Today's Pre-Market Stock Movers: MRO, TSLA, M, WWE and More

Movers and Shakers wrote a column · Apr 3, 2023 07:35

Gapping up

Energy stocks $Marathon Oil(MRO.US)$ +7%, $Occidental Petroleum(OXY.US)$ +6% (Energy stocks rose broadly Monday after OPEC surprised the market by announcing a production cut. This led some analysts to warn oil prices could reach $100 per barrel.)

Sunnova Energy — The solar energy company's shares were up by more than 5%. Morgan Stanley initiated Sunnova with an overweight rating, noting the stock could more than double in value. Sunnova shares have dropped 13.3% in 2023.

Vulcan Materials — The construction stock could move in early trading on the back of aGoldman Sachs upgrade to buy from neutral. Goldman said the company should see a better year ahead as inflation cools.

$Macy's(M.US)$ +3.8% (The department store was upgraded by JPMorgan to overweight from neutral. The Wall Street firm, which raised its price target on the retailer, said it has confidence in Macy'aqs bottom-line plan and expects to see multiyear EBITDA margins in the low double digits.)

$SL Green Realty(SLG.US)$ +3% (BMO upgraded — Shares of the real estate investment trust to outperform, saying the third-most heavily shorted U.S. REIT is oversold given its historically low valuation and several catalysts are "on the horizon.")

Gapping down

$Extra Space Storage Inc(EXR.US)$ -7.32% , $Life Storage, Inc.(LSI.US)$ +1.46% (Extra Space Storage said it would acquire Life Storage in an all-stock transaction for $145.82 per share, an 11.2% premium to where the stock closed Friday. The deal would create a storage unit operator with a pro forma equity market capitalization of about $36 billion and a total enterprise value of roughly $47 billion. The transaction is expected to close in the second half of 2023.)

$Marqeta(MQ.US)$ -4.2% (Morgan Stanley downgraded Marqeta to equal weight from overweight. The firm said the company faces a "multitude of headwinds" in the next year.)

$World Wrestling Entertainment(WWE.US)$ -6% (Endeavor Group, the parent company of UFC, would spin off UFC and merge it with WWE in a deal valued at $21 billion. CNBC first reported news of the potential deal on Sunday.)

$Tesla(TSLA.US)$ -3.1% (Tesla reported on Sunday that it delivered 422,875 vehicles for the first quarter of 2023, falling short of Wall Street's expectations. Analysts surveyed by FactSet had expected the EV maker to report deliveries around 432,000 vehicles for the quarter. Estimates included in the FactSet analysis ranged from an expected 410,000 to 451,000 deliveries.)

Source: Dow Jones

Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more

Translate

Report

85K Views

Comment

Movers and Shakers

Moomoo Official Account

Chasing hot stocks

43KFollowers

13Following

36KVisitors