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Darden down on downbeat earnings guidance

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Darden Restaurants, Inc. (NYSE:DRI) shares are down in the early session of trading as a result of the company issuing a lower earnings guidance for its fiscal third quarter. The company expects to earn 82 cents per share in the third quarter, which is 11 cents below analyst expectations. Darden cited bad weather conditions for the downbeat earnings forecast. However, the company is still push forward on the spinoff of Red Lobster despite opposition from the hedge fund Starboard Value LP. Starboard Value LP, which has a stake of 5.5 percent in Darden doesn’t see any value in divesting Red Lobster from Darden’s portfolio.