Check out the companies making headlines before the bell:
Accenture (ACN): The consultancy reported better-than-expected quarterly profit and revenue, but gave a weaker-than-expected revenue forecast for the current quarter. Accenture pointed to cuts in IT spending by corporate clients and the negative impact of the stronger dollar. However, Accenture gained 1% in premarket trading.
Darden Restaurants ( DRI ) — The parent of Olive Garden and other restaurant chains fell 2.5% in premarket after reporting quarterly results online. Darden same-restaurant sales rose 4.2%, below the FactSet consensus estimate of 5.1%. Food and beverage costs also rose slightly more than expected.
KB Home ( KBH ), Lennar ( LEN ) — KB Home and Lennar reported better-than-expected quarterly earnings, but homebuilders also reported lower-than-expected earnings as the housing market slowdown weighed on new housing orders. KB Home fell 1.7% in premarket trading, while Lennar gained 1%.
Salesforce ( CRM ) — Shares of Salesforce rose 1.9% in premarket trading after the business software giant unveiled a plan to operate more efficiently and increase profit margins. Salesforce is targeting an adjusted operating margin of 25% for fiscal 2026, up from 20% it had targeted for fiscal 2023.
Steelcase ( SCS ): Steelcase reported a better-than-expected profit for its latest quarter, but the office furniture company’s revenue fell short of estimates. the company also trimmed its outlook on slower-than-expected return-to-the-office trends. Steelcase fell 1% in premarket.
Novavax ( NVAX ) — The drugmaker’s shares fell 6.1% in premarket trading after JP Morgan Securities downgraded them to “underweight” from “neutral.” The company said the company’s recent guidance cut may not have gone far enough, given reduced vaccine demand and other factors.
HB Fuller (FUL) – HB Fuller rose 2.2% in premarket trade after a slight rise in earnings and revenue that missed estimates. The industrial adhesives maker reported an increase in market share and raised the lower end of its fiscal 2022 earnings range.
Eli Lilly (LLY) – Eli Lilly rose 1.4% in premarket trading after the FDA approved its cancer drug Retevmo for new uses. Separately, UBS upgraded the drugmaker’s stock to “buy” from “neutral” for a number of reasons, including reducing risks surrounding Lilly’s weight-loss drug, tirzepatide.
FactSet Research ( FDS ) : The financial information services provider missed estimates by 7 cents with adjusted quarterly earnings of $3.13 per share. However, revenue beat Wall Street forecasts as FactSet reported an increase in annual organic revenue and subscription value.