Guess who's slimming down? It's Weight Watchers (NYSE:WTW)! The diet specialist is looking awfully svelte these days. Even as the market races higher, the stock hit a new 52-week low yesterday.

Want to know why? Just ask Subway's Jared or the Atkins anti-carbs dieters or those lining up to buy a copy of the South Beach Diet. While Weight Watchers lives by its weekly meetings and its meals, more and more people are embracing more flexible dieting methods.

Even fast food chains like Wendy's (NYSE:WEN) and McDonald's (NYSE:MCD) have rolled out new low-fat alternatives. Weight Watchers, meanwhile, is eating its own cooking. Last night, the company announced a $250 million share repurchase plan.

But the real surprise here is that while you might expect some grim financials wedged between the Before and After snapshots, that's just not the case here. Back in August, the company posted healthy 19% growth in earnings and revenue during the first half of the year.

However, at the time, the company also warned of North American weakness and revised its full-year profit outlook lower. That's the fear. The company is a global player with a presence in 30 different countries. Nike (NYSE:NKE), for instance, has found that its international operations eventually follow the lead of any weakness in domestic operations. Will Weight Watchers follow suit?

Before things get worse, here is a suggested three-step program to get Weight Watchers back into fiscal shape.

Step One: Find Jared. Feed him candy. Have him wash it down with sugar water. He's not looking that buff anyway, so plump him up until Subway loses its credibility.

Step Two: Hang out at Wendy's and tease the kids who order a fruit cup instead of fries. If you get caught, just tell them that Jenny Craig sent you.

Step Three: Dr. Atkins. Dr. Agatston. It can't be a coincidence that the trendy diets are written by doctors who rank high alphabetically. Beat them to the punch by dragging Willie Aames out of child-star retirement and have him pen "The Weight Watchers Way."

If that doesn't work, try a balanced diet of celery sticks and some exercise.

Is Weight Watchers still a viable weight loss option? What are the pros and cons of some of the new diets out there? What do you recommend for dinner tonight? All this and more -- in the Fools Fighting Fat discussion board. Only on