Darden Restaurants Surrenders Gains Following Q1 Report

Darden Restaurants, Inc. DRI shares are trading higher by $0.63 at $61.99. The euphoria from its Q1 beat on slightly lower revenues along with raised FY guidance has faded.

In fact, the issue wasn't even able to sniff its pre-market high of $65.00 during the regular session. Although it still managed to have a sharply higher open ($63.60 vs. Monday's close of $61.36), it rallied only another $0.30 to $63.90 before sharply reversing course.

Related Link: Darden CEO Suggests Restaurant Industry Needs To Thin The Herd

That high comes up shy of its June 30 high ($64.27) and is just above a pair of highs from July 1 ($63.81) and July 14 ($63.87).

The ensuing decline found support just above the upper end ($61.47) and close ($61.36) from Monday's session. At this time, it is struggling to remain in the $62 handle.