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Stock Market & Financial Investment News

News Breaks
January 22, 2014
11:39 EDTEAT, DRI, CAKE, BLMN, DINBrinker hits 52-week high after better than expected results
Shares of casual restaurant operator Brinker International (EAT) are rallying after the company's second quarter results beat expectations. Brinker owns and operates Chili’s and Maggiano’s restaurants and also franchises the brands. WHAT'S NEW: This morning, Brinker reported second quarter adjusted earnings of 59c per share and revenue of $704.4M, compared to analysts' consensus estimates of 58c and $699.23M, respectively. Comparable restaurant sales at company-owned restaurants increased 0.8% in the quarter. On its earnings conference call, Brinker said it was "optimistic" about the second half of 2014. The company expects the rate of commodity inflation to remain flat through this calendar year and noted that 75% of its commodities are contracted through the end of the current fiscal year. ANALYST REACTION: In a note to investors this morning, Citigroup said that Brinker continues to gain market share and outperformed the industry during the quarter in terms of same-store sales in each month. Citi said the company's slightly better than expected results, coupled with low investor expectations for Brinker, could cause the shares to rise. The firm maintained a Buy rating with a $49 price target. PRICE ACTION: In late morning trading, Brinker rose $2.56, or 5.5%, to $49.25 on heavy trading volume. Earlier in the session, the stock hit a fresh 52-week high of $50.74, and it's up over 51% in the past twelve months. OTHERS TO WATCH: Brinkers' competitors include Darden Restaurants (DRI), Cheesecake Factory (CAKE), DineEquity (DIN) and Bloomin' Brands (BLMN).
News For EAT;DRI;CAKE;BLMN;DIN From The Last 14 Days
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September 30, 2014
15:24 EDTDRIISS, Glass Lewis recommend all Starboard nominees for Darden
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September 26, 2014
08:35 EDTDRIISS recommends Darden shareholders vote for Starboard's board nominees
Starboard Value announced that Institutional Shareholder Services has recommended that Darden shareholders vote on Starboard's WHITE proxy card to elect all twelve of Starboard's nominees at the upcoming 2014 Annual Meeting of Shareholders. ISS concluded, "As the dissidents have made a compelling case that a change in control is warranted, have provided a detailed strategic and operating plan to minimize the risk of unintended consequences, and nominated a compelling slate of candidates – and in particular because election of all twelve dissident nominees will also result in the dissidents expanding the board to add back two current incumbents, enabling a more thoughtful approach to board continuity – votes FOR each of the twelve dissident nominees are warranted."
07:06 EDTDRIDarden issues statement after ISS report related to board nominee election
Following a report from Institutional Shareholder Serviecs, or ISIS, that relates to the election of directors to Darden's board, Darden issues a statement that says shareholders recognize the risks of ceding total control of the board to Starboard. It says "We believe that shareholders should be alarmed that ISS has recommended wholesale change with virtually NO regard in its report to the positive improvement underway in Darden's operations, the risks associated with the full Board turnover that Starboard Value L.P. and its affiliates is seeking, and the meaningful enhancements made to Darden's leadership structure, including the search for a new Chief Executive Officer and the Company's new slate of independent director nominees, which would result in eight of 12 directors new this year. Instead, the ISS report places large reliance on mistaken perceptions regarding the Red Lobster transaction that are inconsistent with the facts.... Contrary to ISS's view, we have heard from many shareholders who do not support ceding total control of the Board to Starboard and its nominees. While these shareholders support new perspectives, they also recognize the risks of the full board turnover that Starboard is seeking – risks that ISS appears to have ignored. Darden's slate of director nominees is the only slate that provides the benefit and balance of new perspectives as well as continuity of experience and insights with four new independent nominees unaffiliated with the Company or Starboard, four highly qualified continuing independent nominees, and four seats to be filled by Starboard – resulting in eight of 12 new independent directors this year... Darden Board urges shareholders to vote ONLY on the BLUE proxy card "FOR ALL" of Darden's highly qualified, experienced and independent director nominees"
September 25, 2014
09:44 EDTDRIStarboard says Glass Lewis recommends all Darden nominees
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06:04 EDTBLMNBloomin' Brands price target raised to $22 from $18 at JPMorgan
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September 24, 2014
13:03 EDTDRIStarboard sends letter to Darden holders seeking nominee support
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September 23, 2014
08:05 EDTDRIDarden highlights Starboard's 'misleading' statements in letter to shareholders
Darden Restaurants issued an open letter to shareholders in connection with the company's 2014 Annual Meeting of Shareholders. The company says "All eight of Darden's independent director nominees, including our four new independent nominees and our four continuing independent directors, are indeed committed to serving the best interests of all Darden shareholders. We share the common goal of enhancing shareholder value, and we are prepared to work collaboratively with the four Starboard nominees that our slate contemplates to achieve this objective. We are deeply concerned, however, about the future of Darden if Starboard's slate is elected and believe it is important to correct the record with regard to a number of inconsistent, contradictory and misleading statements made by Starboard as part of its efforts to take control of your company...We do not believe it is in shareholders' interests to elect an entirely new Board, which could impede operating initiatives that are largely already underway and delivering results."
September 19, 2014
09:17 EDTDRIStarboard's director nominees sends letter to Darden shareholders
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08:13 EDTDRIDarden issues statement to thank, urge customer support for Olive Garden
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September 18, 2014
10:27 EDTDRIOptions with decreasing implied volatility
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08:12 EDTDRIDarden board says shareholders' choice could impact progress, including dividend
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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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