(Bloomberg) -- U.S. Steel Corp. is doing everything it can to weather the economic downturn caused by the coronavirus pandemic, including a share offering announced late Wednesday.The company offered 50 million shares -- almost a third of the current number outstanding -- at a level said to be about $8.58 to $8.80 per share. After closing at $9.38 in New York, shares were down 5.5% in after-market trading.The Pittsburgh-based steelmaker faces a historic decline in demand, announcing earlier Wednesday that it expects deeper losses in the second quarter than analysts forecast. At the same time, U.S. Steel is working toward buying the remaining 50.1% of Big River Steel, after previously paying $700 million for almost half of it. The company said its investment in the electric arc furnace remains the “number one strategic priority.”“They have strategic objective of taking Big River down and want to make sure with 150% accuracy that...
On Tuesday, Cowen analysts led by Jeffrey Osborne initiated coverage on shares of Nikola with an overweight rating and $79 price target, saying it’s “more than just a truck company.” The Final Round panel discusses the bullish call. ...
Hertz suspended its plan to sell up to $500 million in shares amid scrutiny from regulators. Yahoo Finance’s Jared Blikre joins The Final Round panel to break down the latest news. ...
Video games are on the rise thanks in part to stay-at-home procedures during the coronavirus (COVID-19) outbreak. PC gaming is up, with Etailers reporting "frequent recent stocks outs of NVDA's most popular Turing cards."According to analysts at BofA Securities, only "8% of PC gamers own a GPU on par with performance of upcoming Sony/Microsoft game consoles, which will become the new bar for mainstream performance."The approaching releases of Sony Interactive Entertainment's (NYSE: SNE) PlayStation 5 and Microsoft Corporation's (NASDAQ: MSFT) Xbox Series X could ignite a "major upgrade cycle" for PC gaming-based companies like Nvidia (NASDAQ: NVDA) and Advanced Micro Devices (NASDAQ: AMD).See Also: What Sony Analysts Like About The PlayStation 5 PresentationDemand > Supply: Demand will inevitably grow as mainstream consoles begin releasing hardware updates. BofA analysts believe "Turing adoption could be increasing as a result of the rising popularity of gaming as many are confined to their homes."Many places...
(Bloomberg) -- Three decades of advances took lithium-ion batteries from powering handheld Sony camcorders to propelling Tesla’s popular electric vehicles. The rapid rise is facing a major test in the Covid-19 pandemic.Demand for rechargeable batteries will decline for the first time this year, as sales of electric cars—the biggest user—slump with novel coronavirus pummeling the auto industry, according to BloombergNEF forecasts. Battery shipments to carmakers are forecast to fall 14% in 2020, and the effects of the slowdown are seen lingering into next year.Major producers, including South Korea’s LG Chem Ltd., a supplier to Tesla Inc. and General Motors Co., have cut annual sales forecasts. Analysts expect the industry’s planned vast expansion of manufacturing capacity to slow down. Startups burning through cash as they work on potential breakthrough technologies are bracing for a tougher sell to secure funds.And yet, from Silicon Valley laboratories to China’s Contemporary Amperex Technology Co. Ltd., the world’s top producer,...
