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Eli Lilly, Accenture Rise Premarket; Beyond Meat Falls

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By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Thursday, June 24th. Please refresh for updates.

Eli Lilly (NYSE:LLY) stock rose 7.6% after the drugmaker’s Alzheimer’s treatment received breakthrough therapy designation from the FDA, which seeks to speed up the approval process for medicines.

Darden Restaurants (NYSE:DRI) stock rose 0.1% after the owner of Olive Garden and other chains beat expectations for the latest quarter, with same-restaurant sales almost doubling compared to the year-ago quarter, which was in the middle of the pandemic.

Accenture (NYSE:ACN) stock rose 4.4% after the consulting firm reported strong third-quarter results as the pandemic boosted demand for its digital, cloud and security services. It also raised its full-year forecasts.

Wells Fargo (NYSE:WFC) stock rose 0.5%, Bank of America (NYSE:BAC) stock rose 0.5%, Morgan Stanley (NYSE:MS) stock rose 0.4%, Goldman Sachs (NYSE:GS) stock rose 0.7% and JPMorgan Chase (NYSE:JPM) stock rose 0.8% ahead of the release of the latest Federal Reserve stress tests, which could result in the banks being allowed to engage in share buybacks and pay dividends.

Beyond Meat (NASDAQ:BYND) stock fell 1.9% after JPMorgan reported that fast food chain Dunkin' Donuts was no longer offering a Beyond Sausage sandwich, a blow to the faux-meat supplier.

KB Home (NYSE:KBH) stock fell 3.1% after the homebuilder missed expectations with its fiscal second-quarter results, as orders suffered from coronavirus-led disruptions that it forced to shutter some operations.

Steelcase (NYSE:SCS) stock rose 5.2% after the office furniture reported a 15% rise in sales in the latest quarter as workers returned to their offices in the wake of pandemic restrictions being eased.

MGM Resorts (NYSE:MGM) stock rose 2.5% after Deutsche Bank (DE:DBKGn) upgraded its recommendation on the casino operator to ‘buy’ from ‘hold’, citing the economic reopening, and of the Las Vegas strip in particular, and the continued growth of online gambling.

Bed Bath&Beyond (NASDAQ:BBBY) stock rose 5.8% after Bank of America reinstated a ‘buy’ rating on the retail chain, saying investors can get involved once more now it no longer appears to be a meme favorite, subject to wild swings.

Dollar Tree (NASDAQ:DLTR) stock fell 1.1% after Piper Sandler downgraded its recommendation on the chain of discount stores to ‘neutral’ from ‘overweight’, saying rising inflation will eat into its margins.

Canada Goose (NYSE:GOOS) stock rose 1.7% after the winter clothing manufacturer said it would stop using fur with its products by the end of 2022.

Penn National Gaming (NASDAQ:PENN) stock rose 3.2% after the casino operator announced plans to raise $400 million via eight-year senior unsecured notes in a private offering, as well an optimistic second-quarter revenue update.

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