Stocks making the biggest moves in the premarket: Accenture, Darden Restaurants, BlackBerry & more
Take a look at some of the biggest movers in the premarket:
Accenture (ACN) – The consulting firm reported quarterly profit of $1.70 per share, falling 3 cents a share short of Wall Street forecasts. Revenue also came in slightly shy of estimates and the company gave a weaker-than-expected current-quarter revenue forecast, as clients spend less due to the Covid-19 pandemic.
E.W. Scripps (SSP) – Scripps announced a deal buy privately held TV network operator ION Media for $2.65 billion. The deal is being backed by Warren Buffett’s Berkshire Hathaway (BRK.B), with Berkshire making a $600 million preferred equity investment in Scripps to help finance the purchase.
BlackBerry (BB) – The software company beat estimates by 9 cents a share, with quarterly earnings of 11 cents per share. Revenue was also above expectations, on strong demand for its security and car software.
CarMax (KMX) – The used-vehicle retailer earned $1.79 per share for its latest quarter, well above the consensus estimate of $1.08 a share. Revenue was also above analysts’ forecasts. CarMax saw vehicle sales rise by 3.9%, with comparable-store sales up 1.2%, and its financing profit increased by 29%.
Darden Restaurants (DRI) – The parent of Olive Garden and other restaurant chains earned 28 cents per share for its latest quarter, beating the consensus estimate of 5 cents a share. Revenue was very slightly below Street forecasts with sales during the quarter at about 82% of prior-year levels. The company also reinstated its dividend.
FactSet (FDS) – The financial information and services provider earned $2.88 per share for its latest quarter, 34 cents a share above estimates. Revenue came in above forecasts as well. FactSet said it expected fiscal 2021 adjusted earnings of $10.75 to $11.15 per share, compared to a consensus estimate of $10.84 a share.
Rite Aid (RAD) – The drugstore chain reported a quarterly profit of 25 cents per share, compared to analysts’ expectations of a 1 cent per share loss. Revenue was also above estimates, with strength in both the retail pharmacy and pharmacy services segments.
UnitedHealth (UNH) – The health insurer is in advanced talks to buy online pharmacy startup DivvyDose, according to a Bloomberg report. The proposed deal is said to be worth about $300 million, according to people familiar with the matter, although nothing has been finalized.
Nikola (NKLA) – Nathan Anderson, head of short-selling firm Hindenburg Research, told The Wall Street Journal that more bad news will emerge about the electric truck maker Nikola. Hindenburg recently released a report about a series of improprieties at Nikola, which has hit the stock hard even as Nikola calls the report “false and misleading.”
Dollar Tree (DLTR) – Dollar Tree is resuming its stock buyback program, after suspending it in March due to the pandemic. The discount retailer has roughly $800 million in buyback authorization remaining under that program.
H.B. Fuller (FUL) – Fuller reported quarterly earnings of 76 cents per share, 6 cents a share above estimates. The adhesives maker’s revenue also topped forecasts. The company said it has performed well during the pandemic, although it does expect current-quarter revenue to be flat to lower compared to a year ago.
Jefferies Financial (JEF) – Jefferies earned $1.07 per share for its third quarter, well above the consensus forecast of 34 cents a share. The investment firm also saw revenue top estimates, helped by record investment banking and asset management revenue.
Goldman Sachs (GS) – Goldman was upgraded to “buy” from “neutral” at UBS, which said Goldman is already generating solid results in the current environment and could benefit further from election-related volatility.
FedEx (FDX) – FedEx was upgraded to “buy” from “hold” at Stifel, which said FedEx is benefiting from pandemic-related changes, including much faster growth in demand levels than originally anticipated.
