Check out the companies that made headlines in midday trading: Delta Air Lines — The company’s stock rose 9% after better-than-expected fourth-quarter results. Delta reported adjusted earnings per share of $1.85 on revenue of $14.44 billion. This beat LSEG’s expectations for $1.75 per share and revenue of $14.18 billion. The company also provided strong guidance. Constellation Energy — Shares soared 25.2% after the company announced it would acquire geothermal and natural gas company Calpine in a $26.6 billion deal. Constellation also beat analysts’ expectations for full-year adjusted earnings per share. Capri Holdings — The luxury fashion group rose 10.2% following upgrades from Citi and Wells Fargo. The latter emphasized a recovery in profit margins. “The market appears to be valuing the company as if its brand portfolio is on a path to extinction,” Citi said, adding that this is not the case. Allstate, Chubb — Insurance companies exposed to the California homeowners market sold off heavily Friday amid the devastation from the Los Angeles wildfires. Allstate and Chubb stock prices fell 5.6% and 3.4%, respectively. AIG fell 1.5% and Travelers fell about 5%. Allstate, Chubb and Travelers are the airlines most affected by insurance losses from the wildfires, according to JPMorgan. The Wall Street firm noted that Chubb’s exposure could be particularly high because it focuses on wealthy individuals in the region. Edison International — The Southern California-based utility company fell more than 6% as deadly wildfires continued in Los Angeles. Edison has denied any involvement in the wildfires, but is still being asked by insurance companies to preserve evidence. The decline comes after the stock price fell more than 10% on Wednesday. Jefferies Financial Group — Shares fell 10.8% after the investment bank reported weaker-than-expected fourth-quarter results. Jefferies reported earnings of 93 cents per share, while analysts expected earnings of 97 cents, according to FactSet. Sales were $1.96 billion, exceeding expectations of $1.83 billion. Walgreens Boots Alliance — Pharmacy shares soared 27.8% after first-quarter results beat expectations. Walgreens reported adjusted earnings of 51 cents a share on revenue of $39.46 billion. Analysts surveyed by LSEG had expected earnings of 37 cents per share and revenue of $37.36 billion. Meanwhile, the company maintained its adjusted earnings outlook for fiscal 2025 in the range of $1.40 to $1.80 per share. Disney, Warner Bros. Discovery, Fox — Media stocks fell after plans for Venu, a joint sports streaming service, were scrapped. Warner Bros. fell 3.6%, while Disney and Fox fell 1% and 1.6%, respectively. ON Semiconductor — Shares fell 7.5% after Trust Company was downgraded from buy to hold. Trust said he would be cautious on the stock until forecasts are revised downward, pointing to deteriorating demand trends. Sweetgreen — Shares of the salad chain rose 2.7% after being upgraded to Buy from Neutral by Citi. The bank said Sweetgreen’s robotic kitchen could bring “significant financial improvements” to the company. Constellation Brands — The alcohol maker fell 25.2% after earnings fell short of expectations. Constellation had fiscal third-quarter sales of $2.46 billion and earnings of $3.25 per share, excluding items. Analysts polled by FactSet had expected earnings of $3.31 per share and revenue of $2.53 billion. Advanced Micro Devices — Shares of the chipmaker fell more than 4% after Goldman Sachs downgraded it from buy to neutral. Investment firms cited revenue growth as a concern for AMD. The stock decline came amid a sharp decline in semiconductor companies on Friday. Hims & Hers — Telehealth stock fell 1.2% after Citi downgraded the stock to sell from neutral. Citi analyst Daniel Grosswright said investors are overestimating the company’s GLP-1 revenue stream, especially following the FDA’s decision to remove tirzepatide from the shortage list. Semaglutide is also likely to follow, which would reduce the company’s GLP-1 sales from $400 million to $135 million in fiscal 2025, he wrote. —CNBC’s Yun Li, Alex Harring, Michelle Fox, Lisa Kai-Lai Han and Jesse Pound contributed reporting.
ALL, WBA, DAL, WBD etc.
