The shares of Olive Garden parent Darden Restaurants Inc (NYSE:DRI) are falling despite the company's upbeat fiscal second-quarter earnings and strong guidance, after sales fell short of estimates. Darden CEO Rick Cardenas stated "we continued to profitably grow market share again this quarter as we outperformed industry same-restaurant sales and traffic."
Down 2.2% at $159.44 at last check, DRI hit $156.49 at its lows this morning. The stock has been rising on the charts since the start of October, yesterday hitting its highest levels since August. Today's drop has the equity grappling with its 20-day moving average, which helped guide the shares higher the past few months.
Darden Restaurant's stock's typically quiet options pits have seen 10 times the average daily options volume already today, with 3,116 calls and 2,421 puts exchanged. Expiring today, the December 170 call is the most popular, with new positions being sold to open there.
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