ADVFN News | Thursday’s Wall Street Highlights (9/22/2022): Eli Lilly, Salesforce, Accenture, Lennar, and More

ADVFN News | Thursday’s Wall Street Highlights (9/22/2022): Eli Lilly, Salesforce, Accenture, Lennar, and More
ADVFN News | Thursday’s Wall Street Highlights (9/22/2022): Eli Lilly, Salesforce, Accenture, Lennar, and More

This is the Featured Wall Street of the day September 22 from 2022with everything you need to know about companies traded on American stock exchanges!

Main topics of the day

To start your day well informed, read our Good morning ADVFN – Copom decided to keep the Selic rate at 13.75%, Bank of England decides on interest and more

US stock futures were slightly higher Thursday morning after a big decline in major indexes as investors weighed in another big increase in Federal Reserve rates.

At 9:23 am ET, Dow Jones futures were down about 73 points, or 0.24%. S&P 500 futures were up 0.16% and Nasdaq 100 futures were up 0.01%.

Stocks closed lower on Wednesday, continuing the recent sell-off trend as investors weighed in on the Fed’s latest comments. The Dow Jones Industrial Average is down 522 points, with the S&P 500 and Nasdaq Composite each losing more than 1.7%. The big drop in equities came in a volatile period after the Fed’s third consecutive 0.75 percentage point rate hike.

On Wednesday, policymakers pledged to keep raising rates to 4.6% in 2023 before pulling back in the fight against inflation, stoking fears on Wall Street that the economy could slide into recession as the central bank aims to slow down economic growth.

The Fed expects to raise its year-end rate to 4.4% in 2022, continuing aggressive action against rising prices for the remainder of the year.

“I think they should slow down,” DoubleLine Capital CEO Jeffrey Gundlach said Wednesday. “Monetary policy has long and variable delays, but we have been tightening now for some time,” he added, noting that the impact of tightening could lead to a recession.

On the economic front, the latest data on weekly jobless claims is expected Thursday at 9:30 am ET.

Wall Street corporate highlights for today

Accenture (ACN, ACNB34) – The consultancy reported better-than-expected quarterly earnings and revenue, but gave a weaker-than-expected revenue forecast for the current quarter. Accenture pointed to IT spending cuts by corporate customers and a negative impact from the stronger dollar. However, Accenture gained 1% in premarket trading.

Darden Restaurants (DRI, D1RI34) – The parent company of Olive Garden and other restaurant chains fell 2.5% premarket after reporting quarterly results in line with estimates. Darden’s same-store sales increased 4.2%, below the FactSet consensus estimate of 5.1%. Food and beverage costs also rose slightly more than expected. Know more…

KB Home (KBH) and Lennar (LEN, L1EN34) – KB Home and Lennar reported better-than-expected quarterly earnings, but homebuilders also reported lower-than-expected revenue as the housing market slowdown weighed on new home orders. KB Home was down 1.7% in premarket trading, while Lennar gained 1%.

Salesforce (CRM, SSFO34) – Salesforce shares rose 1.9% premarket after the enterprise 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, compared to the 20% it was targeting for fiscal 2023.

Eli Lilly (LLY, LILY34) – Eli Lilly rose 1.4% in premarket trading after the FDA approved its cancer drug Retevmo for new uses. Separately, UBS upgraded the drug maker’s stock to “Buy” from “Neutral” for several reasons, including a reduced risk around the weight-loss drug Lilly tirzepatide.

Steelcase (SCS) – Steelcase reported better-than-expected profit in its latest quarter, but the office furniture company’s revenue came in below estimates. The company also cut its outlook on slower-than-expected return-to-office trends. Steelcase is down 1% premarket.

Novavax (NVAX) – The pharmaceutical’s shares fell 6.1% in premarket trading after JP Morgan Securities downgraded it to “underweight” from “neutral”. The company said the company’s recent guidance cut may not have gone far enough, given reduced demand for vaccines, as well as other factors.

HB Fuller (FUL) – HB Fuller rose 2.2% in premarket trading after slightly overtaking profits but revenue that came in below estimates. The industrial adhesives maker reported an increase in market share and lifted the lower end of its fiscal 2022 earnings range.

Factset Research (FDS) – Financial information services provider is down 7 cents from estimates with adjusted quarterly earnings of $3.13 per share. However, revenue surpassed Wall Street’s forecasts as FactSet reported an increase in organic revenue and annual subscription value.

with CNBC

Today, 1 dollar is worth R$ 5.13. Convert to any currency!

The article is in Portuguese

Tags: ADVFN News Thursdays Wall Street Highlights Eli Lilly Salesforce Accenture Lennar

NEXT see the predictions for your zodiac sign today, October 01, 2022