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US Steel rejected an unsolicited buyout offer from rival Cleveland Cliffs.
Sean Gallup / Getty Images
Stock futures rose on Monday as markets faltered, adding to this year’s rally during the month of August. The focus on Wall Street this week will be the minutes of the Federal Reserve’s latest policy meeting and earnings reports from some of the largest US retailers.
These stocks were poised to make moves on Monday:
US Steel
(X) Rejecting an unsolicited purchase offer from a competitor
Cleveland Cliffs
(CLF) that would be valuable
US Steel
About $7.3 billion. The US Steel board of directors called the proposal “unconscionable”.
Cleveland Cliffs
He said the implied value of the offer was $35 a share. US Steel closed Friday at $22.72 and in pre-market trading was up 26% to $28.63. Cleveland Cliffs shares fell 3%.
Tesla
(TSLA) fell 1.9% after a price cut in China on two versions of the Model Y sedan. The price of the long-range Model Y has been reduced by 14,000 yuan to 299,900 yuan, and the performance version has been reduced by 14,000 yuan to 349,900 yuan.
Tesla
He also put up an incentive of 8,000 yuan, or about $1,100, for some 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.
AMC Entertainment
(AMC) Shares of (AMC) fell 28% in pre-market trading after the movie theater chain received approval to move forward with a planned conversion of AMC Preferred Equity, or APE, units into common stock. APE units are up 28%. AMC sought to convert its preferred stock units, known as Apes, into common stock and enact a 10-for-1 reverse stock split to raise capital.
Nikola
(NKLA) fell 14% after announcing it would recall about 209 of its Class 8 Tre battery electric vehicles after a third-party investigator found that a defective battery part likely caused a truck fire at the company’s Phoenix headquarters. .
Octa
(OKTA) was up 5% at $75 after upgrading shares of the identity management software provider to a buy from a sell in
Goldman Sachs
The price target has been raised to $91 from $77.
Keysight Technologies
(KEYS) Downgraded to Underperform from BofA’s Neutral with a price target of $148, down from $163. Keysight, a maker of electronic test and measurement equipment, is scheduled to release its fiscal third-quarter earnings on Thursday. The stock fell 3% to $151.89.
Monday.com
(MNDY) rose 3.2% after second-quarter earnings beat analyst estimates and the communications software company raised revenue guidance.
Earnings reports are expected later this week
Walmart
(WMT),
Home Depot
(HD),
Goal
(TGT),
Cisco systems
(CSCO),
JD.com
(Dinar) ,
Applied materials
(AMAT),
monastery
(to),
Palo Alto Networks
(PANW) f
XPeng
(XPEV).
Write to Joe Woelfel at joseph.woelfel@barrons.com