Why Darden Restaurants Stock Gained Over 17% in November
Shares of casual-dining eatery company Darden Restaurants (NYSE: DRI) rose 17.5% in November, according to data provided by S&P Global Market Intelligence. The stock spiked early in the month in the wake of positive coronavirus vaccine news.
Restaurants stocks popped early in November after promising data from phase 3 coronavirus vaccine trials was announced. Specifically, casual-dining restaurant stocks like Darden surged on this news. That's because while these companies can offset some lost revenue with to-go orders, it pales in comparison to the business provided by bustling dining rooms. But until the general public is getting vaccinated, dining rooms will likely stay closed or operate in a limited capacity.
With the vaccine news, Darden can see light at the end of tunnel. Sadly, that's not true for all restaurants.
Source Fool.com
