Top Companies Making Headlines in Midday Trading
Delta Air Lines
Shares of Delta Air Lines surged 9% after reporting better-than-expected results for the fourth quarter. The airline posted adjusted earnings of $1.85 per share on $14.44 billion of revenue, surpassing the forecast. Strong guidance was also offered.
Constellation Energy
Constellation Energy’s stock popped 25.2% following the announcement of its acquisition of Calpine in a $26.6 billion deal. The company also guided its full-year adjusted earnings per share above analyst expectations.
Capri Holdings
The luxury fashion group rose 10.2% after receiving upgrades from Citi and Wells Fargo. The upgrades highlighted a recovery in margins and dispelled concerns about the company’s future.
Insurers in California
Allstate, Chubb, AIG, and Travelers all experienced declines due to exposure to the California homeowners’ market and the wildfires in Los Angeles. JPMorgan noted that Chubb has a particularly high exposure due to its focus on high net worth individuals in the region.
Edison International
The utility provider saw a decline of more than 6% as wildfires continued to burn in Los Angeles. Although the company denied involvement in starting the fires, it has been asked to preserve evidence by insurance companies.
Jefferies Financial Group
Shares declined 10.8% after weaker-than-expected earnings for the fourth quarter. While revenue topped estimates, earnings per share fell short of analyst expectations.
Walgreens Boots Alliance
The pharmacy stock surged 27.8% on better-than-expected results for the fiscal first quarter. The company maintained its adjusted earnings guidance for fiscal 2025.
Media Stocks
Disney, Warner Bros. Discovery, and Fox all fell after canceling plans for a joint sports streaming service. On Semiconductor saw a 7.5% decline following a downgrade, while Sweetgreen’s stock rose 2.7% after an upgrade.
Constellation Brands
The alcohol maker dropped 25.2% after earnings missed expectations for the fiscal third quarter.
Advanced Micro Devices
Shares fell more than 4% following a downgrade at Goldman Sachs, citing concerns about revenue growth.
Hims & Hers
The telehealth stock slid 1.2% following a downgrade from Citi, citing concerns about the company’s revenue stream.
Contributions to this article by Yun Li, Alex Harring, Michelle Fox, Lisa Kailai Han, and Jesse Pound.