Move over Martha Stewart because Rachael Ray’s souffle is rising.

In a year that saw the share price of the once-mighty Martha Stewart Living Omnimedia sag precipitously, Stewart dropped off Fortune’s list of the 50 Most Powerful Women.

Ray, meanwhile, strengthened her claim as America’s new domestic diva in 2007. She signed a new contract with Food Network, and pulled down $16 million for her thriving year-old network television talk show.