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EARLY MOVERS: Darden Restaurants shares take off after earnings beat and Tilray still making waves

Also in the frame before the New York bell was Thor Industries and Micron Technology, which report after the close

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Cannabis and cannabis stocks still a big draw before the bell

It's another positive open expected on Wall Street, with various stocks in focus, including Darden Restaurants (NYSE:DRI), which gained 4.62% in pre-market to stand at US$123.34.

It came as the famous owner  of the Olive Garden and LongHorn Steakhouse restaurants beat first-quarter profit and sales expectations and raised its full-year outlook.

For its 2019 year,  the company raised its guidance for EPS (earnings per share) from continuing operations to between US$5.52 and US$5.65 against US$5.40 and US$5.56 previously and for same-store sales to 2% to 2.5% from between 1% and 2.0%.

Also in focus before the bell is the firm of the moment - cannabis group Tilray Inc (NASDAQ:TLRY).

 

The stock and its investors had a roller-coaster ride yesterday and the Canada-based pot group  was halted five times by the Nasdaq for volatility.

The shares finished the session up over 38% at US$214.06, which was its best day as a public company - it having surged 90% during the day.

In pre-market deals, the shares are up around 10% to stand at US$235.52.

Tilray also had a good run on Tuesday, after the U.S. Drug Enforcement Administration gave the company the go-ahead to import marijuana to the U.S. for medical research.

In other news before the bell, Thor Industries Inc (NYSE:THO) saw shares plunge almost 12% before the bell, to US$95 each.

The recreational vehicle (RV) maker, which is in the midst of buying German RV maker Erwin Hyman Group SE, posted weaker than expected profit in its fourth quarter.

Net income came in at US$88.2mln, or US$1.67 a share, which was down from US$119.5mln, or US$2.26 a share a year earlier.

The consensus was for EPS (earnings per share) of  US$2.03.

Shares of the beleaguered General Electric (NYSE:GE), meanwhile, also traded down 1.6% at US$12.66 on reports that JP Morgan pared back its price target on the stock to US$10 from US$11.

The downgrade by the research house came in response to the failure of a gas turbine in Texas that poses a drag on the company's power business.

Also in focus, before the bell, Micron Technology Inc (NASDAQ:MU)  shares were up 2.6% to US$46.22, having shed 0.60% yesterday.

Analysts expect the shares to have earned US$3.34 per share on revenue of US$8.25bn in its latest quarter. The company will release its earnings after the market close.

-- updated with new share price movement and fall in GE's stock --

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