I don't think that I ever placed a stop-loss order. Unless the reason for buying the stock has changed, a decline due to technical, momentum or general market conditions is, if anything, a reason to buy, not sell. That is not to say that one shouldn't sell a stock when it becomes clear that it was a mistake to buy it. But formulaic 5% or 8% declines mandating a sell is not my thing.
As far as International, I have no doubt that Panera will do it. But whether to do it sooner or later is arguable. So long as there is plenty of domestic growth available, which there clearly is for the next few years at least, unless a particularly attractive proposal from a possible partner was brought to Panera, they could validly decide to defer International until they need it for growth. Interestingly, one of the bright spots for the old Au Bon Pain was franchised stores in Latin America and the U.K. and they actually had a respected VP for International Operations (his name escapes me). I remember Ron explaining that a former Au Bon Pain customer and big fan had moved to Brazil and her family met with Ron and convinced him to let them become a franchisee in Latin America. If I'm remembering correctly, Au Bon Pain only had company-owned stores in the U.S. so the agreement was unusual to say the least.