Tesla and Nio shares sink after delivery updates, while Marathon Oil and other energy stocks rise

By Barbara Kollmeyer and Emily Bary

Tesla's delivery numbers came up shy of FactSet consensus expectations

Here were some of the bigger and more active stocks as of midday trading Monday.

Stock gainers:

Shares of oil companies Marathon Oil Corp. (MRO) and APA Corp.(APA) were among the biggest movers midday Monday after Saudi Arabia led a surprise effort by OPEC+ members to cut oil production, with Marathon Oil up more than 8% and leading S&P 500 gainers. Other energy stocks on the move include Chevron Corp.(CVX), Exxon Mobil Corp.(XOM) and Occidental Petroleum Corp. (OXY)

Teck Resources Ltd.'s stock (TECK.B.T) was up more than 14% after the Vancouver-based mining company said it rejected an unsolicited buyout offer from Glencore PLC. Teck is urging shareholders to instead approve an already-announced separation plan of Teck Metals and Elk Valley Resources at an April 26 meeting.

Shares of Ovintiv Inc.(OVV) were up over 9% after the hydrocarbon exploration and production company said it would buy assets from a trio of companies for about $4.275 billion in cash and stock.

Life Storage Inc.(LSI) shares were up 4% after the real-estate investment trust said rival Extra Space Storage Inc. (EXR) has agreed to take it over in an all-stock deal that will create an entity with an enterprise value of $47 billion. Extra Space shares were down 5%.

PPG Industries Inc. shares (PPG) were up more than 4% after the global supplier of paints, coatings and specialty materials boosted its adjusted profit expectations.

Stock decliners:

Shares of Stratasys Ltd. (SSYS) fell 3% after the 3D-printing company said that its board of directors had unanimously rejected an unsolicited takeout offer from Nano Dimension

Tesla Inc.'s stock (TSLA)was down more than 6% and leading S&P 500 laggards after the electric-vehicle maker said it delivered 422,875 vehicles in the first quarter, which was shy of the 432,000 analysts tracked by FactSet had predicted.

Nio Inc.'s U.S.-listed shares were falling about 6% after the Chinese electric-vehicle company posted delivery numbers of its own. Nio's quarterly deliveries rose from a year before but fell sequentially.

Shares of Endeavor GroupHoldings Inc.(EDR) were off more than 6% after the parent of the mixed martial-arts organization UFC said it has agreed to combine with World Wrestling Entertainment(WWE) to form a new, publicly listed company, with a combined enterprise value of $21.4 billion. WWE shares were down over 4%.

Shares of Automatic Data Processing Inc. ADP and Paychex Inc.(PAYX) were each falling about 3% after a BofA Securities analyst downgraded both payroll names to underperform from neutral.

Illumina Inc. shares were down 1.5% midday after the Federal Trade Commission ordered the life-sciences company to divest the Grail business it acquired. Illumina plans to appeal.

Shares of Paramount Global Inc.(PARA) were falling more than 2% after Wells Fargo added the underweight-rated stock to its tactical ideas list, saying that Paramount "is in the crosshairs of media sector challenges, from the decline in linear to struggling DTC," or direct-to-consumer viewing.

-Barbara Kollmeyer

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04-03-23 1259ET

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