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The Meal's Not Over At Yum China

Yum China Holdings Inc.'s belly isn't full yet.

Shares in the operator of the KFC and Pizza Hut restaurant chains in China fell 5 percent in after-hours trading in New York on Wednesday after second-quarter revenue narrowly missed forecasts. Investors counting on Yum China as a bellwether to judge China's consumer growth story shouldn't be too alarmed, though. You can place this response right in the overreaction basket for now.

Part of the sudden share drop can be explained by profit-taking: Shares in Yum China are up more than 50 percent since splitting off from its parent company last November.

But it's also likely that investors freaked out after bidding up expectations in recent months well past realistic...