Market Movers: Key Companies to Watch
As the trading day begins, several prominent companies are making headlines that could affect their stock prices.
U.S. Steel Faces Setback
Shares of U.S. Steel took a significant hit, dropping nearly 8%, following President Joe Biden’s decision to block a $14.9 billion acquisition attempt by Japan’s Nippon Steel. Biden emphasized that "U.S. Steel will remain a proud American company," highlighting the national security concerns surrounding the domestic steel industry.
Block Gets a Boost
Fintech company Block saw its stock rise nearly 3% after Raymond James upgraded its rating from market perform to outperform. The firm noted that despite its recent performance, Block’s current valuation is appealing. Raymond James believes that the company’s seller gross payment volumes will play a crucial role in boosting its stock in 2025.
Carvana’s Turnaround Under Scrutiny
Carvana, the online used-car retailer, experienced a decline of more than 2% after Hindenburg Research raised concerns about the company’s recent recovery. The firm labeled this resurgence a "mirage," alleging the growth relies on unstable loans and questionable accounting practices.
Chewy Shares on the Rise
In the pet-focused e-commerce sector, Chewy’s stock jumped by over 2% following an upgrade from Wolfe Research, which shifted its rating to outperform from peer perform. The firm highlighted Chewy as a top pick among internet stocks, citing expectations for improved earnings, a favorable economic environment, and strong product catalysts as reasons for optimism.
Las Vegas Sands Gains Momentum
Las Vegas Sands saw its stock rise more than 3% after Jefferies upgraded it to a buy rating from hold. Jefferies noted that improving macroeconomic conditions in Macao could pave the way for growth in the consumer sector in the near term.
Constellation Energy Sees Positive Moves
Shares of Constellation Energy increased by nearly 2%, building on Thursday’s gains when the company announced contracts worth over $1 billion to supply nuclear power to the U.S. government over the next decade.
Stay informed as these developments unfold, shaping the landscape of the trading day.
