financetom
World
financetom
/
World
/
Top Midday Stories: Steel Stocks Soar After Trump Doubles Steel Tariffs; Bristol Myers Squibb, BioNTech to Collaborate on Tumor Therapy
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Top Midday Stories: Steel Stocks Soar After Trump Doubles Steel Tariffs; Bristol Myers Squibb, BioNTech to Collaborate on Tumor Therapy
Jun 2, 2025 9:03 AM

11:45 AM EDT, 06/02/2025 (MT Newswires) -- All three major US stock indexes were down in late-morning trading after China refuted President Donald Trump's claims that it had violated the two countries' trade agreement.

President Trump and Chinese President Xi Jinping are likely to speak this week, CNBC reported Monday, citing a senior White House official.

In company news, shares of steel companies soared on Monday after Trump said he planned to raise steel tariffs to 50% from 25%, effective June 4. Shares of Cleveland-Cliffs ( CLF ) , Steel Dynamics ( STLD ) and Nucor ( NUE ) were up 25.6%, 10.3% and 10.0%, respectively.

Bristol Myers Squibb ( BMY ) and BioNTech (BNTX) said Monday they have agreed to co-develop and co-commercialize an investigational bispecific therapy across various solid tumor types. Bristol Myers will make $1.50 billion upfront payment and $2 billion in non-contingent anniversary payments through 2028, the companies said, adding that BioNTech will also be eligible to receive up to $7.60 billion in additional development, regulatory and commercialize milestones. Bristol Myers Squibb ( BMY ) shares were up 0.3%, while those of BioNTech were up 18.4%.

Sanofi ( SNY ) agreed to acquire biopharmaceutical company Blueprint Medicines ( BPMC ) in a deal worth up to $9.5 billion. Sanofi ( SNY ) will initially pay $129 per share in cash through a tender offer to acquire US-based Blueprint Medicines ( BPMC ), representing an equity value of about $9.1 billion. Sanofi ( SNY ) shares were down 0.9%, while those of Blueprint were up 26.1%.

JetBlue Airways ( JBLU ) will not seek a merger with United Airlines (UAL) despite a partnership recently announced by the two airlines, Reuters reported Monday, citing Chief Executive Joanna Geraghty. JetBlue ( JBLU ) shares were down 0.6%, while those of United were up 0.8%.

Meta Platforms ( META ) plans to use artificial intelligence for full automation of advertisement creation and targeting by the end of 2026, The Wall Street Journal reported Monday, citing people familiar with the matter. Meta shares were up 1.7%.

Price: 7.23, Change: +1.40, Percent Change: +24.01

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Top Midday Stories: Biden to Reportedly Quadruple Chinese EV Tariffs; Novavax Shares Soar on Sanofi Deal News; Protesters Try to Break Into Tesla's Plant in Germany; FDA Pushes Back Approval of Modern
Top Midday Stories: Biden to Reportedly Quadruple Chinese EV Tariffs; Novavax Shares Soar on Sanofi Deal News; Protesters Try to Break Into Tesla's Plant in Germany; FDA Pushes Back Approval of Modern
May 10, 2024
12:06 PM EDT, 05/10/2024 (MT Newswires) -- The major US indexes were mixed in late-morning trading Friday with the Dow Jones Industrial Average leading the charge and looking to extend its winning streak to eight days. In company news, Enbridge ( ENB ) reported Q1 adjusted earnings Friday of CA$0.92 ($0.67) per share, up from CA$0.85 a year ago and...
EMERGING MARKETS-Latam stocks, FX end week on muted note; Peru's sol slides
EMERGING MARKETS-Latam stocks, FX end week on muted note; Peru's sol slides
May 10, 2024
* Brazil inflation slightly exceeds forecasts * Peru c.bank cuts interest rate to 5.75% with inflation in target * Argentina's YPF slides on negative 2024 cash flow * Stocks flat, FX gain 0.2% (Updated at 1830 GMT) By Johann M Cherian and Shashwat Chauhan May 10 (Reuters) - Currencies and stocks in resources-rich Latin America traded in a tight range...
European Equities Close Higher in Friday Trading; UK GDP Grows in Q1 Following Two Quarters of Declines
European Equities Close Higher in Friday Trading; UK GDP Grows in Q1 Following Two Quarters of Declines
May 10, 2024
12:22 PM EDT, 05/10/2024 (MT Newswires) -- The European stock markets closed higher in Friday trading, with the Stoxx Europe 600 up 0.77%, the Swiss Market Index climbing 1.31%, France's CAC gaining 0.38%, the FTSE up 0.63%, and Germany's DAX closing 0.38% higher. In the UK, gross domestic product increased an estimated 0.6% in Q1 following declines of 0.3% in...
Crude Oil Down 1%; Sweetgreen Shares Spike Higher
Crude Oil Down 1%; Sweetgreen Shares Spike Higher
May 10, 2024
U.S. stocks traded mixed toward the end of trading, with the Dow Jones gaining around 100 points on Friday. The Dow traded up 0.24% to 39,482.36 while the NASDAQ fell 0.06% to 39,482.36. The S&P 500 also rose, gaining, 0.11% to 5,219.64        . Check This Out: Top 3 Industrials Stocks That May Collapse This Month Leading and Lagging Sectors Financials...
Copyright 2023-2025 - www.financetom.com All Rights Reserved