Check out the companies making headlines before the market opens. ConocoPhillips — Shares of ConocoPhillips fell more than 3% on news that the company will acquire Marathon Petroleum Corp. in an all-stock deal expected to close in the fourth quarter for $17.1 billion. After the news was announced, Marathon Petroleum’s stock price rose more than 7%. Dick’s Sporting Goods — Shares of Dick’s Sporting Goods rose 7.7% after the sporting goods retailer reported better-than-expected fiscal first-quarter earnings and revenue. Dick also increased his guidance throughout the year. Earnings per share are now expected to be $13.35 to $13.75, up from the previous range of $12.85 to $13.25. That was above expectations of $13.25 in an LSEG analyst survey. American Airlines — Shares of American Airlines fell 8% after the airline cut its second-quarter outlook and announced the departure of its chief commercial officer. The company said it expects unit revenue to fall 5% to 6% this quarter, compared with previous guidance of a decline of no more than 3%. American Airlines also lowered its forecast for adjusted earnings per share. Robinhood — Shares of the stock brokerage rose 1.6% in premarket trading after the trading startup announced its first-ever stock buyback program. Robinhood said it will buy back $1 billion worth of stock over two to three years starting in the third quarter. Chewy — Shares of Chewy rose more than 5% after the pet supplies retailer reported a stronger-than-expected quarterly report. Chewy reported earnings of 15 cents per share, beating the FactSet forecast of 4 cents per share. Revenue of $2.88 billion also topped expectations. United Airlines – Shares of the airline fell 1% despite an upgrade from Jefferies to a hold rating. The financial institution cited United’s investment in its product, increased free cash flow and a shareholder-friendly management team as catalysts for the upgrade. United also reiterated its second-quarter profit forecast. Cava — Shares of the restaurant chain fell 5% in premarket trading despite reporting first-quarter profit and revenue that topped expectations. Cava reported earnings of 12 cents per share on revenue of $259 million, while analysts polled by LSEG expected earnings of 4 cents per share on revenue of $246 million. What is certain is that same-store sales growth has slowed and customer traffic has declined year by year. HubSpot — Shares of the marketing software company fell 0.3%, giving up some of Tuesday’s gains. Shares rose in the previous session after CNBC’s David Faber reported that Google parent Alphabet was in talks to make an all-stock acquisition offer for HubSpot. Merck & Co. – Shares of Merck & Co. were volatile in the premarket on news that the drugmaker will acquire eye disease drug developer EyeBio for up to $3 billion. Merck will pay $1.3 billion up front and make future milestone payments of up to $1.7 billion. —CNBC’s Jesse Pound, Michelle Fox, Lisa Han, Sarah Min, Brian Evans and Hakyung Kim contributed reporting.
