Darden Restaurants (DRI) NewsBite - DRI Rises on RT Profit

Posted: Wednesday, July 08, 2009 10:56 AM EDT

Darden Restaurants (NYSE: DRI) opened at $32.08. So far today, the stock has hit a low of $32.08 and a high of $32.74. DRI is now trading at $32.18, up $0.28 (0.88%). Over the last 52 weeks the stock has ranged from a low of $13.21 to a high of $41.21. Shares of DRI are trading higher with other restaurant stocks after competitor Ruby Tuesday (RT) reported a fourth-quarter profit of 28 cents per share, beating analysts' estimates of 19 cents per share. This could be a good sign for DRI, who reports earnings in September. Technical indicators for the stock are bearish and S&P gives DRI a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on DRI the stock seems like it could be a candidate for an October out-of-the-money bull-put credit spread below the 25 range. [ABR-Seven Summits Strategic Investments NewsBite]

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