Oil Stocks, Bed Bath & Beyond, Visa and more

Take a look at some of the biggest pre-market movers:

Chevron, Exxon, Phillips 66 – Oil stocks rose broadly in premarket trading after energy prices soared overnight, with benchmark US crude West Texas Intermediate briefly rising above $130 a barrel. Shares of Chevron and Exxon Mobil each rose more than 1%, while Phillips 66 climbed 3.4%. ConocoPhillips rose almost 2%, while Baker Hughes jumped 4%.

Bed Bath & Beyond – Shares of the home goods retailer jumped 70% in premarket trading on Monday after GameStop chairman Ryan Cohen revealed he had a nearly 10% stake in the retailer through his investment company RC Ventures. Cohen said the company should consider selling itself to private equity and splitting off its BuyBuy Baby chain.

Archer-Daniels-Midland – Shares of the agricultural company jumped 3.9% premarket as crop prices jumped on supply issues stemming from Russia’s invasion of Ukraine.

Visa, Mastercard — Payments stocks plunged in premarket trading after the two companies announced over the weekend that they were suspending operations in Russia. Shares of Visa lost 2.2%, while Mastercard fell 1.7%.

Occidental Petroleum – Shares of the oil and gas company jumped 8% after a regulatory filing showed Warren Buffett’s Berkshire Hathaway had recently increased its stake significantly. The conglomerate bought more than 61 million shares of Occidental from Wednesday to Friday, at prices ranging from $47.07 to $56.45. Berkshire now owns 91.2 million common shares of the oil giant.

Whiting Petroleum, Oasis Petroleum – Shares of Whiting and Oasis rose in premarket trading after the companies announced a merger agreement. The new company, with an estimated enterprise value of about $6 billion, will be owned 53% by Whiting shareholders and 47% by Oasis shareholders, according to a press release. Whiting’s stock rose 4.9%, while Oasis jumped more than 6%.

Citigroup – The banking stock fell 2.8% in premarket trading, underperforming its peers, after receiving a downgrade from Jefferies. The company said Citi appeared unlikely to meet financial targets detailed at an investor conference last week.

– CNBC’s Maggie Fitzgerald, Yun Li and Hannah Miao contributed to this report.


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Felix J. Dixon