Check out the companies making headlines before the bell. Delta Air Lines — Shares tumbled 9% after the airline issued a lower-than-expected sales growth forecast in the current quarter. Net income also fell 30% in the second quarter despite revenue reaching record highs. Costco Wholesale — Costco shares added nearly 3% after the wholesale club raised its membership fee for the first time since 2017 . The company hiked the cost of its annual membership by $5 in the U.S. and Canada and increased its higher-tier plan by $10. Pfizer – Shares rose nearly 3% after the drugmaker said it will continue to develop the once-daily version of its weight loss pill following “encouraging” data in an early-stage trial , and plans to conduct studies in the second half of the year evaluating multiple doses of the drug. PepsiCo — Shares slipped 2% after the beverage and snacks giant reported a slight revenue miss for the second quarter and narrowed its revenue outlook for the full year. Pepsi now anticipates organic revenue growth of approximately 4%, versus its previous forecast of at least 4%. Its quarterly adjusted earnings per share came in above expectations. On Semiconductor — On Semiconductor’s stock slumped 3%. Morgan Stanley downgraded shares to underweight, citing top-line headwind concerns that cap the opportunity for multiple expansion. WD-40 — WD-40 shares climbed 10% on stronger-than-expected fiscal third-quarter results. The maker of metal lubricants beat Wall Street’s estimates on the top and bottom lines, posting earnings of $1.46 per share and $155 million in revenue. Darden Restaurants — The Olive Garden parent slipped 1.6% on the heels of a Jefferies downgrade to underperform from hold. Jefferies said the company could see its near-term fundamentals challenged. Alcoa — The aluminum producer’s shares rose 2.7% after releasing preliminary second-quarter results that came in stronger than expectations. Alcoa said it expects adjusted earnings of 8 cents to 19 cents per share, more than the 7 cents per share anticipated by analysts polled by FactSet. Revenue is estimated to be in the range of $2.85 billion to $2.925 billion, topping the $2.83 billion analyst projection. Spotify — Shares of the audio streamer rose nearly 2% after Jefferies upgraded the stock to buy from hold and named it a top pick in the music industry. The investment firm said that Spotify has room to hike prices consistently in the coming years. MicroStrategy – MicroStrategy shares rose more than 4% after the bitcoin development company announced a 10-for-1 stock split . — CNBC’s Jesse Pound, Tanaya Macheel, Michelle Fox, Alex Harring, Hakyung Kim and Sarah Min contributed reporting
EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email news@emeatribune.com Follow our WhatsApp verified Channel
