by Bianca Flowers CHICAGO (Reuters) – The international head of United Steelworkers (USW) said on Monday the union supports North American steel producer Cleveland-Cliffs’ bid to acquire rival United States Steel Corp, adding that the company is the best strategic buyer. Cleveland-Cliffs said Sunday it has offered to buy US Steel in a cash and … Read more
font size Hawaii Electric stock was falling on Monday. Patrick T Fallon/AFP via Getty Images Hawaii Electric Industries It was falling on Monday as wildfires in Maui weighed on the company’s stock. Wells Fargo maintained the Underweight rating on Hawaiian Electric (stock ticker: HE) stock in a report, and cut its price target to $25 … Read more
Dow futures turned lower on Monday morning, as investors braced for a big week of retail earnings. Meanwhile, Cathie Wood’s Ark Innovation ETF (ark) has sold more than 31,000 shares of Tesla stock. The EV giant has slipped after cutting the starting prices of its Model Y in China. X On the economic front this … Read more
Shares of AMC Entertainment fell 35% in pre-market trading Monday amid concerns that approval of a revised shareholder settlement would allow the company to issue more shares to raise capital, a move that would dilute the value of each common share. Common shares fell to $3.45 in trading before the bell. Preferred stock units called … Read more
(Reuters) – Shares of US Steel jumped 29% in pre-market trading Monday, after the more than century-old steelmaker rejected a $7.3 billion takeover bid from Cleveland-Cliffs and said it would review its options after “several proposals.” Undesirable. “. Cleveland-Cliffs, North America’s largest producer of flat steel, said Sunday it had offered to buy US Steel … Read more
(Bloomberg) — One of China’s largest private wealth managers has raised fresh concern about the health of the country’s shadow banking industry after it missed payments on several high-yield investment products. Most Read from Bloomberg Unrest escalated at Zhongzhi Enterprise Group Co., Ltd. , a secretive financial conglomerate managing about 1 trillion yuan ($138 billion), … Read more
Consolidation may be coming to the US steel industry. Ina Fassbender/AFP via Getty Images font size Investors should prepare for volatile trading in steel stocks to start a new week. Steel company built by Andrew Carnegie JPMorgan You may not be independent for much longer. Sunday, United States Steel (Stock ticker: X), which was formed … Read more
font size 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 … Read more
(Bloomberg) — China’s latest attempt to reverse stagnant foreign investment in the country includes pledges to provide better tax treatment for offshore companies and make it easier for them to obtain visas, as officials try to quell concerns about doing business in the world’s second-largest economy. . Most Read from Bloomberg The 24-point plan from … Read more
(Bloomberg) — A crisis is brewing at Country Garden Holdings, formerly the largest Chinese developer, after units halted trading on domestic bonds and stocks plunged in the wake of a Morgan Stanley downgrade. Most Read from Bloomberg The developer, whose problems threaten worse repercussions than struggling peer China Evergrande Group given it has four times … Read more