Movers: Endeavor Group, Extra Space Storage, Life Storage, McDonald's, Tesla, WWE

Scott Peters
03 Apr, 2023
New York City

Energy stocks rallied after OPEC+ member nations surprised markets with production cuts. 

Energy producing eight nations announced voluntary production cuts totaling to 1.16 million barrels per day in addition to 2 million barrels a day production cut announced by the alliance in last October. 

Russia previously announced its production cut of 500,000 barrels a day from February. 

Crude oil prices soared as much as 5% in New York and London trading. 

Exxon Mobil Corp jumped 3.8% to $113.90, Chevron advanced 4.0% to $170.0, Halliburton Company advanced 6.2% to $33.65 and Marathon Oil Corp jumped 7.3% to $25.80. 

Life Storage Inc increased 1.9% to $133.65 after the company agreed to be acquired by Extra Space Storage Inc for $145.82 a share or $36 billion equity market capitalization. 

The transaction is expected to be closed in the second half of 2023. 

Extra Space Storage dropped 6.3% to $153.0.

 Endeavor Group Holdings, Inc increased 2.1% to $24.44 after the media and entertainment company agreed to spin off its Ultimate Fighting Championship unit and merge it with World Wrestling Entertainment Inc in a deal worth $21 billion. 

The newly merged company would be 51% controlled by Endeavor and 49% by WWE shareholders. 

The transaction values UFC at an enterprise value of $12.1 billion and WWE for $9.3 billion. 

McDonald's Corp increased 0.7% to $279.61 and a report suggested that the company temporarily closed its headquarter offices ahead of layoff announcements. 

The news was first reported by the Wall Street Journal and independently confirmed by Ticker.com 

Tesla Inc declined 1.7% to $204.0 after the electric vehicle maker reported quarterly production data. 

Tesla said in the first quarter of 2023 vehicle production increased 5% to 440,808 from 422,875 in the previous year. 

The production of model 3/Y advanced 5% to 421,375 from 412,180 and model 5/X jumped 10% to 19,437 from 10.695 a year ago. 

Tesla's production in the December quarter increased 4% to 439,701 from 405,278 a year ago.