The Stocks you need to watch this Morning: Accenture, Darden Restaurants, home Builders and more

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Accenture (ACN) – The consulting firm reported higher-than-expected quarterly profit and sales, but forecasted lower-than-expected current-quarter revenue. Accenture cited business IT spending decreases as well as a negative impact from the stronger dollar. Despite this, Accenture rose 1% in premarket trade.

Darden Restaurants (DRI) – The parent company of Olive Garden and other restaurant chains dipped 2.5% in premarket trading after announcing in-line third-quarter results. Darden’s same-restaurant sales increased by 4.2%, falling shy of the FactSet consensus forecast of 5.1%. Food and beverage prices increased slightly more than projected.

KB Home (KBH), Lennar (LEN) – While KB Home and Lennar both reported higher-than-expected quarterly profitability, the home builders also reported lower-than-expected revenue as the housing market slows. In premarket trade, KB Home dipped 1.7%, while Lennar rose 1%.

Salesforce (CRM) – Salesforce shares rose 1.9% in premarket trading after the business software giant announced a plan to improve operational efficiency and raise profit margins. Salesforce plans to increase its adjusted operating margin to 25% in fiscal 2026, up from 20% in fiscal 2023.

Steelcase (SCS) – Steelcase posted a higher-than-expected profit for the most recent quarter, although revenue fell short of expectations. The company also reduced its projection due to slower-than-expected return-to-work trends. Steelcase declined 1% in premarket trading.

NVAX (NOVAVAX) – J.P. Morgan Securities reduced the drugmaker’s stock to “underweight” from “neutral” in premarket trading, causing it to fall 6.1%. Given decreasing vaccination demand and other issues, the firm believes the company’s recent guidance cut may not have gone far enough.

Fuller, H.B. (FUL) – H.B. Fuller climbed 2.2% in premarket trading after reporting a minor profits beat but revenue that fell short of expectations. The industrial adhesives company increased its market share and lifted the lower end of its earnings projection for fiscal 2022.

Eli Lilly and Company (LLY) – Eli Lilly gained 1.4% in premarket trade after the FDA authorised additional applications for its cancer medication Retevmo. Separately, UBS upgraded the drugmaker’s stock to “buy” from “neutral” for a variety of reasons, including a reduction in the risks associated with Lilly’s weight loss medicine tirzepatide.

FactSet Research (FDS) – With adjusted quarterly earnings of $3.13 per share, the financial information services provider fell 7 cents short of expectations. However, revenue exceeded Wall Street expectations due to a rise in organic revenue and annual subscription value disclosed by FactSet.

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