Our local McCormick & Schmick's has a happy hour between 9pm-10pm Tuesday through Thursday. We got there a few minutes after 9pm Tuesday night, and the bar was empty and the bartender was gone, having already cleaned up. A waitress from the other side of the quiet restaurant told us they had closed early, due to lack of business.

So we walked over to the nearby Cheesecake Factory, which was doing decent business. Our local Cheesecake Factory typically does pretty good business, and our local McCormick & Schmick's usually does the worst business of the several restaurants in our local high-end mall.

Perhaps not coincidentally, CAKE has a Z"-Score indicating financial strength, while MSSR has a Z"-Score in the distress zone. This might have the makings of a decent pairs trade, if there are shares available to short of MSSR.

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Below is a list of today's twenty-five most distressed stocks (according to their Altman Z-Score or Z''-Score, respectively) with a share price of $5 or higher. For details on how this ranking list is compiled, please click here.