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
Read the full article here
