StreetInsider.com:
Shares of California Pizza Kitchen are giving back some ground today following two days of upside as the company announced late Friday that it put itself up for sale and has been soliciting interest from buyers including private-equity firms. The stock surged 14% on Friday and added another 1.6% yesterday but is down about 2% today.
In addition to some light profit-taking, traders are also responding to an earlier downgrade from an analyst at B. Riley. The firm now rates California Pizza Kitchen a Neutral, down from Buy previously. Despite the downgrade, B. Riley raised its price target on CPKI shares from $21 to $22.50.