A look at companies in the spotlight before the opening: ConocoPhillips — Shares fell more than 3% on news that the company will acquire Marathon Oil in an all-stock deal worth $17.1 billion. The acquisition is expected to close in the fourth quarter. Marathon Oil shares rose more than 7% after the announcement. Dick’s Sporting Goods — The sporting goods retailer jumped 7.7% after reporting first-quarter profits and revenues that beat expectations. Dick’s also raised its full-year guidance. The company now expects earnings per share to be between $13.35 and $13.75, down from a previous range of $12.85 to $13.25. This beats the $13.25 expected by analysts surveyed by LSEG. American Airlines — The airline’s shares fell 8% as the company lowered its second-quarter outlook and announced the departure of its chief commercial officer. The company said it expects unit revenues to fall 5-6% for the quarter. This is lower than its previous guidance of a decline of less than 3%. American Airlines also lowered its adjusted earnings per share forecast. Robinhood — The stockbroker’s shares rose 1.6% in premarket trading after the trading startup announced its first-ever share repurchase plan. Robinhood said it will buy back $1 billion worth of stock over two to three years, starting in the third quarter. Chewy — The pet supplies retailer’s shares surged more than 5% after a better-than-expected quarterly report. Chewy’s earnings per share of 15 cents beat FactSet’s estimate of just 4 cents per share. Revenue of $2.88 billion also beat expectations. United Airlines — The airline’s shares fell 1% despite Jefferies upgrading its investment rating to “buy” from “hold.” The lender cited United’s investments in its product offering, increasing free cash flow generation and shareholder-friendly management as catalysts for the upgrade. United Airlines also reaffirmed its second-quarter profit outlook. Cava — Shares fell 5% in premarket trading, even though the restaurant chain reported better-than-expected first-quarter profits and sales. Cava reported 12 cents per share profits and $259 million in sales, while analysts surveyed by LSEG were expecting 4 cents per share profits and $246 million in sales. Indeed, same-store sales growth slowed and customer traffic fell on an annualized basis. HubSpot — Shares of the marketing software company fell 0.3%, shedding some of Tuesday’s gains. Shares surged in early trading after CNBC’s David Ferber reported that Google parent Alphabet is in talks to make an all-stock takeover bid for HubSpot. Merck — Shares were volatile in premarket trading after reports that pharmaceutical company Merck will buy eye-drug developer EyeBio for up to $3 billion. Merck will pay $1.3 billion up front and up to $1.7 billion in future milestone payments. —CNBC’s Jesse Pound, Michelle Fox, Lisa Hung, Sarah Min, Brian Evans and Hakyung Kim contributed reporting.
CHOOSE LANGUAGE
SELECT LANGUAGE BELOW
