Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of restaurant operator Cracker Barrel (Nasdaq: CBRL) were being sent back to the kitchen by investors after the company reported disappointing fiscal third-quarter earnings. Shares dropped as much as 11% in intraday trading.

So what: For the quarter, Cracker Barrel saw total revenue grow 0.7% year over year to $583 million. A 0.3% decline in comparable-restaurant sales was partly offset by a 0.1% increase in comparable-store retail sales. Net of a one-time gain, earnings per share for the quarter were $0.58, which was down from $0.61 last year. Wall Street was expecting $0.66 in per-share profit on $594 million in sales.

Now what: The company also updated its guidance for the fourth quarter and its fiscal 2011, which ends in July. For the fourth quarter, management sees comparable-store restaurant sales staying flat, while comparable-store retail sales grow 1% to 3% from last year. Full-year earnings per share are expected to be in a range of $3.80 to $3.90, which is short of the $4.09 average analyst estimate for the year.

This Fool always loves a chance to settle down to an Old Timer's breakfast at Cracker Barrel, and the stock's relatively low earnings multiple looks like it could be tasty, too. With uninspiring growth, the Cracker Barrel story doesn't appear to be particularly exciting right now, but perhaps it could be worth a closer look.

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