Unlike some, your posts are thoughtful even if we often disagree. Your statement that Pnra is "piling the profits into the second half of the year in order to make expected numbers" is not accurate. Profits for Panera are always higher for the second half for at least 2 reasons. First, all of the stores opened in the first half contribute for the entire second half. Second, the 4th quarter is seasonally stronger because of the Christmas shopping season. Thus, in 2002, .31 of the .73 was earned in the first half and .42 in the second half. The 2003 projections are similarly weighted. Given the extremely negative weather comparisons in Q1 which is a very real temporary negative, my take is that the extreme decline in the stock reflected fear of a lowering of 2003 guidance. The fact that we didn't get that, coupled with IMHO a very strong conference call demonstrating that things are going extremely well, will soon get the stock back to at least 30.