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Why are casual dining stocks rallying in the face of rising energy and food prices?

Analysts at KeyBanc Capital Markets upgraded Brinker [EAT  Loading...      ()   ] stock from "underweight" to "hold." (Brinker is the parent of Chili’s and other casual dining chains.) In a research note published Wednesday morning, they cited sales, which they say have stabilized and are likely to improve over the forthcoming six-to-twelve months.

CEC Entertainment[CEC  Loading...      ()   ] said first-quarter earnings rose 3 percent and it expects continued strong sales at its Chuck E. Cheese's chain of restaurants

Meanwhile PF Chang’s [PFCB  Loading...      ()   ] shares closed higher after the Scottsdale, Ariz.-based restaurant operator increased its 2008 earnings guidance.

I think some of these stocks could be making bottoms, says Jeff Macke. It’s probably okay to buy Darden [DRI  Loading...      ()   ], California Pizza Kitchen [CPKI  Loading...      ()   ] and Brinker.


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Trader disclosure: On Apr. 23, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (DIS), (INTC), (MSFT), (YHOO); Najarian Owns (AAPL), (CSCO), (XLF), (YHOO), (BEAV); Najarian Owns (CHK) Calls, (MSFT) Calls, (POT) Calls; Finerman Owns (GS); Finerman's Firm Owns (MO), (MSFT), (PM), (SUN), (TSO), (VLO), (WMT), (YHOO); Finerman's Firm Owns (FNM) Calls; GE Is The Parent Company Of CNBC; Charles Schwab Is A Sponsor Of "Fast Money"

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