Darden Restaurants Stock Hits Record After Earnings Beat

Core Insights - Darden Restaurants, Inc. (NYSE:DRI) stock reached a record high of $228.27 and was last seen at $226.29, reflecting a 1.6% increase following a positive earnings report and a new share repurchase program [1] - The company reported adjusted earnings of $2.98 per share and revenue of $3.27 billion for the fiscal fourth quarter, surpassing Wall Street estimates of $2.97 and $3.26 billion respectively [1] - Darden announced a new $1 billion share repurchase program, indicating a shareholder-friendly approach [1] Options Activity - Options trading activity has increased, with 1,674 calls and 1,705 puts traded, which is seven times the average intraday pace [2] - The most popular options contracts are the June 220 put and 230 call [2] Stock Performance - DRI stock has increased by 44.7% year over year and 19.6% in 2024 alone [2] - The stock's rally has faced resistance near the $229 level, which may act as a technical ceiling in the short term [2] - A cluster of rising short-term moving averages continues to provide support for the stock [2]