On this episode of Stock Movers:
- US Steel (X) shares are weaker this morning on news that President Trump is threatening to raise steel and aluminum tariffs. President Trump announced that he would increase tariffs on steel and aluminum to 50% from 25%, saying the move would help protect American workers. The deal would ensure the iconic American firm remains US-owned and operated, with Trump promising that US Steel workers would receive a $5,000 bonus and that $2.2 billion of the proposed investment would be earmarked to increase steel production.
- Cleveland Cliffs (CLF) is moving in the opposite direction of its competitor this morning as its rising on the tariff news. The president made the announcement during a visit to a United States Steel Corp. plant near Pittsburgh, where he championed an expected deal between US Steel and Japan's Nippon Steel Corp.
- Bristol Myers (BMY) is higher this morning along with the broader pharma sector as it agrees to pay BioNTech SE up to $11.1 billion to license a next-generation cancer drug, with $1.5 billion upfront and $2 billion in installments through 2028. The deal marks a major payoff for BioNTech, which initially licensed the compound from Chinese biotech Biotheus in 2023 and later bought the company outright for up to $950 million.
- Tesla (TSLA) is moving to the downside this morning along with other big names in the tech sector. It comes as new-vehicle registrations fell further in France, undercutting Chief Executive Officer Elon Musk’s assertion last month that the carmaker has recovered from its early-year sales slump.
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