Tesla, Marathon Oil, WWE, UnitedHealth And Other Stocks Moving The Most Midday

‍Tesla

A mean of analyst estimates showed that Wall Street expected deliveries of about 432,000 vehicles for the first quarter of 2023, according to FactSet, after the electric vehicle maker reported total deliveries of 422,875 and total production of 440,808 in the first quarter of 2023.

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Energy stocks

There was a huge rally across all energy stocks today as OPEC slashed production ahead of the upcoming discussions at the G-20 summit. Marathon Oil jumped by more than 9%, Halliburton gained close to 7%, APA, ConocoPhillips and Hess all gained close to 8%.

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UnitedHealth

Following the release of updated payment rates by the Center for Medicare & Medicaid Services on Friday, the shares of the health insurance giant rose about 4%. According to the agency, Medicare Advantage plans will earn over 3% more in revenue during the period of 2023-2024. According to the advance notice of the payment scale, the increase is expected to be just over 1%.

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World Wrestling Entertainment

In the wake of the announcement that WWE and UFC have agreed to merge to form a new publicly traded company controlled by Endeavour Group, shares of the professional wrestling entertainment company fell about 4.5%. WWE and UFC will be worth $9.3 billion and $12.1 billion respectively. Endeavor will hold 51 percent of the new combat sports and entertainment company, while WWE shareholders will own the remaining 49 percent. Endeavor shares dropped 7% in the wake of the deal.

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Marqeta

Morgan Stanley downgraded Marqueta stock from overweight to equal weight. The Wall Street firm said Marqueta is facing an array of challenges without a deal to extend with Block.

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Extra Space Storage, Life Storage

 Life Storage's share price fell 5% after the company announced it would acquire the company in an all-stock deal for $145.82 per share, an 11.2% premium to Friday's closing share price. Life Storage's share price rose slightly after the announcement as well.

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UBS

Swiss media have reported that up to 30% of UBS's staff could lose their jobs as a result of the bank's takeover of Credit Suisse. Shares of the Swiss bank plunged 2.8% after Switzerland's federal prosecutor opened an investigation into the takeover.

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First Solar

In the aftermath of Monday's stock market meltdown, the Wall Street firm Morgan Stanley downgraded First Solar's stock from equal weight to underweight, and stated that the stock has risen 196% since the Inflation Reduction Act announcement, which would indicate First Solar is one of the biggest direct beneficiaries of the law.

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Macy’s

As a result of JPMorgan upgrading the retail giant to overweight from neutral, the stock appreciated by 5.6% on Monday. The investment bank also said the retailer is reaching the point of an "inflection" in its financial position.

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SL Green Realty

As a result, shares of the real estate investment trust (REIT) are rising nearly 2% as BMO upgraded it to outperform from underperform. BMO explains that due to its historically lower valuation and a number of catalysts on the horizon, the company believes the REIT is oversold and that several catalysts are expected to occur in the near future.

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Teck Resources

Teck Resources, a Canadian mining company based in the United States, rose by 15% after the company’s shares surged on the back of Glencore’s unsolicited $22.5 billion bid for the business.

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Apellis Pharmaceuticals

After Trade Algo reported that Apellis Pharmaceuticals has attracted takeover interest from a number of companies, the stock of the company climbed 14% to $34.06.

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Ovintiv

Upon announcing that it would be acquiring certain Midland Basin assets from EnCap Investments for about $4.3 billion, the shares of the exploration and production company soared by 10%. In addition to raising its production guidance for the first quarter, Ovintiv also increased its output forecast for the entire year.

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ADP, Paychex

The payroll companies' stock prices fell after Bank of America downgraded both companies from neutral to underperform, stating that since unemployment starts to increase, both stocks tend to lag behind when the economy begins to grow. Shares of ADP dropped 2.8%, while Paychex shares fell about 3%, according to Trade Algo.

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Atlas Energy Solutions

It is estimated that Atlas Energy Solutions could surge 46.8% over the next 12 months from where it closed Friday to where it is forecast to finish the year. The company is now trading publicly, and its shares have gained more than 3% since Barclays initiated coverage with an overweight rating.