When shares of Denny's Corp. (NASDAQ: DENN) are trading at half the price of a Grand Slam Breakfast, yet it was one of the companies willing to drop big bucks on a Super Bowl ad, I gotta jump in my car and get down to Denny's to see what's gone wrong.

Problem is, nothing has gone wrong. They are just as crowded as ever, especially during this recession.

They represent a full sit-down meal destination at fast-food prices. And the portions are big.

The company has totally restructured, selling off franchises and keeping all the best locations for its own portfolio -- and the results are pouring in.

On Jan. 15, the company said it expects to meet or exceed its previous guidance for full-year 2008, thanks to the success of the Franchise Growth Initiative (FGI) and other cost-saving actions that protect margins and cash flow.

With the stock trading around $1.50 per share, it's time to consider whether Denny's is some low-hanging fruit ready for the picking.

Bryan Perry is a contributor to OptionsZone.com.

Market pullbacks and periods of protracted economic sluggishness are not the most calming circumstances, but they do create buying opportunities, and with the above in mind, Yum! Brands is worth an evaluation.

Yum! Brands (NYSE: YUM) operates the world's largest fast food operation network, including signature chains Kentucky Fried Chicken, Pizza Hut, Taco Bell, and Long John Silver's.

Analysts like YUM restaurant opening timetable, with 1,000 net new restaurants expected to open annually, with impressive international restaurant growth. Operating costs are reasonable, and margins are solid.

Further, China operations may see a 20-30% earnings growth in 2008. Overall 2008 earnings are likely to grow 10-12%. Moreover, in what may become a new chain concept or a variation of an existing format, YUM is experimenting with grilled chicken at its KFC restaurants. The Reuters F2008/F2009 EPS consensus estimates for YUM are $1.87/$2.11.

The risks? Analysts are keeping an eye on YUM's food ingredient costs, and marketing expenses.

The First Call mean rating for YUM is: Hold. [14 firms.] Mean 2008 target: $40.00. [high: $43, low: $37.]

Stock Analysis: Yum! Brands is a moderate-risk stock not suitable for low-risk investors. Investors with an investment horizon longer than two years should be rewarded from YUM's shares. Sell / Stop Loss if you were to purchase shares in this company: $27.

Disclosure: Lazzaro has no positions in stocks. In addition to private real estate holdings, he owns corporate and municipal bonds, and cash certificates of deposit.