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

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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.

Source: shutterstock

Keep Reading

Michael Burry of ‘The Big Short’ fame reveals potential big bets against the market, tech stocks (CNBC)

Saudi soccer league lures Brazilian star Neymar as it seeks to attract ‘exceptional players only’ (CNBC)

Ford hires ex-Apple TV Plus chief Peter Stern to lead the customer software team (The Verge)

Intuit’s Alex Chriss named new PayPal CEO (CNBC)

And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money (Moneylife)

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Written by Sean Horgan Sean Horgan is the Head of Investor Relations at MoneyLion, where he leads communications with investors and stakeholders. Before joining MoneyLion, Sean was an Equity Research Analyst at Rosenblatt Securities and Emerald Asset Management. Sean holds multiple FINRA licenses, including Series 7, 63, 86, and 87, and CFA Level I. Sean also writes MoneyLion's Markets Daily newsletter, delivering the daily TL;DR on market news.