Here’s a look at the companies making headlines before the close: Alaska Air Group — Alaska Air Group shares rose 5% after it raised its third-quarter outlook due to strong summer demand. The airline expects earnings per share in the range of $2.15 to $2.25, up from its previous guidance of $1.40 to $1.60 per share. Moderna — Shares of Moderna fell more than 6% after the drugmaker announced plans to cut spending by $1.1 billion in 2027. The company’s shares fell 10% after second-quarter data fell short of expectations. Oxford Industries reported adjusted earnings of $2.77 per share, missing the FactSet consensus estimate of $3 per share. Revenue was $419.9 million, below expectations of $438.2 million. Interpublic Group of Companies – The advertising stock fell 2% after UBS downgraded its rating to sell from neutral. UBS said investors have not fully considered the possibility that IPG will lose customers due to structural reasons, or that current strategic moves may not solve the company’s problems in a timely manner. US Bancorp — Shares of US Bancorp rose more than 1% after announcing a dividend increase. U.S. Bank also announced a $5 billion stock buyback program. KROGER — Shares of Kroger were up slightly ahead of the supermarket chain’s fiscal second-quarter results this morning. Diageo — Shares of the alcoholic drinks company rose 1.4% after Bank of America upgraded its rating on the alcoholic drinks company to “buy” from “neutral” and said “the worst is behind us.” —CNBC’s Alex Harring, Hakyung Kim, Jesse Pound and Samantha Subin contributed reporting.
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