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Today is Tuesday, September 3, 2024.

The Early Bird Index today is 72.92.

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US Steel's Future Plans 🤝

The future of United States Steel (NYSE: X) is still up in the air but there appears to be wide agreement across the political spectrum regarding its potential sale to a Japan-based rival.

Details: Vice President Kamala Harris said Monday that she opposes the plan for Nippon Steel (OTCMKTS: NPSCY) of Japan to acquire U.S. Steel. She wants the company to remain domestically owned.

Background: In December 2023, Nippon Steel announced plans to acquire U.S. Steel.

Yes, But: President Joe Biden announced his opposition to the acquisition months ago. Former President Donald Trump also said he would block the acquisition if he won the election in November.

Stock Price: U.S Steel is down 20.95% this year.

Early Bird’s Nest Egg Gains: Political opposition isn’t the only factor weighing down U.S. Steel’s stock in 2024.

• The steel industry can be sensitive to broader economic trends and market conditions. Any concerns about economic growth or demand for steel products could impact the stock price.

• With the deal in limbo, the market may be reassessing U.S. Steel's standalone value, which could be lower than the acquisition price offered by Nippon Steel.

Final Thoughts: Although the stock price is down, some analysts still view U.S. Steel stock as a potential buy.

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Notables

Notable Earnings Today: Zscaler (Nasdaq: ZS), GitLab (Nasdaq: GTLB), Hello Group (Nasdaq: MOMO), PagerDuty (NYSE: PD), Asana (NYSE: ASAN), Ascendis Pharma (Nasdaq: ASND), HealthEquity (Nasdaq: HQY), OneStream (Nasdaq: OS), Sportsmans Warehouse Holdings (Nasdaq: SPWH).

Notable IPOs Today: Currenc Group Inc. Ordinary Shares (Nasdaq: CURR), Launch One Acquisition Corp. Class A Ordinary shares (Nasdaq: LPAA).

Notable Equity Crowdfunding Campaigns Ending Today: StemBioSys (StartEngine), Deverra Therapeutics (StartEngine), Mutiny Island Vodka (StartEngine), Untruth (Wefunder), Epilog (StartEngine).

Notable Economic Events Today: S&P Global US Manufacturing PMI (9:45 a.m. ET), ISM Manufacturing PMI / Prices (10:00 a.m. ET), ISM Manufacturing Employment (10:00 a.m. ET), Construction Spending (10:00 a.m. ET).

Volkswagen's Germany Plant Closures

Germany-based automaker Volkswagen (OTCMKTS: VWAPY) is considering a plan to close plants in its home country for the first time.

Details: Volkswagen said Monday that it could not rule out closing plants in Germany due to challenges in the automotive industry.

Bigger Picture: European automakers face serious challenges, including increased competition from automakers in China.

Final Thoughts: Volkswagen’s stock is down 13% this year.

Cardano’s Latest Upgrade Went Live

Cardano’s Chang hard fork, an upgrade for the Cardano blockchain, went live over the weekend.

Final Thoughts: Despite the upgrade, Cardano’s price is down about 8% in the last week.

Trends to Watch

Plummeting: Ethereum layer-1 network revenue collapses — What’s causing it? (Cointelegraph)

Meeting Time: Elliott now owns enough of Southwest Airlines to call special meeting (Reuters)

Another Reason to Invest: How do you feel about the economy? It depends on whether you own stocks (Business Insider)

Security Risk: Global supply chains can’t skirt China rare earths crackdown (Financial Times)

More Airplane Problems: Cathay Pacific Cancels Flights to Inspect 48 Airbus Aircraft After Engine Issue (New York Times)

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_{The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.}