US Steel explodes on buyout interest 🚀

Good Morning! Hey, there! It's Chris from Elite Trade Club, here to give you this morning's premarket trading news. Happy Monday! It's August 14th. I hope you had a great weekend! Now, let's get ready to trade! Markets 📈 Stocks closed out last week with mixed results. The Dow gained 0.3% on Friday, while the S&P 500 lost 0.1%, and the Nasdaq fell 0.6%. The small-cap Russell 2K added 0.1%. Today, futures are heading higher in early trading. S&P 500 contracts are up 0.2%. Sponsored [This Stock Could See Enormous Gains]( This stock could be in a prime position to capitalize on a brewing opportunity in one of the world's largest markets. It's preparing to kick off a new project that could turbo-charge sales growth and deliver huge windfalls for shareholders. [Get All the Details Here]( Premarket Highlights 🔎 🇨🇳 China Developer Country Garden Faces Default Mounting anxieties over the future of Country Garden, one of China's largest property developers, are weighing on both Asian and American markets this morning. Some experts say a Country Garden default could make Evergrande's default look like a walk in the park. What to Watch Today 👀 More Corporate Earnings It's a quiet day for economics, with no major reports scheduled, so earnings could be a big driver of today's trading action. Today's docket is light on Big Name stocks, but there are plenty of notable large-caps worth keeping an eye on. Major Earnings 💰 Roivant Sciences Ltd. [ROIV] ... AM Monday.Com Ltd. [MNDY] ... AM Jinkosolar Holding Company Limited Dr [JKS] ... AM Altus Power, Inc. [AMPS] ... AM Rumble Inc. [RUM] ... PM Getty Images Holdings, Inc. [GETY] ... PM Definitive Healthcare Corp. [DH] ... PM Navitas Semiconductor Corporation [NVTS] ... PM Hesai Group Dr [HSAI] ... PM AST Spacemobile, Inc. [ASTS] ... PM Economy 🏗 - None Running Hot 🔥 Gainers - AGBA Acquisition [AGBA] >> +34.5% - AMC Entertainment Pref. [APE] >> +25.8% - Green Giant [GGE] >> +26.4% - Steakholder Foods [STKH] >> +21.3% Decliners - Oxbridge Acquisition [JTAI] >> (34.4%) - AMC Entertainment [AMC] >> (34.1%) - Pheonix Motor [PEV] >> (25.0%) - Aurora Acquisition [AURC] >> (23.3%) U.S. Steel [X] - Last Close: $22.72 U.S. Steel just received a buyout bid. On Sunday, the legendary steel company received an unsolicited buyout offer from Cleveland Cliffs [CLFS] that offered $7.3 billion of cash and stock. Cleveland Cliffs announced the offer on Sunday. The deal would pay about $35 per share of X, representing a premium of 43% compared to its last close. CC decided to go public with the offer after U.S. Steel turned it down, calling it "unreasonable," but it has announced a formal review process after receiving multiple bids. X is one of this morning's top stocks with a 28.1% gain. My Take: X is still trading well below the proposed acquisition price of $35, so the market isn't convinced this deal is going to go through. Prime Number Acquisition I Corp. [PNAC] - Last Close: $8.03 Prime Number Acquisition is heating up after an announcement. The SPAC filed a Form 425 this morning announcing a new forward purchase agreement with Meteora Capital Partners. Under the terms of the deal, Meteora has greed to purchase up to 2 million shares. Meteora also agreed to cover up to 50% of a $1 million shortfall that the SPAC needs to close its planned combination with NOCO-NOCO PTE. PNAC is up 44.5% on the news. My Take: Sounds like Meteora just saved PNAC's skin. The SPAC market is wildly unpredictable, and I don't know enough about NOCO-NOCO to make a call. Freight Technologies [FRGT] - Last Close: $0.56 A bullish business update is boosting shares of Freight Technologies. This morning, the tech-focused logistics company announced its Q2 financial results, and the numbers impressed. Freight Tech's sales grew 29% compared to last quarter, and it reported a whopping 93% YoY improvement in margins. CFO Paul Freudenthaler called it "another quarter of strong growth and improved profitability." FRGT is up 36.7% in early trading. My Take: FRGT's Q2 results are encouraging, but its chart is ugly, and the company has a long road ahead of it to get back on track. Taysha Gene Therapies [TSHA] - Last Close: $0.7390 Taysha Gene is rallying on new earnings data and an upbeat clinical update. This morning, the company reported initial clinical data from a key drug trial and better-than-expected Q2 revenues on its latest quarterly report. Taysha said initial clinical data from a REVEAL Phase 1/2 trial of TSHA-102 showed the drug was safe and produced improvements in Rett Syndrome patients. The company reported a wider-than-expected Q2 loss of $(0.38) versus the Street's $(0.31) target, but its $2.4 million sales figure topped expectations. The company also announced a $150 million private placement financing round. Shares of TSHA are up 52.9% in response to the company's flurry of early-morning announcements. My Take: TSHA appears to be up-trending after a long decline. This rally could give it the push it needs to pivot into a new trading range. That's it for today! Thanks for reading, and good luck out there! Best Regards, Chris D. -- Elite Trade Club P.S... Want alerts delivered straight to your cell every morning for free?* Text ELITE to 47121 to sign up now and get our watchlists sent directly to your phone! Or text CLOSE to 47121 to get on the mobile alert list for our Closing Bell Roundup report, featuring the day's top winners and losers. *Standard message/carrier rates may apply. 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