Stocks making the biggest moves premarket: Accenture, Darden Restaurants, home builders and more
Check out the companies making headlines before the bell:
Accenture (ACN) – The consulting firm reported a better-than-expected quarterly profit and revenue, but gave a weaker-than-expected revenue forecast for the current quarter. Accenture pointed to IT spending cuts by corporate customers and a negative impact from the stronger dollar. Nonetheless, Accenture gained 1% in premarket trading.
Darden Restaurants (DRI) – The parent of Olive Garden and other restaurant chains fell 2.5% in the premarket after reporting in-line quarter results. Darden’s same-restaurant sales rose by 4.2%, short of the consensus FactSet estimate of 5.1%. Food and beverage costs also rose slightly more than expected.
KB Home (KBH), Lennar (LEN) – KB Home and Lennar both reported better-than-expected quarterly earnings, but the home builders also posted lower-than-expected revenue as a housing market slowdown weighed on new home orders. KB Home fell 1.7% in premarket trading, while Lennar gained 1%.
Salesforce (CRM) – Salesforce shares added 1.9% in the premarket after the business software giant unveiled a plan to operate more efficiently and increase profit margins. Salesforce is aiming for a 25% adjusted operating margin for fiscal 2026, compared with the 20% it had targeted for fiscal 2023.
Steelcase (SCS) – Steelcase reported a better-than-expected profit for its latest quarter, but the office furniture company’s revenue came in below estimates. the company also cut its outlook on slower-than-expected return-to-office trends. Steelcase fell 1% in the premarket.
Novavax (NVAX) – The drug maker’s stock slipped 6.1% in premarket trading after J.P. Morgan Securities downgraded it to “underweight” from “neutral”. The firm said the company’s recent guidance cut may not have gone far enough, given reduced vaccine demand as well as other factors.
H.B. Fuller (FUL) – H.B. Fuller rose 2.2% in premarket trading following a slight earnings beat and revenue that missed estimates. The industrial adhesives maker reported an increase in market share and raised the lower end of its fiscal 2022 earnings range.
Eli Lilly (LLY) – Eli Lilly rose 1.4% in premarket trading after the FDA approved its cancer drug Retevmo for new uses. Separately, UBS upgraded the drug maker’s stock to “buy” from “neutral” for several reasons, including a lowering of risks surrounding the Lilly weight loss drug tirzepatide.
FactSet Research (FDS) – The financial information services provider fell 7 cents shy of estimates with adjusted quarterly earnings of $3.13 per share. However, revenue exceeded Wall Street forecasts as FactSet reported an increase in organic revenue and annual subscription value.
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