Movers: Boeing, Overstock.com, Darden Restaurants, Spirit AeroSystems

Scott Peters
22 Jun, 2023
New York City

The S&P 500 index futures decreased 0.3% to 4,355.13 and the Nasdaq Composite futures declined 0.4% to 13,532.17.

The yield on 2-year Treasury notes increased to 4.73%, 10-year Treasury notes inched lower to 3.71% and 30-year Treasury bonds edged down to 3.83%. 

Darden Restaurants, Inc declined 3.8% to $160.0 after the parent of Olive Garden and Longhorn Steakhouse reported better-than-expected quarterly results but forecasted mixed annual outlook. 

Revenue in the fiscal fourth quarter ending in May increased 6.4% to $2.8 billion, driven by same-store sales increase of 4.0% and sales from 47 net new restaurants. 

Same store sales at Olive Garden restaurants increased 4.0% and Longhorn Steakhouse surged 7.1%. 

Net income in the quarter increased to $315.1 million from 281.7 million and diluted earnings per share advanced to $2.58 from $2.44 a year ago. 

Total sales in the fiscal year 2023 increased to $10.5 billion from $9.6 billion and net income soared to $981.9 million from $952.8 million and diluted earnings per share increased to $7.99 from $7.39 a year ago. 

The company increased its quarterly dividend by 8% to $1.31 a share payable on August 1 to shareholders on record on July 10. 

During the quarter, Darden repurchased 0.2 million shares for a total of $35.2 million and at the end of the quarter the company had $652 million available under its $1.0 billion stock repurchase program.  

Overstock.com Inc increased 7% to $22.66 after the company acquired digital assets and intellectual property of Bed Bath & Beyond at the floor price of $21.5 million in an auction. 

Spirit AeroSystems Holdings Inc dropped 9.2% to $26.95 after the company stopped production at its Kansas plant following workers voting to strike from Saturday. 

Spirit is one of the key parts suppliers to aviation company Boeing. 

Boeing Co declined 2.7% to $206.25 following the strike news Spirit AeroSystems.