Exxon, Chevron, Tesla, WWE, Life Storage, and More Stock Market Movers

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Exxon rises after OPEC+, led by Saudi Arabia, said it was voluntarily planning on reducing output.

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Stock futures traded mixed Monday, oil prices jumped, and shares of energy stocks surged after OPEC+ surprised markets with production cuts of more than a million barrels a day that will start next month.

These stocks were poised to make moves Monday: 

Exxon Mobil
(XOM) jumped 4%,
(CVX) rose 4.1%,
Occidental Petroleum
(OXY) gained 5.8%, U.S.-listed shares of
(BP) were up 5%, and
(SHEL) gained 4.6% after OPEC+, led by Saudi Arabia, said it was voluntarily planning on reducing output. The latest production cut, announced Sunday, come on top of the cuts announced last October.

World Wrestling Entertainment
(WWE) fell 5.8% after the company announced it was being bought by
Endeavor Group Holdings
(EDR), forming a $21 billion sports entertainment company. Endeavor owns properties such as Ultimate Fighting Championship, or UFC.

(TSLA) delivered 422,875 vehicles in the first quarter, and the electric-vehicle maker produced 440,808 units, both quarterly records. Wall Street was expecting Tesla to deliver about 420,000 units in the first three months of 2023. Tesla delivered 405,278 cars in the fourth quarter of 2022 and it produced 439,701 units. The stock was down 2.6% in premarket trading. It finished the first quarter up more than 68%, the best first-quarter performance ever.

Chinese electric-vehicle makers
(XPEV), and
Li Auto
(LI) reported combined deliveries for March of 38,203 vehicles, up from 34,787 delivered in February and higher than the 36,433 units delivered in March 2022.

NIO was down 0.2% after it delivered 10,378 units in March, down from 12,157 delivered in February, but up from 9,985 delivered in March 2022. For the quarter, NIO delivered 31,041 vehicles, within the company’s guided range of 31,000 and 33,000 vehicles and up from the 25,768 vehicles delivered in first quarter of 2022.

Life Storage
(LSI) rose 2.1% in premarket trading to $133.90 after agreeing to be acquired by
Extra Space Storage
(ESR) in a deal valued at $145.82 a share. The merger has an enterprise value of about $47 billion.

First Solar
(FSLR) declined 2% after shares of the solar panel company were downgraded to Underweight from Equal Weight at
Morgan Stanley,
the Fly reported.
Sunnova Energy
(NOVA) rose 5.3% after being initiated at Overweight by Morgan Stanley.

(MCD) was up 0.7% after The Wall Street Journal reported the fast-food giant was planning corporate layoffs this week and would be closing its U.S. offices from Monday to Wednesday as it prepares for the cuts.

Write to Joe Woelfel at [email protected]

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