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Darden Restaurants shares fall 1.65% premarket due to activist investor Elliott's reported stake and potential pressure on Starbucks for share price boost.
ByAinvest
Monday, Jul 22, 2024 4:28 am ET1min read
Darden Restaurants, Inc. experienced a premarket decline of 1.65% before the market opened. The main catalyst for the drop appears to be a report from Morning Briefing - USA/Asia by MarketScreener, stating that activist investor Elliott Investment Management has significantly increased its stake in Starbucks and is reportedly pressuring the company to take measures to boost its stock price. Sources familiar with the situation mention behind-the-scenes negotiations between Starbucks and Elliott, hinting at a potential agreement in the near future. This news, suggesting potential corporate activism, could have led investors to reassess Darden Restaurants' prospects, contributing to the negative premarket stock movement.
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