Darden Restaurants (DRI) is down and implied volatility in the options on the stock is up after the company issued a warning for the second quarter and full year. Shares are off $5.50 to $42.23. Options volume is 15,000 puts and 7,500 calls, which is 13X the daily average for the restaurant operator. The top trade is a multi-exchange sweep of 1846 Dec 43 puts at $1 when the market was $1.0 to $1.10, which might be a liquidating trade. 4784 traded against 2858 in open interest. Dec 42 and 45 puts are seeing interst as well. Jan 48 is the most active call option in DRI. Meanwhile, overall levels of implied volatility are up 7 percent to 34, as the focus will next turn to the company’s actual earnings report — which is due around Dec 19.