Maybe it's my stomach talking, but IHOP Corp. (IHP: sentiment, chart, options) (IHP) caught my attention this morning with news that first-quarter same-store sales grew 3.7% from a year earlier, as higher average guest checks offset flat traffic. The restaurant operator reported that Applebee's system-wide domestic same-store sales rose 0.5% in the first quarter. Furthermore, IHOP reaffirmed its 2008 system-wide same-store sales growth forecast of 2% to 4%.

Technically speaking, since tagging a near-term low of $34.70 at the beginning of the year, the shares of IHP have edged steadily higher. The security is currently facing staunch resistance at the 50 level. However, potential support lies at the 45 level in the form of the stock's 10-week and 20-week trendlines.

Short sellers are extremely skeptical of the firm. Nearly 5 million IHP shares have been sold short, representing 27.8% of the company's total float. What's more, this accumulation of pessimistic positions is 14 times the stock's average daily trading volume. Some positive news from this company could send these bears scrambling for the exits, resulting in a fresh wave of buying pressure.