We recently published an article titled "These 10 Firms Led This Week’s Rally." In this article, we are going to take a look at where United States Steel Corp. (NYSE:X) stands against the other stocks.
Ten Companies That Outperformed This Week
This week, ten companies demonstrated exceptional performance despite broader market challenges. The Dow Jones Industrial Average recorded its largest weekly decline in over two years, dropping 1.07%. Similarly, the S&P 500 and Nasdaq also saw significant declines of 0.71% and 0.62%, respectively. Despite this overall downturn, these ten companies delivered impressive gains.
United States Steel Corp. (NYSE:X) Performance
United States Steel Corp. (NYSE:X) has been a standout performer in the past week. The company’s shares saw a remarkable increase of 12.82%, bringing their closing price to $34.24 for the week, up from $30.35 the previous week. This impressive rise has positioned United States Steel Corp. (NYSE:X) firmly on our list of top gainers.
Background on United States Steel Corp.’s Recent Performance
The surge in United States Steel Corp.’s stock price can be attributed to President Joe Biden’s stance on Nippon Steel’s acquisition plan for US Steel. Earlier this month, Biden blocked the $14.9 billion deal, which initially sparked investor concerns. However, last week, expectations were renewed as it appeared the transaction might still move forward.
Key Developments in the Acquisition Effort
In a statement released earlier this week, both companies expressed their pleasure at CFIUS extending the deadline for Nippon Steel to abandon its transaction with US Steel until June 18, 2025. The companies emphasized their commitment to completing the deal and maximizing benefits for the American steel industry.
Challenges Ahead
While the acquisition appears on track, incoming President Donald Trump has expressed opposition to the deal. His administration may impose additional challenges, complicating negotiations and raising questions about the future of this significant transaction.
United States Steel Corp.’s Ranking in Our List
X currently ranks number 10 on our list of firms that led this week’s rally. While we acknowledge the potential of X as an investment vehicle, we believe that AI stocks present even greater promise for delivering higher returns with shorter timeframes. For those seeking a promising AI stock at a reasonable valuation, consider exploring our report on the "cheapest AI stock."
Additional Insights
For readers interested in discovering other high-performing companies, we recommend exploring our list of "8 Best Wide Moat Stocks to Buy Now" and our report on the "30 Most Important AI Stocks According to BlackRock."
This article originally appeared at Insider Monkey. Please follow us on social media for updates.
Read next:
- 8 Best Wide Moat Stocks to Buy Now
- 30 Most Important AI Stocks According to BlackRock
Disclosure: None. This article is originally published at Insider Monkey.