Check out the companies making headlines in pre-market trading. Delta Air Lines — Shares of the airline rose 6% on stronger-than-expected fourth-quarter profit. Delta Air Lines reported adjusted earnings of $1.85 per share on revenue of $14.44 billion. That beat analysts polled by LSEG who expected earnings of $1.75 per share and revenue of $14.18 billion. The company also provides strong guidance. Walgreens Boots Alliance — Shares of Walgreens Boots Alliance soared 11% on better-than-expected fiscal first-quarter results. Walgreens reported adjusted earnings of 51 cents per share on revenue of $39.46 billion. Analysts polled by LSEG expected earnings of 37 cents per share on revenue of $37.36 billion. At the same time, the company maintained its fiscal 2025 adjusted profit guidance range at $1.40 to $1.80 per share. Constellation Energy — shares rose 9% after confirming it will acquire Calpine in a cash and stock deal. Constellation also raised its full-year adjusted earnings per share forecast above analysts’ expectations. Edison International — Shares of Southern California utility provider Edison International fell 2.7% as deadly wildfires continued to burn in Los Angeles. Edison denied involvement in starting the wildfires, but insurance companies still demanded evidence be preserved. This comes after Edison’s stock price plunged more than 10% on Wednesday. Allstate, Travelers, Chubb — Property and casualty insurance companies fell as estimates of insurance losses from wildfires in Los Angeles surged. JPMorgan Chase estimates that the wildfire could eventually become the costliest fire in history, with losses exceeding $20 billion. Allstate fell 5% in premarket trading. ON Semiconductor — Shares of ON Semiconductor fell 2.7% after Truist downgraded the stock to a hold from buy. Truist said the company was cautious on the stock before the estimate cut. Archer Aviation and Joby Aviation — eVTOL stocks fell more than 3% and 6%, respectively, after two downgrades from JPMorgan. The bank upgraded Archer to neutral and Joby to underweight, noting that both companies have underperformed in the cleantech sector as the market shifts to a risk-on environment. Sunrun — The solar energy stock rose 4% after UBS upgraded its rating to “buy” from “neutral.” The bank said Sunrun is emerging as the clear market leader as the residential solar market stabilizes. Hims & Hers Health — Shares of the digital healthcare platform fell 3.2% after Citi downgraded its rating to sell from neutral. Citigroup said investors may have overestimated the revenue stream related to GLP-1. Roku, the streaming video platform, fell 3.6% after MoffettNathanson downgraded its rating to sell from neutral. The investment firm said investors were overly optimistic about the possibility of a larger company acquiring Roku, and continued weakness in the advertising market could hurt profitability. Sweetgreen — Shares of the salad chain rose 3.5% after Citi upgraded the stock to buy from neutral. Citi said the California-based company’s robotic kitchens could boost financials. Wayfair — Shares of Wayfair jumped 5% after the retailer said it would exit the German market and lay off about 3% of its global workforce. The moves come as the company focuses on new growth drivers such as physical retail. Capri Holdings — Shares of the parent company of Jimmy Choo and Michael Kors rose 4.9% after two upgrades from Wall Street. Citi upgraded the stock to buy from neutral, while Wells Fargo upgraded the stock to overweight from equal. —CNBC’s Jesse Pound, Samantha Subin, Hakyung Kim and Michelle Fox contributed reporting
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