The stock posted a modest gain on Monday as the market stumbled in an attempt to spur this year’s rally in August. Wall Street’s focus this week will be on the minutes of the Federal Reserve’s latest policy meeting and the earnings reports of some of the largest US retailers.
U.S. Steel (X) has rejected an unsolicited takeover offer from rival Cleveland Cliffs (CLF) that values U.S. Steel at about $7.3 billion. U.S. Steel’s board of directors said the proposal was “unreasonable.” Cleveland Cliffs said the implied value of the offer is $35 a share. US Steel closed at $22.72 on Friday and climbed 26% to $28.70 on Monday. Cleveland Cliffs stock rose 4.4%.
Hawaiian Electric Industries (HE) fell 40% to 19.38 after Wells Fargo analysts cut their price target from $35 to $25, citing risks from Maui wildfires. became a dollar.
Tesla (TSLA) fell 1.4% after it cut prices on two versions of its Model Y sedan in China. The price of the long-range Model Y was cut by 14,000 yuan to 299,900 yuan, and the performance version was also cut by 14,000 yuan to 349,900 yuan. Tesla also introduced an 8,000 yuan (about $1,100) incentive for some Model 3 sedans in China. The price cut will raise more questions about price competition and demand for electric vehicles in the world’s largest new car market. U.S.-listed shares of Chinese electric car makers also fell. NIO (NIO) fell 4.5%, XPeng (XPEV) fell 0.8% and Li Auto (LI) fell 3.2%.
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Shares of AMC Entertainment (AMC) fell 36% after the cinema chain won approval to proceed with its planned conversion of AMC preferred stock (APE) units into common stock. APE units he increased by 16%. AMC sought to convert its preferred stock units, known as Apes, into common stock and enact a 1-for-10 reverse stock split to raise capital.
Nikola (NKLA) has sold about 209 Class 8 Tre battery electric vehicles after a third-party investigator found that a defective battery component may have caused a fire in one truck at its headquarters. It fell 11% after announcing a recall. in Phoenix.
Monday.com (MNDY) rose 12% after second-quarter earnings beat analyst expectations and telecom software companies raised their earnings guidance.
Nvidia
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Morgan Stanley analysts said (NVDA) rose 4.3% after the graphics chip maker’s stock was named the top earning stock.
PayPal (PYPL) rose 2.2% after the appointment of Intuit executive Alex Chris as president and CEO of the digital payments company. Intuit (INTU) rose 1.1%.
Octa (OKTA) rose 4% to $74.28 after Goldman Sachs upgraded the identity management software provider’s stock from buy to sell, raising its price target from $77 to $91. became.
Email Joe Weelfel (joseph.woelfel@barrons.com).
