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Shares of Southwest Airlines Co. dropped 2.4% in premarket trade Thursday, after the air carrier reported second-quarter profit and revenue that missed expectations and provided a downbeat outlook for the current quarter. Earnings for the quarter ended June 30 rose to $820 million, or $1.28 a share, from $608 million, or 90 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came in at $1.19, below the FactSet consensus of $1.21. Revenue increased to $5.38 billion from $5.11 billion, missing the FactSet consensus of $5.40 billion. For the third quarter, Southwest expects Revenue per available seat mile (RASM) to decline in the 3%-4% range, and it expects unit costs to increase by about 2%. The company expects to launch a $250 million accelerated share repurchase program in the third quarter. The stock has lost 2.4% year to date through Wednesday, while the S&P 500 has gained 6.3%.

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Russian track and field athletes have lost an appeal to let them compete in the 2016 Rio Olympics after the Court of Arbitration for Sport on Thursday upheld a ban. In November, Russian athletics was barred from competition by the International Association of Athletics Federation (IAAF) following a report that found evidence of widespread state-sponsored doping. The Russian Olympic Committee and 68 athletes appealed the decision to CAS, but after hearing both sides, the court rejected the appeal. “As a consequence, the CAS Panel confirmed that the ROC is not entitled to nominate Russian track and field athletes to compete at the Rio 2016 Olympic Games considering that they are not eligible to participate under the IAAF competition rules,” the court said in its statement. The International Olympic Committee is considering a total ban on all Russian competitors amid reports of state-sponsored doping. With only 15 days until the opening ceremony in Rio, that means Russia still doesn’t know whether any of their sportspeople will be able to take part.

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Komatsu Ltd. has agreed to buy U.S. mining-equipment maker Joy Global Inc. in a $2.89 billion deal. The Japanese construction machinery maker said it’s paying $28.30 per share for Joy Global, an 18% premium over the company’s closing price of $23.55 on Wednesday. Komatsu plans to finance the takeover through funds on hand and bank loans and sees no need to increase capital at this stage. “The acquisition is in line with the growth strategy of the plan which calls for the company to strengthen the core mining equipment business in an effort to achieve sustainable growth,” Komatsu said in a statement Thursday. The deal is expected to close in mid-2017. Shares of Joy Global were unchanged premarket, while Komatsu rose 2.3% in Tokyo.

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Tesla Motors Inc. co-founder and CEO Elon Musk released his “Master Plan, Part Deux” in a blog post Wednesday night, outlining his vision for the electric-car and battery-storage company’s future. His four points of emphasis were: create stunning solar roofs with seamlessly integrated battery storage; expand the electric vehicle product line to address all major segments; develop a self-driving capability that is 10X safer than manual via massive fleet learning; enable your car to make money for you when you aren’t using it.

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Select Comfort Corp. shares fell in the extended session Wednesday after the maker of Sleep Number beds topped Wall Street expectations on earnings but not on revenue. Select Comfort shares fell 11% to $21 after hours. The company reported second-quarter earnings of 3 cents a share on revenue of $276.9 million. Analysts surveyed by FactSet had forecast earnings of a penny a share on revenue of $283.5 million. Select Comfort reiterated its full-year earnings forecast of $1.25 to $1.45 a share, while analysts are looking for $1.27 a share. The company also said it was increasing its share buyback program by $300 million.

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eBay Inc. shares jumped Wednesday afternoon after the e-commerce company announced a slight earnings beat and additional stock repurchases. eBay reported net income of $437 million, or 38 cents a share, on revenue of $2.23 billion; after adjustments for stock-based compensation and other factors, the company claimed profit of 43 cents a share. Analysts on average expected eBay to report adjusted profit of 42 cents a share on revenue of $2.17 billion, according to FactSet. eBay also said it would extend a stock-repurchase plan, with the board approving an additional $2.5 billion in buybacks. Shares gained about 6% in late trading after closing with a 1.9% gain at $26.99.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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