US Steel, Apple, Adobe, SunPower, VF Corp, NIO, and More Stock Market Movers

US Steel, Apple, Adobe, SunPower, VF Corp, NIO, and More Stock Market Movers

Stocks rose Monday even though comments from Federal Reserve officials tempered enthusiasm about how quickly interest rates could be cut. the


Standard & Poor’s 500

It rose 2.5% last week, extending a streak of US stock gains to seven weeks.

US Steel shares rose 27% to $50.11 after reaching an agreement to be acquired by Nippon Steel for $55 in cash per share, or $14.9 billion including debt. US Steel closed at $39.33 on Friday. The deal, if approved by regulators, is expected to close in the second or third quarter of next year. Nippon Steel is committed to maintaining US Steel’s ties with the United Steelworkers union, the companies said.

Apple shares fell 0.8% after the technology giant said it would halt sales of the Apple Watch in the coming days as it prepares to comply with the US import ban.

Adobe said it has completed its deal to acquire design tools maker Figma for $20 billion. Adobe shares rose 2.4%.

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Shares of SunPower on Monday fell 35% after the solar company issued a “going concern” warning in the wake of a potential default.

VF Company
,

The parent company of Vans and The North Face said the security breach it discovered last week could have a “material impact” on its business. The stock fell 6.9%.

Gene sequencing company Illumina said it plans to sell Grail, its unit that makes blood tests for cancer, after federal appeals found the U.S. government had the right to challenge the $7.1 billion acquisition that took place in 2021. Illumina said the divestment would take place through… A third-party sale or capital markets transaction with the goal of finalizing terms by the end of the second quarter of 2024. Illumina shares rose 2.1%.

US-listed NIO shares rose 4.6% after the Chinese electric car maker said it received a $2.2 billion investment from CYVN Holdings, an Abu Dhabi-based investment vehicle. The latest investment increases CYVN’s stake in NIO
‘s

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Total issued and outstanding shares are 20.1%.

FuelCell Energy shares rose 3.3% after the company that produces units that produce electricity from hydrogen announced a partnership with ExxonMobil aimed at reducing carbon dioxide emissions.

Affirm fell 0.6% to $43.70 after shares of the buy now, pay later operator were downgraded to underweight from equal weight at Morgan Stanley.
.

The price target was raised to $20 from $15.

Shares of Uber Technologies rose slightly as shares of the ride-hailing app debuted on the S&P 500 on Monday. Byblos
,

Down 1.5% and Builders FirstSource
,

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By 1.1%, it also joined the index on Monday.

Write to Joe Woelfel at joseph.woelfel@barrons.com

(Tags for translation)Agriculture

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