Indigestion over Pizza Kitchen results

It's not fourth-quarter earnings that's getting Wall Street in a tizzy this morning. Actually, the L.A.-based restaurant chain reported a 7 percent increase from a year earlier, nicely above analysts estimates. The problem is the first quarter. California Pizza Kitchen lowered guidance because of bad weather, minimum wage pressure and more costs connected with opening new units. BB&T Capital Markets analyst Barry M. Stouffer lowered his rating to "Hold" from "Buy," citing disappointing volume and delays in rolling out takeout and curbside service. But Cowen and Co.'s Paul Westra said that a licensing agreement with Kraft Foods Inc. to produce frozen pizzas will soon be contributing to earnings growth. You pick. At last check, the stock was down 5.6 percent, or almost two bucks a share. AP