A road is closed following an oil spill at the Marathon Galveston Bay refinery October 6, 2021 in Texas City, Texas.
Go Nakamura | Getty Images
Check out the companies making headlines before the bell.
Energy Stocks – Energy stocks rose across the board on Monday after OPEC surprised the market by announcing a production cut. This prompted some analysts to warn that oil prices could reach $100 a barrel. Marathon Oil rose more than 7% while Halliburton, WHAT And Western Petroleum each gained more than 6%.
Marketa — The payment services stock fell 4.2% after Morgan Stanley downgraded Marqeta from overweight to equal weight. The company said the company faces a “variety of headwinds” over the next year.
Additional storage space, life store – Extra Space Storage said it would acquire Life Storage in an all-stock transaction for $145.82 per share, an 11.2% premium over the stock’s close on Friday. The transaction would create a storage device operator with a pro forma market capitalization of approximately $36 billion and total enterprise value of approximately $47 billion. The transaction is expected to close in the second half of 2023. Extra Space shares fell 4.9% after the announcement; Life Storage shares are up about 1.7%.
Sunnova energy — Shares of the solar energy company rose more than 5%. Morgan Stanley initiated Sunnova with an Overweight rating, noting that the stock could more than double in value. Sunnova shares are down 13.3% in 2023.
volcanic materials — Construction stock could move in early trade on a Goldman Sachs upgrade to buy from neutral. Goldman said the company should have a better year as inflation cools.
World Wrestling Entertainment — WWE shares fell 6% on news that Endeavor Group, UFC’s parent company, would spin off UFC and merge it with WWE in a $21 billion deal. CNBC first reported on the potential deal on Sunday.
Macy’s — The department store rose 3.8% after being upgraded from neutral to overweight by JPMorgan. The Wall Street company, which raised its price target for the retailer, said it has confidence in Macy’s bottom line plan and expects multi-year EBITDA margins in the low double digits. Macy’s shares are down about 13.1% so far this year, reflecting sell-offs in February and March.
SL Green Realty – Real estate investment trust shares are up more than 3% premarket after BMO upgraded them to outperform, saying the third-most-shorted U.S. REIT is oversold given its historically low valuation, with multiple catalysts “on the horizon.” .
Tesla — The stock fell 3.1% after Tesla reported on Sunday that it delivered 422,875 vehicles for the first quarter of 2023, falling short of Wall Street expectations. Analysts polled by FactSet had expected the electric vehicle maker to report deliveries of around 432,000 vehicles for the quarter. Estimates included in the FactSet analysis ranged from an expected 410,000 to 451,000 deliveries.
– CNBC’s Hakyung Kim, Sarah Min, Alex Harring, Michelle Fox Theobald, Tanaya Macheel and Samantha Subin contributed coverage.