Here are the companies grabbing the headlines before the market opens. ConocoPhillips saw a drop in shares by more than 3% after announcing its acquisition of Marathon Oil in an all-stock deal valued at $17.1 billion, expected to finalize in the last quarter. Marathon Oil saw its stocks rise over 7% after the news. Dick’s Sporting Goods experienced a 7.7% surge after beating expected earnings and revenue for its first fiscal quarter and raised its annual guidance. The revised guidance expects earnings per share to range between $13.35 and $13.75, higher than the previous estimate of $12.85 to $13.25, surpassing the $13.25 expected by LSEG analysts. American Airlines shares fell by 8% as it lowered its Q2 outlook and announced the exit of its chief commercial officer, with unit revenues expected to drop 5% to 6%, contrary to the earlier forecast of a 3% drop. The company also reduced its adjusted earnings per share forecast. Robinhood stocks increased by 1.6% in premarket trading after the firm unveiled its maiden share buyback plan, proposing to buy back $1 billion worth of stocks over two to three years starting from Q3. Chewy’s stock rose over 5% following a robust quarterly report with earnings per share of 15 cents, outperforming the FactSet estimate of 4 cents. Its revenue of $2.88 billion also exceeded expectations. United Airlines’ shares fell by 1% despite an upgrade to buy from hold by Jefferies, who pointed to United’s product investments, improved free cash flow, and a shareholder-friendly management team as reasons for the upgrade. United also reconfirmed its Q2 profit forecast. Cava’s stock dropped 5% in premarket despite posting better-than-expected Q1 earnings and revenue. The restaurant chain reported 12 cents earnings per share on $259 million revenue, exceeding LSEG analysts’ forecast of 4 cents per share on $246 million revenue. Still, it experienced a slowdown in same-store sales growth and a decrease in guest traffic year-over-year. HubSpot’s shares saw a slight decrease of 0.3%, relinquishing some of the previous day’s gains. The marketing software company’s shares had risen after CNBC’s David Faber reported that Alphabet, Google’s parent company, was discussing an all-stock offer for HubSpot. Shares of pharmaceutical company Merck oscillated in the premarket following the announcement of its plan to acquire EyeBio, a developer of eye disease drugs, for up to $3 billion. Merck will pay $1.3 billion upfront, with potential future milestone payments of up to $1.7 billion. Reporting contributed by CNBC’s Jesse Pound, Michelle Fox, Lisa Han, Sarah Min, Brian Evans, and Hakyung Kim.
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