Cheesecake Factory

A William Blair analyst downgraded the restaurant operator to “market perform,” saying consumers are again shying away from dining out. “Field checks indicate a choppy May,” the firm said. It expects Cheesecake’s second-quarter sales to be at or below guidance, and it cut its earnings view to the low end of the company’s guidance. The stock, the firm said, could end up “very range-bound” if something doesn’t spur sales in the casual-dining sector.