A road is closed after an oil leak at Marathon Galveston Bay Refinery on October 6, 2021 in Texas City, Texas.
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Check out the companies making headlines before the bell.
Energy stocks — 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. Marathon Oil rose more than 7%, while Halliburton, APA and Occidental Petroleum each gained more than 6%.
Marqeta — The payment services stock dropped 4.2% after Morgan Stanley downgraded Marqeta to equal weight from overweight. The firm said the company faces a “multitude of headwinds” in the next year.
Extra Space Storage, Life Storage — 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. Extra Space shares dropped 4.9% following the announcement; Life Storage shares climbed about 1.7%.
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 a Goldman Sachs upgrade to buy from neutral. Goldman said the company should see a better year ahead as inflation cools.
World Wrestling Entertainment — Shares of WWE lost 6% on the news that 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.
Macy’s — The department store popped 3.8% after being upgraded by JPMorgan to overweight from…
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