Cheesecake Factory Inc.’s stock was suffering its worst day in over eight years, as the stock plunged in active trade in the wake of the restaurant chain’s sales warning. The 9.2% tumble in morning trade, to a 7-month low, put the stock on track to suffer its biggest one-day percentage decline since it lost 12.4% on Feb. 13, 2009. Volume spiked to 3.2 million shares, already nearly triple the full-day average. The stock was currently trading at $52.96, or 21.1% below its May 3 record close of $67.09. A close at or below $53.67 would kick off a new bear market, which many on Wall Street define as a decline of at least 20% from a significant peak. Earlier, the company cut its second-quarter same-store sales outlook to a decline of about 1% from and expected rise of 1% to 2%. The stock has shed 11.5% year to date, while the S&P 500 has gained 8.7%.
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