WISCONSIN (CoinChapter.com) — The S&P 500 increased on Monday, despite Wall Street’s inability to recover from a difficult start to August. The tech-heavy NASDAQ Composite increased by 0.8%, while the broad market index increased by 0.4%. The Dow Jones Industrial Average decreased by 33 points or 0.1%.
Here are the five best stock market gainers:
United States Steel Corp. (NYSE: X)
In a strategic move to consolidate its position in the steel industry, Esmark Inc., a privately held entity, announced on Monday a bid for United States Steel Corp. (NYSE: X) at $35 per share. This news triggered a significant jump in US Steel’s stock today, which climbed 39%.
Esmark, founded by former US Steel executive and current CEO James Bouchard, has set the initial offer period to run through November 30, 2023, with a potential extension. The bid comes after US Steel rejected a $7.3 billion unsolicited takeover offer from Cleveland-Cliffs Inc., deemed “unreasonable.”
Evelo Biosciences Inc. (NASDAQ: EVLO)
Evelo Biosciences Inc. (NASDAQ: EVLO), a clinical-stage biotechnology company, has announced its Q2 2023 financial results, showcasing significant operational progress and development.
The company, known for developing a unique platform of orally delivered, inflammation-resolving medicines acting on the small intestinal axis (SINTAX), revealed a cash and cash equivalent balance of $7.6 million as of June 30, 2023, a substantial decrease from $47.9 million on December 31, 2022.
Although the company’s cash is significantly lower, shareholders ran the price up because of Evelo Biosciences’ Q2 results which highlighted the ongoing Phase 1/2 trial for EDP2939-101, a multi-center randomized, placebo-controlled study aimed at evaluating the safety, tolerability, and clinical efficacy of inflammation-resolving medicines.
Hanryu Holdings Inc. (NASDAQ: HRYU)
Hanryu Holdings Inc. (NASDAQ: HRYU), a leading media-tech company known for its social media platform, FANTOO, plans to enhance user experience by forging a strategic partnership with SALTLUX.
This collaboration will integrate SALTLUX’s AI-powered conversational virtual assistant into FANTOO, boosting user engagement and interaction with Talkbot, an intelligent chatbot. The integration will also feature Deok Gom, FANTOO’s unique virtual assistant, further enriching the user experience on the platform.
U Power Ltd. (NASDAQ: UCAR)
No fresh news was released today for U Power Ltd. (NASDAQ: UCAR), but as a leading player in the new energy sector, the company has realized an impressive financial performance, with its revenue increasing by 148.2% over the past year.
The company’s core business involves developing, manufacturing, and selling new energy vehicles and battery-swapping stations, primarily in the People’s Republic of China. U Powers’ revenue growth can be attributed to the increasing global shift towards clean energy solutions and the company’s commitment to innovation.
Shengfeng Development Ltd. (NASDAQ: SFWL)
Shengfeng Development Ltd. (NASDAQ: SFWL), a prominent entity in the logistics sector, operates through its various subsidiaries to offer contract logistics services within the People’s Republic of China. The company’s stock has demonstrated substantial growth over the past year of 12.9%. Investors pushed the stock up over 26% today.
