On the heels of these reports, I expect PF Chang's Bistro (NASDAQ: PFCB) to disappoint the street tomorrow. I don't think the company's earnings results are going to be the most disappointing factor because the company already reported weaker-than-guided revenues, comps and unit growth on July 5. I think the guidance is going to scare analysts and investors. Basically, the company is going to cut second half guidance as a result of margin pressures and continued sales growth worries. In addition, the uncertainty in food costs (high beef prices, dairy prices, etc.) is also going to make the company cut its guidance. To compound these facts, management is typically pretty conservative in giving guidance, so I tend to believe the numbers given by the company are going to be significantly lower than the analyst expectations for the second half.

The one restaurant I wouldn't bet against is Chipotle Mexican Grill (NYSE: CMG). Although Chipotle's valuation is very easy to dispute, in this situation I think the market will remain irrational in the next few months. The company is should grow the top-line almost 30% this year and more than 20% next year. In addition, earnings per share should increase more than 25% going into next year. In its earnings report July 31st, the company stands to meet or exceed Wall Street's estimates in both sales and EPS. I expect the company the reiterate its EPS guidance for next year. But like the other restaurant stocks, the commodity cost issues remain.

The long term future for most restaurant companies is probably fine, but the short term macroeconomic factors should be enough to keep most investors away from the majority of these companies until the broad market pressures from commodity/gas prices, labor costs, etc. subside.