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Restaurant Stock Surges on Delivery Partnership
DRIDarden Restaurants(DRI) Schaeffers Investment Research·2024-09-19 15:01

Shares of Darden Restaurants Inc (NYSE:DRI) are up 7.3% at last glance today, trading at 170.77afternewsthattheOliveGardenparentispartneringwithUberTechnologies(UBER)fordeliveryservices.Thecompanyhopestoincreasesalesthisway,asconsumerspendingatrestaurantshasbeenwaning.ThepartnershipishelpingovershadowDarden′sfiscalfirst−quarterearningsandrevenuemisses.Today′spophasDRIhittingitshighestlevelssincelateMarch,comingclosertoitsMarch4recordhighof170.77 after news that the Olive Garden parent is partnering with Uber Technologies (UBER) for delivery services. The company hopes to increase sales this way, as consumer spending at restaurants has been waning. The partnership is helping overshadow Darden's fiscal first-quarter earnings and revenue misses. Today's pop has DRI hitting its highest levels since late March, coming closer to its March 4 record high of 17 ...