BP shares rose more than 6% after The Wall Street Journal reported that Elliott Management has taken a stake in the British oil giant. The report said Elliott will push for changes to improve BP’s performance. Shares of companies linked to steel and aluminum climbed after President Donald Trump announced plans to impose 25% tariffs on the metals.
Cleveland-Cliffs and Nucor gained around 7%, while fellow steel producers Steel Dynamics and U.S. Steel advanced more than 5% and 4%, respectively. Aluminum company Alcoa climbed more than 5%. Tesla shares dropped more than 1% on Monday before the bell.
Stifel lowered its price target on the stock, citing mixed fourth-quarter results and pricing concerns. This decline follows a drop of more than 3% on Friday. Shopify shares added 3.3% after Benchmark upgraded the stock to buy from hold.
Trump imposes tariffs on metals
The firm’s call comes ahead of Shopify’s earnings report scheduled for Tuesday. Meta Platforms shares rose about 1% and were poised to extend a winning streak.
The stock has risen for 15 consecutive sessions entering Monday, marking the longest streak since the company’s initial public offering in 2012. The move comes amid reports that the company plans to reduce its workforce by about 5%. McDonald’s rose 1.5% after reporting mixed results for its fourth quarter.
Adjusted earnings came in at $2.83 per share, meeting expectations. However, revenue of $6.39 billion fell short of the $6.44 billion consensus estimate. McDonald’s same-store sales growth of 0.4% exceeded analysts’ expectations of a 1% decline.
Super Micro Computer shares rose almost 4% ahead of its second-quarter earnings results due out after the bell on Tuesday. The stock is on track for its fifth consecutive winning session and has gained around 19% this year.
