Stocks traded higher Monday as markets have stumbled to add to this year’s rally during August. The focus for Wall Street this week will be on minutes of the Federal Reserve’s latest policy meeting and earnings reports from some of the biggest U.S. retailers.
These stocks were making moves Monday:
U.S. Steel
(X) rejected an unsolicited buyout offer from rival
Cleveland-Cliffs
(CLF) that would have valued
U.S. Steel
at about $7.3 billion. The board of U.S. Steel called the proposal “unreasonable.”
Cleveland-Cliffs
said the implied value of the offer was $35 a share. U.S. Steel closed Friday at $22.72 and was rising 33% to $30.15 on Monday. Cleveland-Cliffs shares rose 10%.
Hawaiian Electric Industries
(HE) was falling 38% to $20.09 after analysts at Wells Fargo reduced the price target on the stock to $25 from $35, citing the risk from the Maui wildfires.
Tesla
(TSLA) declined 1.6% after cutting prices in China on two versions of its Model Y sedan. The price of a long-range Model Y was cut by 14,000 yuan, to 299,900 yuan, and the performance version also was reduced by 14,000 yuanto 349,900 yuan.
Tesla
also rolled out an incentive of 8,000 yuan, or about $1,100, for certain Model 3 sedans in China. The price cuts will lead to more questions about price wars and demand for electric vehicles in the world’s largest market for new cars. U.S.-listed shares of Chinese electric-vehicle makers also declined.
NIO
(
NIO
) fell 3.8%,
XPeng
(XPEV) slipped 0.2%, and
Li Auto
(LI) dropped 2.6%.
AMC Entertainment
(AMC) shares fell 34% after the movie-theater chain won approval to move ahead with a planned conversion of AMC Preferred Equity, or APE, units into common shares. APE units were up 17%. AMC has sought to convert its preferred equity units, known as Apes, into common shares and enact a 10-for-1 reverse stock split to raise capital.
Nikola
(NKLA) was falling 5.2% after announcing it would be recalling about 209 of its Class 8 Tre battery-electric vehicles after a third-party investigator found that a defective battery part likely caused a fire in one of the trucks at the company’s headquarters in Phoenix.
Oddity Tech
(ODD) was down 11% after analysts initiated coverage on shares of the beauty-products company. The consensus on Wall Street is that while Oddity has good prospects, recent increases in the share price limit the potential for short-term gains.
Monday.com
(MNDY) rose 9.5% after second-quarter earnings topped analysts’ estimates and the communications software company raised revenue guidance.
Nvidia
(NVDA) was gaining 6.4% after the graphics chip maker was named a top pick by analysts at Morgan Stanley heading into earnings.
PayPal
(PYPL) was up 2.2% after naming
Intuit
executive Alex Chriss as president and CEO of the digital payments company.
Intuit
(INTU) rose 1.5%.
Okta
(OKTA) was rising 2.2% to $72.94 after shares of the identity-management software provider were upgraded to Buy from Sell at
Goldman Sachs
and the price target was raised to $91 from $77.
Write to Joe Woelfel at [email protected]
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