Daily Newsletter | August 14, 2023

TLDR

MARKET RECAP → The Nasdaq (QQQ) led the major US stock indexes higher on Monday as tech stocks stage a comeback.

STEEL STANDOFF → Shares of U.S. Steel (X) closed up more than 36% as the company sidestepped Cleveland-Cliffs’ (CLF) $7.3B bid, with eyes on other deals.

PAYPAL’S NEW LEADER → Alex Chriss, from Intuit (INTU), becomes PayPal’s (PYPL) CEO. PYPL shares closed 2.81% higher following the announcement.

Sean Horgan

Head of Investor Relations @ MoneyLion

$shorgan

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Today’s S&P 500 Heatmap

Source: finviz.com

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Today’s Top News

STEEL STANDOFF

? U.S. Steel (X) declined a whopping $7.3 billion buyout bid from competitor Cleveland-Cliffs (CLF), citing a rushed deal without proper due diligence.

? In response to multiple unsolicited offers, U.S. Steel is now exploring strategic alternatives, hinting at potential future proposals.

? Despite the rejection, Cleveland-Cliffs remains optimistic, highlighting their proposal’s backing from the United Steelworkers union.

Source: shutterstock

PAYPAL’S NEW LEADER

? Alex Chriss, previously overseeing the small business and self-employed group at Intuit (INTU), was announced as PayPal’s (PYPL) new CEO.

? He’s set to replace Dan Schulman, PayPal’s CEO since the eBay split in 2015, starting September 27. Schulman will stay on as a director until May 2024.

? Chriss was chosen from nine candidates, with the board highlighting his leadership at Intuit, especially during the $12 billion Mailchimp acquisition.