According to Barrons.com, “CALIFORNIA PIZZA KITCHEN (CPKI), which operates some 252 restaurants in 32 states, is a takeover target.”

“The company said in April that it was exploring ‘strategic alternatives,’ which on Wall Street usually means selling the company. Larry McMillan, president of McMillan Analysis Corp., a money-management and trading advisory firm, advised clients Tuesday to buy call options on California Pizza Kitchen to profit from a potential takeover. Eight companies have reportedly expressed interest, and California Pizza Kitchen’s management has just finished making presentations, McMillan says. Moelis & Co., an investment bank, is advising the company.”