Stock Movers: US Steel Tariffs, BYD Price Cuts, Bristol Myers Cancer Drug Deal

Steel Stocks Rally on Tariff News

• ⚡ US Steel and aluminum stocks are rallying following President Trump's announcement to increase tariffs on steel and aluminum to 50% from 25%, effective Wednesday.
• 📈 While US Steel (X) shares are down slightly, competitors like Cleveland Cliffs (CLF) are up 25%, Century Aluminum (CENX) up 16%, and New Core (NUE) up 13%.
• ⚠️ The tariff increase aims to protect American workers and ensure US Steel remains US-owned, with promises of worker bonuses and increased steel production.

BYD Faces Scrutiny Amidst EV Price War

• 📉 BYD (BYDDY) shares have fallen over 17% in the past week due to backlash over its aggressive price cuts in the EV market.
• ⚠️ The Chinese government and industry associations are concerned that the intense price competition could negatively impact profit margins and product quality.
• 🚗 Despite scrutiny, BYD's price cuts have boosted sales, with May marking its best month for 2025 and electric vehicle sales surpassing plug-in hybrids.

Bristol Myers Squibb's Cancer Drug Deal

• 🤝 Bristol Myers Squibb (BMY) is higher after agreeing to pay BioNTech SE up to $11.1 billion to license a next-generation cancer drug.
• 💰 The deal includes a $1.5 billion upfront payment, $2 billion in installments through 2028, and up to $7.5 billion in milestone payments.
• 🔬 This agreement is part of a broader trend of pharmaceutical companies investing in immuno-oncology treatments, a market expected to reach $60 billion annually by 2027.