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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 in August, adding to this year’s rally. 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 23% to $27.84. Cleveland Cliffs shares fell 6%.
Tesla
(TSLA) was down 1.8% 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 (AMC) fell 27% in premarket 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 16% after announcing it would recall about 209 of its Class 8 Tre battery electric vehicles after a third-party investigator found that a faulty battery part likely caused a truck fire at the company’s Phoenix headquarters. .
Octa
(OKTA) was up 4.1% at $74.33 after upgrading shares of the identity management software provider to a buy from a sell.
Goldman Sachs
Fly newspaper reported that the price target was raised to $91 from $77.
Earnings reports are expected on Monday
Spiritual sciences
(Roofy),
Monday.com
(MNDY),
clatter
(rum),
Genco Solar
(JKS) and
Kano
(GOV).
Reports are expected later in the 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