In This Article:
We recently published a list of 10 Firms Dominate Monday Upsurge. In this article, we are going to take a look at where United States Steel Corporation (NYSE:X) stands against other firms that dominated Monday upsurge.
Ten companies—predominantly in the healthcare sector—kicked off Monday’s trading with notable gains amid a series of business updates, earnings, and acquisition deals that have fueled investor confidence.
Their gains outperformed mixed trading on Wall Street, with the Dow Jones and S&P’s main index the only gainers, up 0.86 percent and 0.16 percent, respectively. Meanwhile, the Nasdaq Composite dropped by 0.38 percent.
In this article, we will take a look at what buoyed the companies’ share prices.
To come up with Monday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A conveyor belt winding its way through a steel production facility.
United States Steel Corporation (NYSE:X)
Shares of United States Steel Corporation (NYSE:X) rose for a second day on Monday as investors cheered news that two American companies have joined forces to acquire the former.
Over the weekend, reports said that Cleveland-Cliffs (CLF) was in talks with its rival Nucor Corp. (NUE) to jointly acquire US Steel (NYSE:X) at more than $30 per share.
The proposed acquisition came after President Joe Biden blocked a deal for Japan-based Nippon Steel to acquire US Steel (NYSE:X) for $14 billion.
Biden blocked Nippon’s proposed acquisition of US Steel (NYSE:X), saying the steel producers and the American steelworkers “are the backbone of our nation.” However, the administration announced that it delayed an order for Nippon to totally abandon the acquisition plan until June, fueling hopes that a deal could still push through.
Cleveland-Cliffs, however, remained mum on the reports.
Overall, X ranks 9th on our list of firms that dominate Monday upsurge. While we acknowledge the potential of X, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than X but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock
Disclosure: None. This article is originally published at Insider Monkey.