Delta Air Lines, Twitter, Snap and more

Check out the companies that make headlines before the call:

Delta Air Lines (DAL) – Delta shares fell 2.9% in premarket trading after reporting mixed quarter results. The airline earned an adjusted $1.44 per share in the second quarter, less than the consensus estimate of $1.73. Revenue beat forecasts due to strong travel demand, but margins were hit by higher fuel prices and higher operating costs.

Twitter (TWTR) — Twitter gained 2% in premarket trading after the company sued Elon Musk to force him to comply with the terms of their $44 billion takeover. Earlier this week, Musk said he was pulling out of the deal, arguing that Twitter had violated the terms of their agreement.

Snap (SNAP) – The social media company is set to introduce a feature that will allow NFT artists to showcase their projects on Snapchat, according to people familiar with the situation who spoke to the Financial Times. Snap initially gained 1.7% in premarket trading before curtailing that gain.

Stitch Fix (SFIX) – The apparel maker’s shares rose 9.5% in premarket trading after news that Benchmark Capital’s Bill Gurley bought a million shares. According to the SEC filing, Gurley paid an average of $5.43 per share. Gurley, a board member of Stitch Fix, already owned 1.22 million shares prior to the latest purchase.

Unity Software (U), a provider of interactive software technologies, has announced that it has entered into a full share merger agreement with ironSource (IS), an Israeli software publisher. The deal values ​​ironSource at about $4.4 billion. Unity also announced a cut in its full-year revenue guidance. Unity fell 8.2% in premarket and IronSource soared 57%.

Novavax (NVAX) – Shares of the drug maker rose 2.4% in premarket trading after Politico said the company’s Covid-19 vaccine could get FDA approval today.

DigitalOcean (DOCN). The cloud computing company’s stock was down twice on Goldman Sachs, cutting its rating to sell from buy. Goldman’s move is based on expectations of declining demand, especially in international markets, as well as weakening tailwinds in segments that have performed well over the past 12-18 months. DigitalOcean fell 3.5% in premarket trading.

The Gap (GPS) – Shares of the clothing retailer fell 1.3% in premarket trading as Deutsche Bank downgraded the stock to Hold from Buy. Deutsche Bank said a recovery in sales at Old Navy was barely visible and was also concerned about increased levels of promotions at both Gap and Old Navy. Shares fell 5% on Tuesday following the news of CEO Sonia Singal’s departure.

Fastenal (FAST) – The industrial fastener maker tumbled 7% in premarket trading after it reported signs of weaker demand in May and June. Fastenal’s comments came after the release of quarterly numbers that were broadly in line with analysts’ forecasts.