Market Movements: Key Companies Making News Before Market Open
Here’s a look at companies in the spotlight as trading begins, capturing significant changes in their valuations.
Micron Technology
Micron’s stock took a hit, plummeting nearly 13% in premarket trading. The semiconductor manufacturer released second-quarter guidance that fell short of analysts’ expectations. While their first-quarter revenue met projections, earnings exceeded estimations, revealing mixed results for investors.
Lamb Weston
Lamb Weston, known for its frozen potato products, experienced a sharp decline of 18% in its stock price. The company disclosed quarterly figures that did not meet analysts’ expectations for both revenue and earnings. Lamb Weston reported adjusted earnings of 66 cents per share with revenues of $1.60 billion, missing forecasts of $1.01 per share and $1.67 billion in revenue. Additionally, the company announced a new CEO in light of ongoing pressure from activist investor Jana Partners to revamp its leadership.
Darden Restaurants
In contrast, Darden Restaurants—parent company of Olive Garden and LongHorn Steakhouse—saw its shares soar 8% following a positive fiscal second-quarter report. The company not only exceeded earnings and revenue expectations but also raised its complete fiscal year revenue guidance to $12.1 billion, up from its previous estimate of $11.80 billion to $11.9 billion, surpassing analyst expectations of $11.97 billion.
Lennar
Lennar, a prominent homebuilder, faced a setback with a 10.2% drop in stock value as its first fiscal quarter earnings missed analysts’ goals. The company reported earnings of $4.06 per share on $9.95 billion in revenue, whereas analysts anticipated $4.16 per share and $10.08 billion in revenue.
Tesla
Tesla’s stock showed resilience, rising 3% after a significant drop of over 8% in a previous session, contributing to a wave of sell-offs prompted by the Federal Reserve signaling fewer expected interest rate cuts for the following year.
Conagra Brands
Conagra Brands saw a 2% dip after revising its fiscal year outlook downward. The company now projects adjusted earnings for the fiscal year to be between $2.45 and $2.50 per share, which is lower than the earlier guidance of $2.60 to $2.65 and below FactSet’s expectation of $2.58. Nonetheless, Conagra reported better-than-expected adjusted earnings and revenue for the fiscal second quarter compared to consensus estimates.
Accenture
Accenture’s stock surged 7% after the IT service management company exceeded projections in its fiscal first quarter and raised its full-year growth forecast. The company is now anticipating revenue growth between 4% and 7%, an increase from its earlier forecast of 3% to 6%.
Carmax
Carmax experienced a boost, with shares increasing by more than 6% following its third-quarter results that surpassed Wall Street’s expectations. The company reported earnings of 81 cents per share on revenue of $6.22 billion, exceeding the expected 62 cents per share on revenue of $6.05 billion.
Palantir Technologies
Palantir’s stock climbed nearly 3% following the announcement of a substantial partnership expansion with the U.S. Army, involving a contract valued at approximately $619 million. This comes after a drop of about 4% during Wednesday’s market sell-off.
This round-up provides key insights into the shifting landscape of major companies today, reflecting the dynamic nature of the market and its impact on investors.