Business

Accenture, Darden Restaurants, FactSet and others

Check out the companies that make headlines before the call:

Accenture (ACN) – The consulting firm’s shares tumbled 3.3% in premarket trading after its quarterly revenue beat forecasts, but profits were weighed down by the cost of exiting Russia. Accenture raised its revenue forecast for the full year, but cut the top of its revenue range due to stronger-than-expected negative currency effects.

Darden Restaurants (DRI), the parent company of Olive Garden and other restaurant chains, reported higher-than-expected earnings and revenue for the latest quarter. It also increased its quarterly dividend by 10% and authorized a new $1 billion share buyback program. Darden added 3.4% in premarket trading.

FactSet (FDS) – Financial Information Provider outperformed last quarter estimates. It also supported its previous full-year guidance, forecasting growth at the top of its forecast range.

Rite Aid (RAD) – Shares of Rite Aid jumped 4.3% in premarket trading after reporting higher-than-expected revenue and a smaller-than-expected quarterly loss.

KB Home (KBH) – KB Home reported quarterly earnings of $2.32 per share, beating the consensus estimate of $2.03, while the developer’s revenue also beat analysts’ forecasts. However, it says that rising interest rates and higher prices are beginning to have a negative impact on sales growth. Shares of KB Home jumped 3% in premarket trading.

Occidental Petroleum (OXY) – Berkshire Hathaway (BRK.B) has acquired an additional 9.6 million shares in Occidental Petroleum, increasing its stake in the energy producer to 16.3%. Occidental shares rose 2.9% in premarket trading.

Steelcase (SCS) – Steelcase shares rose 3.1% in premarket trading after the office furniture maker reported better-than-expected quarterly results. Higher prices and increased demand have helped offset rising costs, partly driven by supply chain difficulties.

WeWork (WE) – Shares of the office-sharing company rose 3.3% in premarket trading after Credit Suisse initiated coverage of the stock with an “outperforming” rating. Credit Suisse believes WeWork is among the companies that will benefit from the growth of hybrid work and coworking, as well as demographic trends.

Snowflake (SNOW) – Shares of the cloud computing company were upgraded to “outperform” from “neutral” in JP Morgan Securities, indicating an attractive valuation as well as Snowflake’s extremely high level of customer satisfaction. Shares of Snowflake rose 6.1% in premarket trading.

Revlon (REV) – Revlon fell 5.7% in premarket trading, signaling a possible end to the three-day winning streak that followed last week’s Chapter 11 bankruptcy filing. Shares in the cosmetics maker have more than quadrupled in the past 3 sessions.


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