Stocks making the biggest moves premarket: Marathon Oil, Robinhood, American Airlines, Chewy & more

Get the lowdown on companies making an impact before the market opens.

ConocoPhillips’ shares took a 3% hit following the announcement of the company’s plan to acquire Marathon Oil in a $17.1 billion all-stock deal, expected to conclude in the fourth quarter. Consequently, Marathon Oil’s stock rose over 7% upon the news.

Dick’s Sporting Goods made an impressive stride with a 7.7% increase following a successful report of earnings and revenue for the fiscal first quarter. With the raised full-year guidance, the sporting goods retailer anticipates an earnings per share of $13.35 to $13.75, surpassing the $13.25 predicted by LSEG analysts.

American Airlines saw an 8% decrease in shares after revising its second-quarter outlook and announcing the exit of its chief commercial officer. The company now expects a 5% to 6% decline in unit revenues for the quarter, and decreased its forecast for adjusted earnings per share.

Robinhood’s shares gained 1.6% in premarket following the announcement of its inaugural share buyback plan. The trading startup aims to repurchase $1 billion worth of stocks over a two to three year period commencing in the third quarter.

Chewy’s stock soared over 5% after a quarterly report that exceeded expectations. Chewy recorded a 15-cent earnings per share, surpassing FactSet’s prediction by 11 cents. The $2.88 billion revenue also came in above the anticipated amount.

United Airlines’ shares dipped 1% even after an upgrade to buy from hold by Jefferies. Jefferies cited several positive factors including United’s investments, increased free cash flow, and a shareholder-friendly management team. The airline also reaffirmed its second-quarter profit forecast.

Cava’s stock fell 5% in premarket despite the restaurant chain reporting first-quarter earnings and revenue that surpassed expectations. The company delivered a 12-cent earnings per share on $259 million revenue, outperforming LSEG’s predicted 4-cent earnings per share on $246 million revenue.

HubSpot gave back some of the previous day’s gains, resulting in a 0.3% dip in shares. However, the marketing software company had seen a rise in shares in the previous session following reports of Google-parent Alphabet’s potential all-stock offer for HubSpot.

Merck exhibited some instability in the premarket following the announcement of its plan to buy eye disease drug developer EyeBio for up to $3 billion. Merck plans to make an upfront payment of $1.3 billion and up to $1.7 billion in future milestone payments.