2 Stocks on the Move Today: U.S. Steel, Robinhood

US Steel stock is lower after President Biden offered his preference toward the Nippon buyout

Digital Content Manager
Mar 14, 2024 at 3:13 PM
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Stocks have drifted steadily lower throughout the day, as inflation fears persist. Though not correlated, shares of both United States Steel Corporation (NYSE:X) and Robinhood Markets Inc (NASDAQ:HOOD) are making outsized moves today. Let's dive into what's causing these two names to move sharply in opposite directions of breakeven.

X is down 9.7% to trade at $36.91 at last check, after U.S. President Joe Biden yesterday remarked the steel company must remain domestically owned and operated, opposing a Japan's Nippon Steel buyout. Shares are trading at their lowest level since December, and broke below long-term support from 60-day moving average. So far this year, United States Steel stock fell 24%.

Options volume is today running at triple the intraday average volume, with 51,000 calls and 58,000 puts traded so far. Most active is the March 40 call, where new positions are being opened. 

Meanwhile, HOOD was last seen up 4.9% to trade at $18.01, and earlier scored a two-year peak of $19.23. This surge comes after the company recorded a 41% year-over-year jump in equity trading volumes in February, with crypto and options trading rising 86% and 33%, respectively. In the last 12 months, Robinhood stock added more than 96%.

The security looks overdue for a round of bull notes. Of the 14 analysts in coverage, 11 call HOOD a "hold" or worse , while the 12-month consensus target price of $15.49 is a 14.5% discount to current levels.

 

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