US Premarket: Accenture, WeWork, Revlon and other stocks making biggest moves
Shares of the consulting firm fell 3,3% in premarket action 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 broader-than-expected negative impact from foreign exchange.
Shares of the office-sharing company rose 3.3% in premarket trading after Credit Suisse started coverage of the stock with an “outperform” rating. Credit Suisse believes WeWork is among the companies that will benefit from the increase in hybrid work, co-working, and demographic trends.
Shares of the cloud computing company surged 6.1% in the premarket after the stock was upgraded to “overweight” from “neutral” at J.P. Morgan Securities. It pointed to an attractive valuation and extremely high satisfaction levels among Snowflake customers.
Revlon declined 5.7% in premarket trading, indicating a possible end to the three-day win streak that followed its Chapter 11 bankruptcy filing last week. The cosmetics maker’s shares have jumped over four times over the past three sessions.
Darden Restaurants (DRI)
Darden stock jumped 3.4% in the premarket. The parent company of Olive Garden and other restaurant chains reported higher-than-expected profit and revenue for its latest quarter. It also hiked its quarterly dividend by 10% and authorized a new $1 billion share repurchase program.
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Rite Aid (RAD)
Rite Aid shares added 4.3% in premarket trading after posting better-than-expected revenue and a smaller-than-expected quarterly loss.
KB Home (KBH)
Shares of the home builder jumped 3% in premarket action after it reported quarterly earnings of $2.32 per share, beating the $2.03 consensus estimate and the revenue also came in above analyst forecasts. However, it said rising interest rates and higher prices were putting a negative impact on sales growth.
Occidental Petroleum (OXY)
Occidental rallied 2.95 in the premarket after Berkshire Hathaway (BRK.B) bought an additional 9.6 million shares of the company, raising its stake in the energy producer to 16.3%.
Steelcase shares surged 3.1% in premarket action after the office furniture maker reported better-than-expected quarterly results. Increased prices and high demand helped offset rising costs stemming in part from supply chain difficulties.