Two Proposed Deals For U.S. Steel

It’s been a while since U.S. Steel has been in the news. But today, it’s making headlines after receiving multiple surprise offers over the weekend and beginning to explore strategic options. 📝

Initially, the nation’s second-largest steelmaker Cleveland-Cliffs proposed buying the company at $32.53 per share. The roughly half cash and half stock deal would have made the combined company the largest steelmaker ahead of Nucor.

Talks were originally private but broke down last week after Cliffs failed to sign a nondisclosure agreement that would allow the two companies to exchange financial information safely. 👎

Late in the day, Esmark jumped into the bidding war, announcing an all-cash offer for U.S. Steel of $35 per share. Its offer is valid through November 30, 2023, but may be extended. 💰

News of that competing offer sent U.S. Steel shares jumping again, with Cleveland-Cliffs shares dipping. Both $X and $CLF shares will likely remain volatile as it assesses the proposals and explores the best path forward for its shareholders. But for the first time in years, steel is sexy again. 🤩

Tesla Unveils Its Cybertruck

Elon Musk has been in the news quite a bit recently. But today, he was back in the headlines for better reasons, delivering the company’s first Cybertrucks at its Austin headquarters. 🛻

The live event comes after roughly four years of delays and missteps. In it, Musk touted the truck’s towing abilities, bulletproof doors, and straight-line speed, with the event ending with several customers taking delivery of their vehicles.

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Rite Aid Throws In The Towel

Two months after we last spoke about it, pharmacy retailer Rite Aid is back in the news again. Unfortunately, for a similar reason as last time. 👎

In August, the drugstore chain warned it was preparing for bankruptcy as it buckled under mounting debts and lawsuits over its role in the opioid epidemic. Today, the company officially filed for Chapter 11 bankruptcy protection in New Jersey, appointing a new CEO to lead the restructuring plan. 📝

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AMC’s Taylor Swift Boost

Taylor Swift and her “Swifties” are having their time in the sun, bringing rays wherever they go. 🌞

While the NFL is looking to take advantage of Swift’s new potential romance, movie theatre chain AMC also wants to get in on the action, and so far, it appears to be working.

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Target Drops On Store Closures

Big-box retailer Target continued its precipitous decline today after becoming the latest company to close some stores due to violence and theft. ❌

The company said it will close nine of its nearly 2,000 U.S. stores after struggling to control crime and safety at those locations. The impacted cities include New York City, Seattle, San Francisco, and Portland. 

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