*Cheesecake Factory getting creamed

Shares are down 6.1 percent this morning, at $26.01, after the Calabasas-based restaurant chain reported lower third-quarter profit and a sluggish outlook for the fourth quarter. Here's a case of a company unloading so much financial data at one time that investors and analysts don't quite know where to begin (its second and third quarter results had been delayed because the company was reviewing its option grant policies). The stock actually was up yesterday afternoon after a conference call, so this morning's reversal would indicate some confusion among investors on whether they should be happy or sad. Sometimes, it pays to go beyond the numbers - as in visiting a neighborhood Cheesecake Factory and waiting 45 minutes or more for a table. This does not suggest a company in serious trouble. By the way, during that conference call company execs were talking up low-cal salads and organic teas and coffees that will be introduced at eight L.A. restaurants.

*Update: The stock finished the day down 4.7 percent, at $26.41.