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Jun 25, 2020

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Accenture, Darden, McCormick, Rite Aid & more

Peter Schacknow



Take a look at some of the biggest movers in the premarket:

Accenture (ACN) – The consulting firm beat estimates by 5 cents a share, with quarterly earnings of $1.90 per share. Revenue also came in above Wall Street forecasts. Revenue was down about 1% from a year ago, but Accenture's results were boosted by its growing digital and cloud services businesses.
Darden Restaurants (DRI) – The parent of Olive Garden and other restaurant chains lost $1.24 per share for its latest quarter, smaller than the loss of $1.65 that analysts were predicting. Revenue was essentially in line with expectations, as was a same-restaurant sales decline of 47.7%. Darden said same-restaurant sales for the current quarter are down by 33.2%, with 91% of its dining rooms now open with at least limited capacity.
FactSet (FDS) – The provider of financial markets information reported quarterly earnings of $2.86 per share, beating the consensus estimate of $2.43 a share. Revenue was slightly shy of forecasts. The company said the quarter was a strong one despite "challenging" circumstances.
McCormick (MKC) – The maker of spices, condiments and sauces beat estimates by 31 cents a share, with quarterly profit of $1.47 per share. Revenue also beat forecasts helped by the pandemic-related increase in the number of consumers cooking at home.
Rite Aid (RAD) – The drug store operator reported a quarterly loss of 4 cents per share, smaller than the 38 cents per share loss predicted by analysts. Revenue also beat expectations as same-store sales in the retail pharmacy segment rose 6.6%. Rite Aid withdrew its full-year forecast due to pandemic-related uncertainty.
Blackstone (BX) – The private-equity firm was rated "buy" in new coverage at UBS, which notes strong growth, "robust" inflows, and "untapped channels" which will drive the next leg of growth.
KB Home (KBH) – KB Home beat estimates by 6 cents a share, with quarterly earnings of 55 cents per share. The home builder's revenue missed Street forecasts. Sales were down 11% during the quarter, deliveries fell 10%, and net orders plunged 57%, as the coronavirus pandemic impacted business.
Alphabet (GOOGL) – Alphabet's Google unit agreed to pay some publishers in Australia, Brazil and Germany for certain content, and said it expects to sign similar deals with others.
Walt Disney (DIS) – Disney postponed the planned July 17 reopening of its Disneyland resort in California, saying it was waiting for state officials to issue guidelines on theme park reopenings. Separately, The Wall Street Journal reports Disney is considering delaying the planned July 24 release of its "Mulan" movie, due to uncertainty surrounding the reopening of movie theaters.
Tesla (TSLA) – Tesla is planning a battery research and manufacturing facility in Fremont, California, according to city documents. Tesla already has what it calls a "small scale" battery-making operation in Fremont.
Facebook (FB) – Baird Equity research raised its price target on Facebook to a Street-high $300 per share from $240 a share, based on an anticipated comeback in the digital ad market.
BlackBerry (BB) – BlackBerry reported a quarterly profit of 2 cents per share, compared to consensus forecasts of a 2 cents per share loss. Revenue for the software maker was essentially in line with estimates, though demand for its automotive software was hurt by the Covid-19 pandemic.
Ally Financial (ALLY) – The banking company called off its proposed acquisition of subprime credit card and consumer finance lender CardWorks. The $2.65 billion deal was canceled by mutual consent, due to the impact of the Covid-19 pandemic on the global economy.
AbbVie (ABBV) – The drugmaker signed a drug discovery partnership with Japanese pharmaceutical company Sosei Group, initially focusing on inflammatory and autoimmune diseases.

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