Market Updates
Movers: Cleveland-Cliffs, Nikola, PayPal, Tesla, U.S. Steel
Scott Peters
14 Aug, 2023
New York City
U.S. Steel Corporation surged 26.9% to $28.76 after the steelmaker rejected a buyout offer of $7.3 billion from Cleveland-Cliffs over the weekend.
Cleveland-Cliffs increased 2.5% to $14.99 after U.S. Steel said it is reviewing its strategic options.
Tesla Inc decreased 2.3% to #237.10 after the electric vehicle maker announced additional savings in China to support faltering sales amid weaker-than-expected economic rebound.
Nikola Corp declined 11.3% to $1.73 after the company recalled 209 electric trucks following an independent investigation of a fire incidence.
The company said according to preliminary findings from Exponent, a third-party investigator, a coolant leak inside a single battery pack was found to be the probable cause of the truck fire at the company's headquarters in Phoenix, Ariz. on June 23.
The findings were further corroborated by a minor thermal incident that impacted one pack on an engineering validation truck parked at the company's Coolidge, Ariz. plant on Aug. 10, the company added in a release to investors.
No one was injured in either incident.
The company put battery electric vehicles sales on hold until a resolution is in place.
PayPal Inc increased 1.7% to $62.52 after the payment processing company's board appointed Intuit executive Alex Chriss as the new chief executive replacing long-time chief executive Dan Schulman in September.
Schulman plans to remain as a director till the end of May 2024.
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