Some restaurant shares fall in morning trading
By
Associated Press
September 15, 2008
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Shares of restaurant companies dropped after the market opened as investors drew more concerned about the state of the financial services sector after Lehman Brothers said it will file for Chapter 11 bankruptcy protection.
The slide also came after Bank of America said it will buy Merrill Lynch in a $50 billion all-stock transaction.
The collapse of Lehman and the sale of Merrill were two of the latest casualties of the credit crisis that has tripped up the U.S. financial system.
Meanwhile, reports suggested the world's largest insurance company, American International Group, was seeking emergency funds to help the company avoid a credit rating downgrade.
Shares of Darden Restaurants Inc., which operates the Olive Garden and Red Lobster chains, fell 94 cents, or 3.1 percent, to $29.49 while shares of McDonald's Corp. dipped 70 cents to $63.36.