Stocks making the biggest moves premarket: Delta Air Lines, Accenture, Regeneron and others

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Check out the companies making headlines before the bell:

Delta Air Lines (DAL) – Delta rose 2.3% in the premarket after projecting a $200 million fourth-quarter profit. Consensus forecasts were predicting a quarterly loss for Delta, but the carrier said it is seeing strong holiday demand and it is on the path toward exceeding pre-pandemic profit levels.

Accenture (ACN) – The consulting firm’s shares surged 6.7% in the premarket after it reported better-than-expected profit and revenue for its latest quarter, and raised its earnings guidance for fiscal 2022. Revenue rose by more than 20% across the four biggest industry groups in Accenture’s customer base.

Regeneron Pharmaceuticals (REGN) – The drugmaker’s shares declined 1% in premarket trading after it said its antibody cocktail loses potency against the omicron Covid-19 variant. Regeneron did say that the cocktail is effective against the delta variant.

Lennar (LEN) – Lennar reported quarterly earnings of $3.91 per share, below the $4.15 consensus estimate, and the homebuilder’s revenue also fell short of forecasts. Lennar was hurt by higher lumber costs as well as increased labor costs and shortages of raw materials, resulting in delayed home deliveries. Lennar tumbled 6.3% in premarket action.

Novartis (NVS) – Novartis launched a new share buyback program worth up to $15 billion, with the drug maker planning to complete those repurchases by the end of 2023. Shares jumped 4% in premarket trading.

Visa (V) – Visa rose 1.1% in the premarket after announcing that it added $12 billion to its share buyback program, bringing the total amount of its repurchase authority to $13.2 billion.

J.M. Smucker (SJM) – Smucker struck a deal to sell its natural beverage and grains businesses to private equity firm Nexus Capital Management for $110 million, with the food producer saying it wanted to focus more resources on its core brands.

Intuitive Surgical (ISRG) – Intuitive Surgical was added to the “conviction buy” list at Goldman Sachs, which points to the company’s pending launch of a new surgical system. Shares added 1.2% in the premarket.

AT&T (T) – Morgan Stanley upgraded AT&T to “overweight” from “equal-weight,” saying a recent slide by the stock creates an attractive risk-reward profile. The firm said there are several other key factors driving the upgrade, including the pending completion of the WarnerMedia/Discovery merger. AT&T gained 1.5% in premarket trading.

Petco Health (WOOF) – The pet products seller’s stock added 1.9% in the premarket after Needham began coverage with a “buy” rating. The firm feels Petco should outperform competitors in the pet category, given its presence in multiple channels including veterinary hospitals.

Shopify (SHOP) – The e-commerce platform operator rallied 2.9% in premarket trading after Evercore upgraded it to “outperform” from “in line.” Evercore noted that the stock is about 20% below its year highs and that the company represents a high-quality asset in terms of growth opportunities.

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