Today's charts: Oil giants drop; Santander rescues failing Banco Popular; Tesla shares gain

Seana Smith

Yahoo Finance is tracking Banco Santander, Tesla, Chevron, Exxon, ConocoPhillips and AMC Networks in intraday trading on Wednesday.

Banco Santander (SAN) – The Spanish bank is rescuing rival Banco Popular after the smaller lender lost more than half of its value over the past week. The European Commission sanctioned the acquisition after the European Central Bank said Banco Popular was “failing or likely to fail.” Shares of Banco Santander were up about 2% as of 11:45 a.m. ET on Wednesday.

Tesla (TSLA) – The electric carmaker is posting gains following comments by CEO Elon Musk at its shareholder meeting Tuesday evening. Musk revealed more details about the electric semi truck and its upcoming Model Y, a smaller crossover vehicle which is expected to go on sale in late 2019. Musk did not give specific plans for the Model Y but did say it could require a new factory. He also said he expects demand for the Model Y to surpass the Model 3.

Chevron (CVX), Exxon (XOM), ConocoPhillips (COP) – Oil giants are under pressure as crude prices drop after weekly government data showed a larger-than-expected increase in US inventories. The EIA reported domestic crude supplies climbed by 3.3 million barrels last week, compared with expectations for a 3.5 million-barrel decline.

AMC Networks (AMCX) – The company’s board authorized adding $500 million to its share repurchase program, bringing the total to $1 billion. Shares of AMC Networks are up about 4% since the start of the year.

For more on Wednesday’s big stock movers, check out the Final Round, live at 4 p.m. ET, right here on Yahoo Finance.