Before the bell rings, take a look at the businesses making news:
Alaska Air Group: The company’s shares increased by 5% as it upgraded its third-quarter forecast, citing robust summer demand. The airline revised its previous expectation of $1.40 to $1.60 earnings per share and instead aimed for per-share earnings in the range of $2.15 and $2.25.
Moderna — After the pharmaceutical company revealed plans to reduce spending by $1.1 billion by 2027, shares fell more than 6%. Additionally, Moderna stated that through 2027, it plans to introduce ten new items.
Oxford Industries: After Tommy Bahama’s parent business released second-quarter earnings below forecast, shares fell 10%. Oxford Industries reported lower-than-expected adjusted earnings per share of $2.77 compared to the FactSet consensus expectation of $3.
Group of Companies Interpublic — Following a UBS downgrade to sell from neutral, the advertising stock fell 2%. As to UBS, investors are not accounting for the possibility that IPG is losing clients due to structural reasons or that the company’s problems may not be resolved quickly enough by the existing strategic objectives.
US Bancorp: Following the announcement of a dividend increase, the bank’s stock increased by almost 1%. A $5 billion proposal for stock buybacks was also disclosed by U.S. Bancorp.
Kroger — Ahead of Kroger’s fiscal second quarter reports this morning, the supermarket chain’s shares saw a modest increase.
Source (CNBC)
