We recently published a list of 10 Firms End 2024 Stronger With Impressive Gains. In this article, we are going to take a look at where United States Steel Corp. (NYSE:X) stands against other firms end 2024 stronger with impressive gains.
A lackluster trading persisted throughout the last day of the year, with Wall Street’s main indices ending the day mixed.
The Dow Jones Industrial Average dipped by 0.07 percent, the S&P 500 shed 0.43 percent, and the Nasdaq Composite declined by 0.90 percent. Meanwhile, NYSE Composite inched up by 0.10 percent and S&P Composite rose by 0.44 percent.
Despite the lack of catalysts to spark trading, 10 companies–predominantly in the biopharmaceuticals sector–posted impressive gains. Let’s explore the reasons behind their outstanding performance.
To come up with Monday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
Christian Lagerek/Shutterstock.com
United States Steel Corp. (NYSE:X)
Shares in United States Steel (NYSE:X) saw a significant jump in share prices, ending the year higher by 9.54 percent following news that it is set to be acquired by Japanese company Nippon Steel for $14.9 billion, pending approval of outgoing president Joe Biden. Investors warmly welcomed the news that its price spiked by 9.89 percent in just 15 minutes at intraday trading.
The revised proposal by Nippon Steel included a provision granting veto power to the federal government over any reduction in production capacity, should the acquisition secure approvals.
According to reports, the acquisition plan remains under review due to national security concerns from the Treasury Department’s Committee on Foreign Investment in the United States (CFIUS).
Year-to-date, United States Steel’s share prices marked a 29-percent decline from $47.96 each.
Overall, X ranks 2nd on our list of firms end 2024 stronger with impressive gains. While we acknowledge the potential of X as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than X but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.
Disclosure: None. This article is originally published at Insider Monkey.