US Steel Shares Volatile Amid Takeover Uncertainty

1 hr 14 min ago

President Joe Biden intends to block the proposed $14 billion acquisition of U.S. Steel (X) by Japanese firm Nippon Steel, according to a Washington Post report, causing volatility in shares of the iconic American company.

The Committee on Foreign Investment in the United States (CFIUS) has been investigating the deal for possible national security risks, the report said, but its recommendation has not been made public. Biden is required by law to receive the committee’s recommendation before formally blocking the deal.  

Shares of U.S. Steel fell 17% Wednesday following the report and have recovered a fraction of that ground intraday Thursday. Year-to-date, the stock is down about 40%. 

C3.ai Shares Slide on Weak Outlook

1 hr 35 min ago

C3.ai (AI) shares sank to their lowest level in more than a year Thursday after the artificial intelligence (AI) software maker projected a larger loss than expected for the current quarter.

The company released fiscal 2025 first-quarter results after the bell Wednesday, with revenue less than $1 million above estimates compiled by Visible Alpha at $87.2 million, and a smaller net loss than expected at $62.8 million.

For the current quarter, C3 projects revenue within a range of $88.6 million to $93.6 million, compared to the analyst consensus of $91 million. The company projects an adjusted net loss of $26.7 million to $34.7 million for the quarter, compared with the $20.3 million loss analysts currently project.

C3 shares were down 12% recently, trading at their lowest levels since May of 2023.

–Aaron McDade

Shares of Chinese EV Maker Nio Rise as Vehicle Deliveries Jump

3 hr 15 min ago

U.S.-traded shares of Nio (NIO) advanced in early trading Thursday as the Chinese electric vehicle maker boosted its outlook following record deliveries.

Nio posted a second-quarter loss of 5.05 billion yuan ($694.4 million), 16.7% smaller than a year ago. Revenue soared 99% to 17.45 billion yuan, which was in line with analysts' expectations

Vehicle deliveries jumped 144% to 57,373 units in the second quarter, and the company expects a number of between 61,000 and 63,000 in the current quarter. In addition, Nio sees revenue in a range of 19.11 billion yuan and 19.67 billion yuan, better than analysts' estimates. 

American Depositary Receipts in Nio were up 6% in recent trading.

–Bill McColl

Stock Futures Point to Lower Open for Major Indexes

4 hr 52 min ago

Futures tied to the Dow Jones Industrial Average were down fractionally.

S&P 500 futures were down 0.1%.

Nasdaq 100 futures were down about 0.3%.

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