Marathon Oil, Macy's, WWE, and More Stocks Move Premarket

‍Energy stocks 

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It was a big day for energy stocks on Monday after OPEC surprised analysts by announcing it would cut production, causing some analysts to say oil could reach $100 per barrel in the near future. Marathon Oil rose more than 7% on the news, while Halliburton, APA, and Occidental Petroleum each increased over 6%.

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Marqeta

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A downgrade by Morgan Stanley from overweight to equal weight for Marqeta's payment services stock caused the share price to drop 4.2%. The company faced a "multitude of headwinds" in the coming year, Morgan Stanley said.

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Extra Space Storage, Life Storage

As part of its all-stock acquisition, Extra Space Storage will pay $145.82 per share, a 12.2% premium to Friday's closing price. With the acquisition, a storage unit operator would have a pro forma equity market cap of about $36 billion, and an enterprise value of about $47 billion. In the second half of 2023, Extra Space's shares dropped 4.9%, while Life Storage's climbed about 1.7% following the announcement.

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Sunnova Energy

There was a 5% gain in Sunnova shares after Morgan Stanley initiated a rating of overweight on the company last week, stating that in the near future Sunnova could more than double in value. Sunnova shares have dropped 13.3% since I initiated the recommendation.

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Vulcan Materials

Construction stocks could trade higher in early trading after Goldman Sachs upgraded it to buy from neutral. Goldman believes inflation will ease in the coming year.

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World Wrestling Entertainment

WWE shares fall by 6% following news that WWE would merge with UFC in a $21 billion deal involving Endeavor Group, the parent company of UFC. Trade Algo first reported the deal on Sunday.

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Macy’s

Having been upgraded from neutral to overweight by JPMorgan, the department store soared 3.8%. According to the Wall Street firm, which raised its price target on Macy's, Macy's is likely to have a positive bottom line plan and EBITDA margins that will be in the low double digits during the next few years. It has been a difficult year for Macy's shares so far, with a decline of 13.1% in February and a subsequent selloff in March driving the decline.

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SL Green Realty

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As a result of BMO's upgrade to outperform, the real estate investment trust's shares rose over 3% premarket. The company noted the REIT's historically low valuation, which is among the third most heavily shorted in the United States, as well as a number of catalysts that might turn the market around shortly.

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Tesla

Tesla's stock fell 3.1% after the company reported 422,875 vehicles were delivered in the first quarter of 2023, a lower than Wall Street's expectations. A FactSet survey of analysts had forecast that the EV maker would deliver 432,000 vehicles in the fourth quarter, ranging from 410,000 to 451,000 vehicles.