Stocks making the biggest moves premarket: Moderna, Alaska Air, Oxford Industries and more

Check out the companies making headlines before the bell: Alaska Air Group — Shares gained 5% after Alaska Air Group raised its third-quarter outlook, citing strong summer demand. The airline guided for earnings per share in the range of $2.15 to $2.25, greater than prior guidance of $1.40 to $1.60 in earnings per share. Moderna — Shares shed more than 6% after the drugmaker announced plans to slash expenses by $1.1 billion by 2027.

2 million forecast. Interpublic Group of Companies — The advertising stock slid 2% on the heels of a UBS downgrade to sell from neutral. UBS said investors are not fully pricing in the potential that IPG is losing clients for structural reasons, or that the current strategic initiatives might not fix the company's issues in a timely manner. U.S. Bancorp — The bank stock rose more than 1% after announcing a dividend hike. U.S. Bancorp also announced a $5 billion stock buyback plan.

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Alaska Air clears a very big hurdle in its proposed merger with Hawaiian AirlinesAlaska Air is one step closer to acquiring Hawaiian Airlines after the U.S. Department of Justice chose not to challenge the $1.9 billion deal that the carriers say will create a company better able to serve travelers
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