Check out the companies making the biggest pre-market moves: CF Industries — The fertilizer manufacturer and distributor fell nearly 4% after reports on U.S.-Iran war negotiations suggested commodity shortages could end. Fertilizer prices have soared since the closure of the Strait of Hormuz, and CF Industries’ stock price has risen more than 27% since the start of the conflict. Arm — The chipmaker soared 13% after announcing its first in-house chip and saying it would generate $15 billion in revenue by 2031. EchoStar — Shares rose nearly 7% after The Information reported that SpaceX could file for an IPO as soon as this week. The satellite communications provider owns about 3% of Elon Musk’s company. Chewy — The pet products and services company rose nearly 7% after releasing its fourth-quarter report. The company reported adjusted EBITDA beat FactSet consensus estimates, but revenue was slightly below expectations. KB Home — The company fell more than 2% after reporting first-quarter earnings of 52 cents per share, but below the 55 cents per share expected by analysts surveyed by LSEG. The company’s revenue of $1.08 billion also fell short of the consensus estimate of $1.1 billion. Additionally, KB Home forecast home revenue and deliveries for the quarter that came in below StreetAccount forecasts. Braze — The cloud-based software company soared nearly 22% after announcing fourth-quarter revenue of $205.2 million, compared to analyst estimates compiled by FactSet of $198.2 million. Blaze also claimed that this quarter’s revenue will beat Street expectations. However, adjusted earnings for the fourth quarter were 10 cents per share, below the consensus estimate of 14 cents per share. Terns Pharmaceuticals — Shares rose more than 5% after Merck agreed to buy the biopharmaceutical company for $53 per share in cash, valuing the biopharmaceutical company at $6.7 billion. The deal is expected to close in the second quarter and represents a 6% premium to Terns’ closing price level on Tuesday. Robinhood — The financial services platform soared 4% after announcing a $1.5 billion stock buyback plan. The stock buyback plan will be implemented for three years starting this quarter. Oil stocks — Many energy companies fell as oil prices fell another 6% following recent developments in the US-Iran war. Diamondback Energy and APA both fell more than 2%, while ConocoPhillips, Occidental Petroleum and Exxon Mobil fell more than 1.5%. NEWMONT — Gold prices soared Wednesday as falling oil prices eased inflation concerns. The precious metals miner’s share price followed suit, rising 6%. Freeport-McMoRan — The mining company soared more than 3% Wednesday as metal prices rose across the board. Copper, which Freeport specializes in, rose more than 1.7% as growth concerns that hit industrial metals eased last week. —CNBC’s Sarah Ming, Michelle Fox and Fred Imbert contributed reporting.
