurant operator to either slash its guidance or warn investors of weak earnings due to slow sales and traffic. Earlier this week, shares of Ruby Tuesday Inc., Ruth's Chris Steak House Inc. and Darden Restaurants Inc. - which operates the Olive Garden and Red Lobster chains - hit new lows after telling investors upcoming earnings would not meet expectations. Seafood Restaurants Inc. sank to their lowest level in more than three years Friday after the company cut its fourth-quarter and full-year earnings guidance because of weak traffic.

The company is the latest restaurant operator to either slash its guidance or warn investors of weak earnings due to slow sales and traffic. Earlier this week, shares of Ruby Tuesday Inc., Ruth's Chris Steak House Inc. and Darden Restaurants Inc. - which operates the Olive Garden and Red Lobster chains - hit new lows after telling investors upcoming earnings would not meet expectations.