Delta Air Lines ( DAL ) – Delta shares fell 2.9% in premarket after reporting a mixed quarter. The airline earned an adjusted $1.44 per share for the second quarter, missing estimates of $1.73 per share. Revenue beat estimates on strong travel demand, but margins were hit by higher fuel prices and higher operating costs. Twitter ( TWTR ) – Twitter added 2% in premarket trading after the company sued Elon Musk to force him to honor the terms of its $44 billion takeover. Musk said earlier this week that he was pulling out of the deal, claiming that Twitter had violated the terms of their agreement. Snap (SNAP) – The social networking company is set to introduce a feature that will allow NFT artists to showcase their designs on Snapchat, according to people familiar with the situation who spoke to the Financial Times. Snap initially rose 1.7% in premarket action before paring those gains. Stitch Fix (SFIX) – Shares of the clothing styler rallied 9.5% in the premarket after news that Benchmark Capital’s Bill Gurley bought one million shares. Gurley paid an average of $5.43 per share, according to an SEC filing. Gurley, who serves on the Stitch Fix board, already owned 1.22 million shares before the latest purchase. Unity Software ( U ) – The interactive software technology provider announced a wholly owned merger agreement with ironSource ( IS ), an Israel-based software publisher. The transaction values ironSource at approximately $4.4 billion. Unity also announced that it is cutting its full-year revenue guidance. Unity fell 8.2% in premarket trading, while ironSource rose 57%. Novavax ( NVAX ) – The drugmaker’s stock added 2.4% in premarket action after Politico reported that the company’s Covid-19 vaccine could receive FDA approval as soon as today. DigitalOcean (DOCN) – The cloud computing company’s stock received a double downgrade at Goldman Sachs, which cut its rating to “sell” from “buy.” Goldman’s move is based on expectations of softening demand, especially in international markets, as well as fading tailwinds in segments that have done well over the past 12 to 18 months. DigitalOcean fell 3.5% in the premarket. Gap (GPS) – The apparel retailer’s stock fell 1.3% in the premarket as Deutsche Bank downgraded the stock to “hold” from “buy.” Deutsche Bank said there is little visibility on a sales recovery at Old Navy, as well as concern about an increased level of promotions at both Gap and Old Navy. The stock fell 5% on Tuesday after news that CEO Sonia Syngal had resigned. Fastenal ( FAST ) – The industrial fastener maker saw its stock fall 7% in premarket trading after it said it saw signs of declining demand in May and June. Fastenal’s comments came as it reported quarterly numbers that were broadly in line with analysts’ forecasts.
