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Update: Nathan's Famous Is Now A Great Short Following Earnings

Nathan's Famous (NASDAQ:NATH) reported what looks like great fiscal third quarter results, at least on the surface, but the growth figures are a tad misleading and leaves the stock quite high on the valuation scale. As I stated in my prior NATH article entitled Nathan's Famous Is Staring Down An Ugly-Looking Q3: Sell, I expect earnings to take a tumble sequentially and it appears like the market was valuing the stock based on annualizing the second…