Take a look at the companies making headlines before the close: Delta Air Lines — Shares of Delta Air Lines fell 9% after the airline issued a lower-than-expected sales growth forecast for the quarter. Although revenue hit a record high, net profit also fell 30% in the second quarter. Costco Wholesale — Costco Wholesale Club raised membership fees for the first time since 2017, sending shares up nearly 3%. The company is raising annual membership fees by $5 in the U.S. and Canada and $10 for its premium membership plan. Pfizer Inc. – Shares of Pfizer Inc. rose nearly 3% after the drugmaker said it will continue development of a once-daily weight-loss drug after “encouraging” data in an early-stage trial and plans to conduct a study in the second half of this year as it evaluates the drug’s potential. Multiple doses. PepsiCo – Shares fell 2% after the beverage and snack giant reported a slight decline in second-quarter revenue and narrowed its full-year revenue forecast. PepsiCo now expects organic revenue growth of about 4%, which is more cautious than its previous forecast of at least 4%. Its quarterly adjusted earnings per share beat expectations. ON Semiconductor — Shares of ON Semiconductor fell 3%. Morgan Stanley downgraded the stock to underweight, citing concerns about top-line headwinds limiting opportunities for multiple expansions. WD-40 – WD-40 shares rose 10% on stronger-than-expected fiscal third-quarter results. The metal lubricant maker beat Wall Street’s revenue and profit forecasts, reporting earnings of $1.46 per share on revenue of $155 million. Darden Restaurants — Olive Garden parent company fell 1.6% after Jefferies downgraded the stock to underperform from hold. Jefferies said the company’s near-term fundamentals may be challenged. Alcoa — Shares of Alcoa rose 2.7% after the aluminum producer reported better-than-expected preliminary second-quarter results. Alcoa said it expected adjusted earnings of 8 cents to 19 cents a share, above the 7 cents a share expected by analysts polled by FactSet. Revenue is expected to be between $2.85 billion and $2.925 billion, higher than analysts’ forecast of $2.83 billion. Spotify — Shares of the audio-streaming company rose nearly 2% after Jefferies upgraded its rating on Spotify stock to “buy” from “hold” and named it a top pick in the music industry. . The investment firm said Spotify has room to continue raising prices in the coming years. MicroStrategy — Shares of MicroStrategy 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.
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