Midday movers: Tesla, U.S. Steel, AMC Entertainment and more

  • Investing.com
  • Stock Market News
Midday movers: Tesla, U.S. Steel, AMC Entertainment and more
Credit: © Reuters.

Investing.com -- U.S. stocks were mixed on Monday as investors await earnings reports from major retailers including Walmart (NYSE: WMT ) and Target Corporation (NYSE: TGT ), along with retail sales data for July.

Here are some of the biggest U.S. stock movers today:

  • Tesla (NASDAQ: TSLA ) stock fell 1.4% after the electric car manufacturer cut prices in China for two of its Model Y variants, as it attempts to combat increased competition and entice customers wary of making big purchases in an uncertain economy.

  • U.S. Steel (NYSE: X ) stock jumped 32% after the steelmaker rejected a $7.3 billion buyout offer from Cleveland-Cliffs (NYSE: CLF ), up 9.8%, and said it would review its options following "multiple unsolicited proposals."

  • AMC Entertainment (NYSE: AMC ) stock fell 33% after a Delaware judge approved the movie theater chain's revised stockholder settlement on Friday, clearing the way for it to sell more shares and pay down some of its $5.1B in debt.
  • Philips ADRs (NYSE: PHG ) rose 3.8% after the investment firm Exor (OTC: EXXRF ) took a 15% stake in the healthcare company, a welcome vote of confidence in the Dutch company.

  • Okta (NASDAQ: OKTA ) stock rose 2.4% after Goldman Sachs upgraded its stance on the identity software company to ‘buy’ from ‘sell’, seeing more than 25% upside.

  • Marriott International (NASDAQ: MAR ) stock fell 0.2% after Bernstein downgraded the hotel chain to ‘market perform’ from ‘outperform’ after a strong run, saying its upside is now limited.

  • Nikola (NASDAQ: NKL ) stock fell 8.5% after the company said on Friday it was recalling all the battery-powered electric trucks that it has delivered to date and is suspending sales after an investigation into recent fires found a coolant leak inside a battery pack as the cause.

-- Peter Nurse contributed to this report

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