Stocks making the biggest moves premarket: MU, LW, DRI
Check out the companies making headlines before the bell. Micron — The chip stock plunged nearly 13% in premarket trading after the chipmaker issued weaker-than-expected second-quarter guidance. First-quarter revenue was inline with analysts’ expectations, while earnings topped estimates, however. Lamb Weston — Shares of the frozen potato maker sank 18% after posting quarterly results that fell short of estimates on the top and bottom lines. Lamb Weston posted adjusted earnings of 66 cents per share on $1.60 billion in revenue. That fell short of the EPS of $1.01 and $1.67 billion in revenue expected by analysts polled by FactSet. The company also named a new CEO as it faces ongoing pressure from activist investor Jana Partners to switch up its leadership team. Darden Restaurants — The Olive Garden and LongHorn Steakhouse parent jumped 8% after reporting an earnings and revenue beat for its fiscal second quarter. Darden also raised its full-year revenue guidance. It now expects revenue of $12.1 billion, up from its previous guidance of $11.80 billion to $11.9 billion. Analysts polled by FactSet had expected guidance of $11.97 billion. Lennar — The homebuilder sank 10.2% after earnings for the first fiscal quarter missed analyst expectations. Lennar earned $4.06 per share on $9.95 billion in revenue, while analysts surveyed by LSEG had anticipated $4.16 a share and $10.08 billion, respectively. Tesla — The electric vehicle stock added 3% after slumping more than 8% during Wednesday’s session after markets sold off as the Federal Reserve indicated fewer rate cuts next year. Conagra Brands — The packaged food company dipped 2% after lowering its fiscal year outlook. Conagra now sees its fiscal year adjusted earnings coming in at a range between $2.45 to $2.50 per share, lower than its prior guidance of between $2.60 to $2.65 and FactSet’s estimate of $2.58. However, Conagra reported a fiscal second-quarter adjusted earnings and revenue beat versus FactSet consensus. Accenture — The IT services management company surged 7% after topping fiscal first quarter revenue expectations and lifting its full-year guidance. Accenture said it now expects revenues to grow between 4% and 7%, versus a prior forecast of 3% to 6%. Carmax — Shares rose more than 6% after the company’s third-quarter results topped Wall Street’s expectations. Carmax earned 81 cents per share on revenue of $6.22 billion for the period. That’s above the 62 cents per share on revenue of $6.05 billion that analysts polled by FactSet were expecting. Palantir — The artificial intelligence software stock gained nearly 3% after announcing an expanded partnership with the U.S. Army , with a contract worth up to roughly $619 million. Shares had slumped about 4% during Wednesday’s selloff. — CNBC’s Sarah Min, Yun Li, Alex Harring, Michelle Fox, Lisa Han and Sean Conlon contributed reporting
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