Darden Restaurants Stock Slips Despite Upbeat Q4 Report

Options volume is running at four times the average intraday amount

Deputy Editor
Jun 22, 2023 at 10:36 AM
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Darden Restaurants, Inc. (NYSE:DRI) stock is down 1.8% to trade at $163.40 this morning, despite an upbeat quarterly report. The Olive Garden parent announced better-than-expected earnings for the fiscal fourth quarter, while revenue matched forecasts. Plus, the company hiked quarterly dividends and issued a strong full-year earnings and revenue outlook.

Amid low absolute volume, 1,557 calls and 1,340 puts have crossed the tape, which is four times the intraday average. Most popular is the July 165 put, followed by the 170 call in that series. 

Options traders have been more optimistic than usual for some time. This is per DRI's 50-day call/put volume ratio of 1.32 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 76% of readings from the past year.  

Today's dip puts Darden Restaurants stock back below recent support at its 20-day moving average. The security is now pacing for its fourth loss in five sessions, but still maintains an 18% year-to-date lead.


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