Stocks closed higher on Monday, buoyed by tech stocks. The focus for Wall Street this week will be on the 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 rose 37% to $31.07 on Monday. Cleveland-Cliffs shares rose 8.8%.
Hawaiian Electric Industries
(HE) fell 34% to $21.43 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 1.2% 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 2.9%,
XPeng
(XPEV) slipped nearly 0.3%, and
Li Auto
(LI) dropped 1.3%.
AMC Entertainment
(AMC) shares fell 36% after the movie-theater chain won approval to move ahead with a planned conversion of AMC Preferred Equity, or APE, units into common shares. 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) fell 6.7% 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 nearly 12% 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 8.5% after second-quarter earnings topped analysts’ estimates and the communications software company raised revenue guidance.
Nvidia
(NVDA) gained 7.1% after the graphics chip maker was named a top pick by analysts at Morgan Stanley heading into earnings.
PayPal
(PYPL) was up 2.8% after naming
Intuit
executive Alex Chriss as president and CEO of the digital payments company.
Intuit
(INTU) rose 1.5%.
Okta
(OKTA) rose 1.2% to $72.26 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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