Eli Lilly, Accenture, Rite Aid & more
Take a look at some of the biggest movers in the premarket:
Eli Lilly (LLY) – The drugmaker’s shares surged 8.7% in the premarket after Lilly’s Alzheimer’s treatment received “breakthrough therapy” designation from the Food and Drug Administration. The designation means the treatment may show substantial improvement over existing therapies and qualifying it for expedited development and approval.
Accenture (ACN) – The consulting firm beat estimates by 17 cents a share, with quarterly profit of $2.40 per share. Revenue topped Street forecasts as well. Accenture saw increasing demand for digital transformation services, with more companies moving to adapt to a hybrid work model. Accenture also raised its full-year forecast, and its stock jumped 4.3% in premarket trading.
Rite Aid (RAD) – The drugstore chain reported quarterly earnings of 38 cents per share, 16 cents a share above estimates. Revenue came in slightly short of Wall Street forecasts, however, and its shares fell 6% in the premarket.
Darden Restaurants (DRI) – The parent of Olive Garden and other restaurant chains earned $2.03 per share for its latest quarter, compared to a $1.79 a share consensus estimate. Darden’s same-restaurant sales surge 90.4% compared to the mid-pandemic year-ago quarter.
KB Home (KBH) – KB Home reported quarterly earnings of $1.50 per share, 18 cents a share above estimates. The home builder’s revenue missed Wall Street forecasts, however, despite a selling price increase of 13% and a 145% surge in new orders. KB Home shares lost 4% premarket action.
Visa (V) – Visa struck a deal to buy European banking platform Tink for about $2.2 billion. The move to acquire the financial data sharing company comes after Visa terminated its planned $5.3 billion acquisition of Plaid following a government lawsuit.
Comcast (CMCSA) – The parent of NBCUniversal and CNBC is mulling various ways to dominate video streaming, according to The Wall Street Journal. The paper said CEO Brian Roberts is mulling ideas like a tie-up with ViacomCBS (VIAC) or an acquisition of Roku (ROKU). Comcast told CNBC the story is “pure speculation.” The stock added 1.6% in the premarket.
Beyond Meat (BYND) – Some Dunkin’ locations have dropped Beyond Meat’s “Beyond Sausage” breakfast sausage, according to a J.P. Morgan analyst, and a Goldman analyst said a wrap featuring the sausage is likely to suffer the same fate. Dunkin’ told CNBC it continues to have a strong relationship with Beyond Meat and continues to explore new plant-based menu items. Beyond Meat fell 1.3% in the premarket.
Steelcase (SCS) – Steelcase surged 5.2% in premarket trading after it reported a smaller-than-expected loss for its latest quarter. The office furniture maker’s revenue also beat Wall Street estimates. The company said revenue will improve on a sequential basis as more workers return to their offices.
MGM Resorts (MGM) – MGM Resorts was upgraded to “buy” from “hold” at Deutsche Bank, which said the hotel and casino operator is likely to exceed its targets for profit margin improvement. MGM shares rose 2.3% in premarket trading.
Dollar Tree (DLTR) – Dollar Tree was downgraded to “neutral” from “overweight” at Piper Sandler. The firm said the discount retailer will be impacted by rising freight and wage costs that it won’t be able to pass through to customers. The stock fell 1.3% in the premarket.