Stocks Making Headlines Before the Bell

Micron stock plunged nearly 13% in premarket trading after issuing weaker-than-expected second-quarter guidance. First-quarter revenue was inline with analyst expectations, while earnings topped estimates, however. Lamb Weston shares sank 18% after quarterly results 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.

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 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 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 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 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

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Companies Making Headlines in Midday TradingNvidia's shares rebound after a brief dip, while General Mills faces a weaker outlook and Jabil surpasses Wall Street expectations. Heico sees revenue fall short, Ollie's Bargain Outlet hits a 52-week high, and Xometry enjoys a boost from JPMorgan. Birkenstock and Rivian also experience trading shifts.
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