HAL - Hot Stocks: SHEL BP HAL and more energy names higher; M gains on an upgrade and MQ dips on downgrade; NIO falls

2023-04-03 11:53:28 ET

The unexpected output cut from OPEC+ paved the way for a rise in crude oil prices, leaving the market mixed in the intraday session on Monday.

Following individual stocks, energy stocks such as Shell ( NYSE: SHEL ), BP ( NYSE: BP ), Marathon Oil ( NYSE: MRO ), Halliburton ( NYSE: HAL ), Total Energies ( NYSE: TTE ) and Occidental Petroleum ( NYSE: OXY ) rose after OPEC surprised the market with a production cut announcement.

In other news, Macy's ( NYSE: M ) stock rose after JPMorgan upgraded it, while Marqeta ( NASDAQ: MQ ) fell after Morgan Stanley downgraded it.

Meanwhile, Nio ( NYSE: NIO ) fell after its March deliveries fell sequentially.

Gainers

Energy stocks were mostly higher on Monday, led by crude oil, following OPEC's unexpected production cut announcement. Shell ( SHEL ) was up 4.7% , BP ( BP ) was up 4.3% , Marathon Oil ( MRO ) was up 8% , Halliburton ( HAL ) was up 7% , Total Energies ( TTE ) was up 6% , and Occidental Petroleum ( OXY ) was up 4% .

Meanwhile, Macy's ( M ) stock rose more than 5% after JPMorgan upgraded it to overweight from neutral. Analyst Matthew Boss raised the price target on Macy's to $29, and is confident in the retailer's bottom-line plan and expects multiyear EBITDA margins in the low double digits. Macy's stock has dropped 13.1% this year, owing to sell offs in February and March.

Decliners

Nio ( NIO ) shares fell more than 7% after the company announced its monthly and quarterly sales figures. In March, the EV manufacturer delivered 10,378 vehicles, a 15% decrease from the previous month.

Q1 deliveries of 31,041 vehicles (+20.5% Y/Y) fell short of the guidance range of 31,000 to 33,000 vehicles.

Marqeta ( MQ ) tumbled about 5% after Morgan Stanley downgraded it from overweight to equal weight. According to the firm, the company will face a "number of headwinds" in the coming year.

To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section .

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