Accenture, Darden Restaurants, FactSet and more
Check out the companies making headlines before the bell:
Accenture (ACN) – The consulting firm’s shares fell 3.3% in the premarket after its quarterly revenue beat forecasts but earnings were impacted by the cost of its Russia exit. Accenture raised its full-year revenue forecast but cut the top end of its projected earnings range due to a greater-than-expected negative impact from foreign exchange.
Darden Restaurants (DRI) – The parent of Olive Garden and other restaurant chains reported better-than-expected profit and revenue for its latest quarter. It also increased its quarterly dividend by 10% and authorized a new $1 billion share repurchase program. Darden added 3.4% in premarket trading.
FactSet (FDS) – The financial information provider beat top and bottom-line estimates for its latest quarter. It also backed its prior full-year guidance, with growth projected at the upper end of its projected range.
Rite Aid (RAD) – Rite Aid shares jumped 4.3% in premarket action after reporting better-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 $2.03 consensus estimate, and the home builder’s revenue also came in above analyst forecasts. However, it said rising interest rates and higher prices were beginning to have a negative impact on sales growth. KB Home jumped 3% in premarket trading.
Occidental Petroleum (OXY) – Berkshire Hathaway (BRK.B) bought an additional 9.6 million shares of Occidental Petroleum, raising its stake in the energy producer to 16.3%. Occidental rallied 2.9% in premarket action.
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 helped offset rising costs stemming in part from supply chain difficulties.
WeWork (WE) – The office-sharing company’s stock rose 3.3% in the premarket after Credit Suisse initiated coverage of the stock with an “outperform” rating. Credit Suisse feels WeWork is among the companies that will benefit from the increase in hybrid work and co-working, as well as demographic trends.
Snowflake (SNOW) – The cloud computing company’s stock was upgraded to “overweight” from “neutral” at JP Morgan Securities, which pointed to an attractive valuation as well as extremely high satisfaction levels among Snowflake customers. Snowflake surged 6.1% in premarket trading.
Revlon (REV) – Revlon slid 5.7% in the premarket, signaling a possible end to the three-day win streak that followed its Chapter 11 bankruptcy filing last week. The cosmetics maker’s shares have surged more than fourfold over the past 3 sessions.