Check out the companies making the biggest moves premarket: CF Industries — The fertilizer manufacturer and distributor fell nearly 4% as reports on negotiations surrounding the U.S.-Iran war signaled the commodity’s shortage could end. Fertilizer prices have soared since the closure of the Strait of Hormuz, sending shares of CF Industries up more than 27% since the start of the conflict. Arm — The chipmaker popped 13% after it unveiled its first in-house chip, saying it would generate $15 billion in revenue by 2031 . EchoStar — Shares jumped nearly 7% after The Information reported that SpaceX could file for an IPO as soon as this week. The satellite communications provider has about a 3% stake in the Elon Musk-led company. Chewy — The pet product and service company jumped nearly 7% after delivering its fourth quarter report. It reported adjusted EBITDA that beat a FactSet consensus estimate but revenue that was slightly under expectations. KB Home — The homebuilder fell more than 2% after it reported fiscal first-quarter earnings of 52 cents per share, coming below the 55 cents per share analysts polled by LSEG had anticipated. The company’s $1.08 billion revenue also fell below the consensus estimate of $1.10 billion. Additionally, KB Home forecast current-quarter housing revenue and deliveries that missed StreetAccount estimates. Braze — The cloud-based software company surged nearly 22% after it reported fourth-quarter revenue of $205.2 million, while analysts polled by FactSet had expected $198.2 million. Braze also called for current quarter revenue that exceeded the Street’s estimate. However, its fourth-quarter adjusted earnings of 10 cents per share came in below the consensus expectation of 14 cents per share. Terns Pharmaceuticals — Shares gained more than 5% after Merck agreed to buy the biopharma company for $53 per share in cash, valuing the biopharma company at $6.7 billion. The deal is expected to close in the second quarter and represents a 6% premium to Terns’ closing level on Tuesday. Robinhood — The financial services platform jumped 4% after unveiling a $1.5 billion stock buyback plan. The repurchase plan will take place over the course of three years, beginning in the current quarter. Oil stocks — A slew of energy companies fell as oil prices declined another 6% on the latest U.S.-Iran war developments. Diamondback Energy and APA were both off more than 2%, while ConocoPhillips , Occidental Petroleum and Exxon Mobil declined more than 1.5%. Newmont — The price of gold jumped on Wednesday after a decline in oil prices helped ease inflation fears. Shares of the precious metals miner followed suit, rallying 6%. Freeport-McMoRan — The mining company jumped more than 3% as metals across the board rallied on Wednesday. Copper, which Freeport specializes in, was up more than 1.7% on easing growth fears which hit the industrial metal last week. — CNBC’s Sarah Min, Michelle Fox and Fred Imbert contributed reporting.