Take a look at the companies making headlines in midday trading. U.S. Steel Corp. – Shares of U.S. Steel fell 8.6% on Tuesday, a day after President-elect Trump said he would block Japan’s Nippon Steel from acquiring the Pittsburgh steel company. The deal was first agreed in late 2023 but has since faced political and labor opposition. AT&T — The telecom stock rose more than 4% after forecasting free cash flow of more than $18 billion in 2027. Upstart Holdings — The artificial intelligence-driven loan market rose nearly 4%, driven by an upgrade to buy rating on Redburn Atlantic. Redburn said the company’s worst is over and “the best is yet to come.” Credo Technology Group — Shares of Credo Technology Group soared 41% after the maker of cables used in artificial intelligence data centers reported strong fiscal second-quarter earnings and issued higher guidance for the current quarter. In the quarter that just ended, Credo had adjusted earnings of 7 cents per share on revenue of $72 million, while analysts polled by LSEG had forecast earnings of 5 cents per share and $67 million. Zscaler — The cloud security company issued fiscal second-quarter revenue guidance but disappointed investors, sending its shares down more than 3.5%. Zscaler’s fiscal first-quarter profit and revenue topped analysts’ adjusted expectations. PSQ Holdings — Donald Trump Jr. could join PSQ Holdings’ board of directors as early as Tuesday, sending the company’s shares soaring 89%, Bloomberg News reported, citing people familiar with the matter. Cleanspark — The Bitcoin miner fell 4.3% on lower-than-expected fiscal 2024 revenue. Revenue was $379 million, below the $395 million consensus estimate of analysts polled by FactSet. Tesla – Shares of the electric car maker fell nearly 2% after a Delaware judge blocked the reinstatement of Chief Executive Elon Musk’s $56 billion compensation plan. Tesla said it plans to appeal the ruling. SOUTH KOREA – U.S.-listed South Korean stocks plunged after the president declared martial law. However, they pared some of their losses after parliament voted to cancel the declaration. The iShares MSCI Korea ETF (EWY) fell 2.5% and the Franklin FTSE Korea ETF (FLKR) fell 1.9%. FedEx — Shares of the Memphis-based package delivery company fell 3.3% after Bernstein downgraded the stock to market perform from outperform. The investment bank cited uncertainty over whether it could meet high expectations for a potential spinoff of its LTL business. Ollie’s Bargain Outlet Holdings — Shares of the discount retailer fell 2.7% after Wells Fargo downgraded the company to equal weight from overweight. “The best time to own OLLI may have passed,” the bank said. “Management has solidified its fundamentals while riding on cyclical tailwinds, but the path forward appears trickier than anticipated, and big-picture questions remain. ” — CNBC’s Jesse Pound, Sarah Min, Hakyung Kim, Pia Singh and Michelle Fox contributed
