AppLovin Rebounds 2% and GameStop Bounces 3% After Falling More Than 20% in Prior Session; U.S. Steel Rises 7%

Tiger Newspress
03-28

AppLovin Corporation rebounded 2% in premarket trading on Friday.

AppLovin Corp. shares tumbled 20% Thursday, a record one-day drop, after Muddy Waters issued a short report against the company.

It’s at least the third report from a short seller in about a month. In February, Fuzzy Panda and Culper Research both published short reports against the company, which provides marketing services to app developers, sending shares lower. Those reports came just days after The Bear Cave issued its own cautious piece against AppLovin shares.

GameStop bounced 3% in premarket trading on Friday.

GameStop stock slid nearly 22% on Thursday as the company announced it's attempting to raise $1.3 billion to buy bitcoin (BTC-USD).

The company will attempt to raise the funds via convertible senior notes.

U.S. Steel stock rose 7% in premarket trading on Friday.

Nippon Steel and U.S. Steel are in active talks about a deal that would preserve their $14 billion merger and secure billions more in investments from the Japanese steelmaker into Rust Belt facilities, Semafor reported on Thursday.

In recent meetings with White House officials, Nippon has offered to increase the $2.7 billion it had previously offered to upgrade U.S. Steel factories to as much as $7 billion, the report said, citing people familiar with the matter.

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