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Stock Market & Financial Investment News

News Breaks
May 19, 2014
08:05 EDTDRIBarington Group announces opposition to Darden's sale of Red Lobster
In a statement regarding the recent sale, Barington Group CEO James Mitarotonda said, "It is unconscionable that the Darden Board would allow the Company to sell its Red Lobster business for what amounts to a 'fire sale' price after shareholders clearly indicated that they did not want the Company to enter into a transaction unless it was subject to their approval. While the announced deal reinforces the value of Darden's vast real estate assets and the benefits of establishing separate brand-focused operating companies, as structured, we believe it destroys more value than it creates. Given the market's strongly negative reaction to the announcement, it appears that other shareholders are also extremely disappointed by the transaction... After accounting for the $1.5B sale-leaseback, Golden Gate Capital is paying only approximately $600M for Red Lobster's restaurant operations. Based on Red Lobster's pro forma EBITDA of approximately $115M, it appears that Golden Gate is paying less than 5.5x pro forma EBITDA. In comparison, Darden's mature brand competitors, as stand-alone entities, trade at 9x to 10x EBITDA. The transaction also generates approximately $500M of taxes and transaction costs that could be avoided if the Board proceeded with alternative restructuring opportunities that Barington and other shareholders have recommended."
News For DRI From The Last 14 Days
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September 17, 2014
09:58 EDTDRIDarden urges shareholders to support independent director nominees
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September 16, 2014
10:30 EDTDRIStarboard urges shareholders to vote for slate of board nominees
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September 15, 2014
10:12 EDTDRIDarden says current initiatives delivering 'encouraging' results
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10:10 EDTDRIDarden sees FY15 SG&A expenses lowest since going public
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09:59 EDTDRIOn The Fly: Analyst Upgrade Summary
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08:57 EDTDRI, DRIDarden upgraded to Outperform from Underperform at CLSA
September 12, 2014
08:49 EDTDRIDarden expects to maintain current quarterly dividend of 55c per share
08:49 EDTDRIDarden sees FY15 food costs up 2%-2.5%
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07:46 EDTDRIDarden issues statement regarding Starboard's operational plan
COO Gene Lee said, "We remain open minded toward all ideas that support long-term value creation for our shareholders and improve the dining experience for our guests. While we will carefully and thoughtfully review Starboard's plan, which has been promised by Starboard for some time, upon initial review, we believe many of the brand and cost optimization strategies are already being implemented across our company and are showing results. The Olive Garden Brand Renaissance is well underway, and the improvements we are seeing in guest satisfaction and traffic trends reinforce our confidence in Olive Garden's potential. In addition, our efforts to grow and develop LongHorn Steakhouse and our Specialty Restaurants are on track. As we evaluate the Starboard plan, we will work to continue making strong progress across our brands for the benefit of all Darden stakeholders, including our employees."
07:08 EDTDRIDarden sees Q2 adjusted EPS 26c-28c, consensus 26c
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07:07 EDTDRIDarden backs FY15 adjusted EPS 2.22-$2.30, consensus $2.23
These expectations reflect the Company's projection that U.S. same-restaurant sales growth for fiscal 2015 for Olive Garden, LongHorn Steakhouse and the Specialty Restaurant Group will be flat to +1%, +1% to +2% and approximately +2%, respectively. Current earnings expectations for the year also reflect previously announced plans for the opening of approximately 37 net new restaurants.
07:06 EDTDRIDarden: Olive Garden Renaissance plan beginning to delive rpositive results
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07:04 EDTDRIDarden reports Q1 Olive Garden's sales down 0.5% to $913.5M
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07:03 EDTDRIDarden reports Q1 LongHorn Steakhouse same-restaurant sales up 2.8%
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07:01 EDTDRIDarden reports Q1 adjusted EPS 32c, consensus 32c
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06:09 EDTDRIStarboard releases detailed transformation plan for Darden
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September 11, 2014
15:10 EDTDRIDarden technical comments before earnings
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15:10 EDTDRINotable companies reporting before tomorrow's open
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September 10, 2014
17:49 EDTDRIStarboard Value says Darden has not fully complied with Florida courtís order
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09:07 EDTDRIDarden Restaurants volatility elevated into Q2 and growth outlook
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