Check out the companies making headlines before the bell.
ConocoPhillips — Shares slipped more than 3% following news that the company is acquiring Marathon Oil in a $17.1 billion all-stock deal, which is expected to close in the fourth quarter. Marathon Oil stock rose more than 7% following the announcement.
Dick’s Sporting Goods — The sporting goods retailer popped 7.7% after reporting an earnings and revenue beat for its fiscal first quarter. Dick’s also raised its full year guidance. It now expects earnings per share to be between $13.35 and $13.75, up from its prior range of $12.85 to $13.25. That tops the $13.25 expected from analysts polled by LSEG.
American Airlines — Shares of the airline fell 8% after the firm cut its outlook for the second quarter and announced the departure of its chief commercial officer. The company said it expects unit revenues to be down 5% to 6% for the quarter, compared to previous guidance for a decline of no more than 3%. American also lowered its forecast for adjusted earnings per share.
Robinhood — The stock broker shares jump 1.6% in premarket after the trading startup announced its first-ever share buyback plan. Robinhood said it would repurchase $1 billion worth of stocks over a two to three year period starting from the third quarter.
Chewy — The pet supply retailer’s stock popped more than 5% after a stronger-than-expected quarterly report. Chewy posted earnings per share of 15 cents, topping a FactSet estimate of just 4 cents per share. Revenue $2.88 billion also come in above expectations.
United Airlines — Shares of the airline carrier slipped 1%, despite an upgrade to buy from hold from Jefferies. The financial institution cited United’s investments in its product offering, increased free cash flow generation and a shareholder-friendly management team as catalysts for the upgrade. United Airlines also reaffirmed second-quarter profit forecast.
Cava — The stock fell 5% in premarket even though the restaurant chain posted earnings and revenue for the first quarter that topped expectations. Cava reported earnings of 12 cents per share on revenue of $259 million, while analysts polled by LSEG anticipated earnings of 4 cents per share on $246 million in revenue. To be sure, same-store sales growth slowed and guest traffic declined on a yearly basis.
HubSpot — Shares of the marketing software company dipped by 0.3%, giving back some of Tuesday’s gains. Shares jumped in the prior session after CNBC’s David Faber reported that Google-parent Alphabet is in talks for an all-stock offer for HubSpot.
Merck — The drug maker saw shares fluctuate in the premarket after news that it would acquire eye disease drug developer EyeBio for up to $3 billion. Merck would pay $1.3 billion upfront and up to $1.7 billion in future milestone payments.
