Take a look at the companies making headlines in midday trading. Delta Air Lines — Shares of Delta Air Lines soared 9% on better-than-expected fourth-quarter results. Delta Air Lines reported adjusted earnings of $1.85 per share on revenue of $14.44 billion. That beat LSEG’s forecast of $1.75 per share and $14.18 billion in revenue. The company also provides strong guidance. Constellation Energy — Shares of Constellation Energy rose 24% after the company announced it would acquire geothermal and natural gas company Calpine in a $26.6 billion deal. Constellation also raised its full-year adjusted earnings per share forecast above analysts’ expectations. Capri Holdings — The luxury fashion group’s shares rose more than 9% after ratings upgrades from Citigroup and Wells Fargo. The latter underlines the recovery in profit margins. Citi noted that “the market appears to be valuing the company as if its brand portfolio is dying,” but added that this was not the case. Allstate, Chubb – Insurers exposed to California’s homeowners market sold sharply on Friday as damage from Los Angeles wildfires spread. Shares of Allstate and Chubb fell 7.8% and 4.9%, respectively. AIG fell 1.5% and Travelers fell about 5%. AllState, Chubb and Travelers are the carriers most vulnerable to insurance losses in wildfires, JPMorgan said. The Wall Street firm noted that Chubb’s exposure could be particularly high because of its focus on high-net-worth clients in the region. Edison International — Shares of the Southern California utility provider fell more than 5% as deadly wildfires continued to burn in Los Angeles. Although Edison denied involvement in starting the wildfires, insurance companies demanded that the evidence be preserved. The drop comes after shares fell more than 10% on Wednesday. Jefferies Financial Group — Shares of Jefferies Financial Group fell 12% after the investment bank reported lower-than-expected fourth-quarter profit. Jefferies reported earnings of 93 cents per share, while analysts expected earnings of 97 cents per share, according to FactSet. Revenue of $1.96 billion did beat estimates of $1.83 billion. Walgreens Boots Alliance — Shares of Walgreens Boots Alliance soared 26% 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. Disney, Warner Bros. Discovery Channel, Fox — Media stocks fell after scrapping plans for joint sports streaming service Venu. Warner Bros. fell 5.3%, while Disney and Fox fell 0.8% and 2.4% respectively. On Semiconductor — Shares of ON Semiconductor fell 5.9% after Truist downgraded the company to hold from buy. Truist said the company was cautious on the stock until estimates were revised lower and it noted worsening demand trends. Sweetgreen Inc. — Shares of the salad chain rose 5% after Citi upgraded the stock to “buy” from “neutral.” The bank said Sweetgreen’s robotic kitchens could provide “substantial financial benefits” to the company. Constellation Brands — The alcohol maker’s shares fell 24.3% after profit missed expectations. Constellation’s fiscal third-quarter revenue was $2.46 billion, and earnings per share, excluding special items, were $3.25. Analysts polled by FactSet forecast $3.31 per share and $2.53 billion respectively. Advanced Micro Devices – Shares of the chipmaker fell more than 5% after Goldman Sachs downgraded the company to “neutral” from “buy.” The investment firm cites revenue growth as a concern for AMD. The stock’s decline came as semiconductor companies fell broadly on Friday. Hims & Hers — The telemedicine stock fell 1% after Citi downgraded the stock to sell from neutral. Citi analyst Daniel Grosslight said investors have overestimated the company’s GLP-1 revenue source, especially after the FDA decided to remove tilsiparatide from the shortage list. He wrote that semaglutide is likely to follow, which would result in the company’s GLP-1 revenue falling to $135 million from $400 million in fiscal 2025. —CNBC’s Li Yun, Alex Harlin, Michelle Fox, Lisa Kelehan and Jesse Pond contributed reporting
