Stocks making the biggest moves premarket: Delta Air Lines, Costco Wholesale, Pfizer and more

A look at buzzing companies before the market opens:

Delta Air Lines‘ shares plunged by 9% as the airline disclosed a less-than-predicted sales growth projection for the ongoing quarter, in spite of hitting record highs, its net income dwindled by 30% for Q2.

The wholesale club, Costco Wholesale, boosted its shares by roughly 3% post the announcement of a hike in its membership fee, the first since 2017. The increase of the annual membership by $5 was applicable in the U.S. and Canada, with a $10 increase in its higher-tier plan.

Pfizer’s shares uplifted nearly 3% post the declaration that the drugmaker plans to persist with the development of its weight loss pill, based on positive data from a preliminary trial. Further studies are slated for the second half of the year.

PepsiCo experienced a 2% slip in its shares after reporting a marginal revenue miss for Q2 and a narrower revenue outlook for the year. The company’s organic revenue growth is now expected to be around 4%. However, the quarterly adjusted earnings per share surpassed expectations.

Morgan Stanley’s downgrade led to a 3% slump in On Semiconductor’s stock. The downgrade was due to the concerns regarding the top-line headwind that limit the scope for multiple expansion.

WD-40 shares soared by 10% on the back of stronger-than-expected fiscal Q3 results. The lubricant manufacturer outperformed Wall Street’s predictions in terms of earnings and revenue.

Darden Restaurants, the parent company of Olive Garden, witnessed a 1.6% drop following Jefferies’ downgrade from hold to underperform. According to Jefferies, the company might face challenges in its near-term fundamentals.

Alcoa’s stock ascended by 2.7% after it shared pre-announcement Q2 results that exceeded expectations.

Spotify’s shares increased by nearly 2% after a Jefferies upgrade from hold to buy and a recommendation as a top pick in the music industry.

MicroStrategy shares were up by more than 4% following the news of a 10-for-1 stock split announced by the bitcoin development company.