Take a look at some of the biggest movers in the premarket:
Eli Lilly (LLY) – The drugmaker’s shares rose 8.7% premarket after Lilly’s Alzheimer’s treatment was granted Breakthrough Therapy status by the Food and Drug Administration. The name means that the treatment can show a significant improvement over existing therapies and qualifies it for accelerated development and approval.
Accenture (ACN) – The consulting firm beat estimates by 17 cents per share and posted earnings of $ 2.40 per share for the quarter. Sales also exceeded street forecasts. Accenture saw increasing demand for digital transformation services as more companies switched to a hybrid work model. Accenture also raised its guidance for the full year, and the stock rose 4.3% in pre-trading hours.
Rite Aid (RAD) – The drugstore chain reported quarterly earnings of 38 cents per share, 16 cents per share above estimates. However, sales were slightly below Wall Street’s forecasts, and their shares were down 6% pre-IPO.
Darden Restaurants (DRI) – The parent company of Olive Garden and other restaurant chains earned $ 2.03 per share last quarter, compared to a consensus estimate of $ 1.79 per share. Darden’s sales in the same restaurant increased 90.4% compared to the mid-pandemic quarter of the year.
KB Home (KBH) – KB Home reported quarterly earnings of $ 1.50 per share, 18 cents per share above estimates. However, the home builder’s sales missed Wall Street’s forecasts, despite a 13% increase in sales prices and a 145% increase in orders. The KB Home share lost 4% before the market.
Visa (V) – Visa has closed a deal to purchase the European banking platform Tink for approximately $ 2.2 billion. The move to acquire the financial data sharing company comes after Visa completed its proposed $ 5.3 billion acquisition of Plaid following a government lawsuit.
Comcast (CMCSA) – The parent company of NBCUniversal and CNBC is considering various ways to dominate video streaming, according to The Wall Street Journal. The newspaper said CEO Brian Roberts is considering working with ViacomCBS (VIAC) or acquiring Roku (ROKU). Comcast told CNBC the story was “pure speculation”. The share gained 1.6% before the trading session.
Beyond Meat (BYND) – According to a JP Morgan analyst, some Dunkin locations have dropped Beyond Meat’s “Beyond Sausage” breakfast sausage, and a Goldman analyst said a wrap with the sausage is likely to suffer the same fate. Dunkin ‘told CNBC that it continues to have a strong relationship with Beyond Meat and continues to research new plant-based menu items. Beyond Meat fell 1.3% in the premarket.
Steelcase (SCS) – Steelcase gained 5.2% in pre-trading hours after posting a smaller-than-expected loss in the most recent quarter. The office furniture maker’s revenue also exceeded Wall Street’s estimates. The company said revenue will improve sequentially as more employees return to their offices.
MGM Resorts (MGM) – MGM Resorts has been upgraded to “Buy” from “Hold” at Deutsche Bank, indicating the hotel and casino operator is likely to exceed its profit margin improvement goals. The MGM share gained 2.3% in pre-trading.
Dollar Tree (DLTR) – Dollar Tree was downgraded from overweight to neutral at Piper Sandler. The company said the discounter will be affected by rising freight and labor costs that it cannot pass on to customers. The share lost 1.3% before the trading session.