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Shares of a number of restaurant chain operators trade lower after Piper Jaffray hits Panera...

Shares of a number of restaurant chain operators trade lower after Piper Jaffray hits Panera Bread and Sonic (SONC -4.6%) with harsh two-level downgrades. Though analysts with Piper cite specific execution risks at both companies, the sentiment in the actions seems to have filtered down to hit smaller-sized names in the sector. BAGL -2.7%, THI -2.5%, NATH -2.6%, CBOU -2.3%, PZZI -3.3%, DPZ -1.7%.
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