In Depth

Five Most Active Stocks in the Last Week

Huzaifa Waseem
6 Feb 2024 · 5 minutes read

Here we look at some of the biggest movers last week, while only considering the companies with a market cap of at least $5 billion. 

  • US Steel Corp (X:US) shares rose more than 36% last week after the steelmaker confirmed it received a buyout offer from rival Cleveland-Cliffs (CLF:US). However, US Steel declined this proposal due to Cleveland-Cliffs' refusal to participate in an evaluation process for the offer. In addition, US Steel stated that Cleveland-Cliffs insisted on the establishment of economic terms of the proposal before entering into a Non-Disclosure Agreement (NDA). 

    As a result, the company said it is reviewing its strategic alternatives. Cliffs offered $35 per share, the same price Esmark said it is ready to pay for US Steel. X shares received another boost after it was reported that ArcelorMittal is mulling making a bid.

    The bidding war for steelmaker comes at a time when Senator Tommy Tuberville had been consistently selling the stock in recent months from a joint account. This included the $50,000 - $100,000 sale on June 20, when X closed at $23.47. Following last week’s outperformance, US Steel shares closed at $30.99.

  • Sea Ltd (SE:US) stock plunged as much as 32.9% in the week that ended August 18 after the company reported weaker-than-expected revenue for its second quarter. Total revenue amounted to $3.10 billion, missing the expected $3.2 billion.

    E-commerce revenue reached $2.32 billion, surpassing the estimated $2.25 billion. Digital entertainment revenue stood at $529.4 million, slightly lower than the estimated $535.3 million. Adjusted EBITDA amounted to $510 million, above the consensus of $488.8 million.

    Shares were hit as investors are betting that increased investments will have a negative impact on the company’s profitability and margins. 

    "Given these positive developments and trends, we have started, and will continue, to ramp up our investments in growing the e-commerce business across our markets,” said Forrest Li, Sea’s Chairman and Group Chief Executive Officer.

    Congressman Daniel Goldman was trading SE shares this year. Most recently, he disclosed a sale of Sea Ltd shares on July 10, when they closed at $58.04. The stock closed at $38.68 on Friday.

  • Coherent (COHR:US) stock dropped as much as 23.7% after the company offered a soft forecast. For its Q4, Coherent reported an adjusted EPS for the quarter of $0.41, topping the estimated 37 cents. Revenue hit $1.21 billion, marking a 36% increase year-over-year and surpassing the estimated $1.15 billion.

    However, Coherent said it expects revenue of around $1 billion to $1.1 billion, falling short of the expected $1.16 billion. Even worse, the company sees adjusted EPS at $0.05-0.20, while analysts were looking for as much as 45 cents.

    For FY24, the company expects to generate an average revenue of $4.6 billion, a relatively significant miss compared to the expected $4.88B.

    "While we believe we are well positioned to benefit from any improvement in the macroeconomic environment, we are not assuming we will see signs of a meaningful rebound in fiscal 2024. We are prepared for a reset year with these external challenges persisting at least through the first half of our fiscal 2024, and potentially into the second half of our fiscal year as our customers continue to take proactive measures to manage inventory and cash," the company said in a shareholder letter.

    Congressman Ro Khanna’s spouse was trading COHR shares last year. 

  • Wolfspeed (WOLF:US) saw its stock fall 21.7% last week following the Q4 earnings report. The company reported an adjusted loss for the quarter that exceeded expectations, while also offering an outlook that fell short of estimates.

    More precisely, the chipmaker has projected an adjusted loss per share ranging from 60 cents to 75 cents for its first fiscal quarter. This outlook contrasts with the estimated loss per share of 30 cents. The company also anticipates revenue in the range of $220 million to $240 million, slightly worse than the estimated revenue of $235.5 million.

    For its fourth quarter, Wolfspeed reported an adjusted EPS of -$0.42 on revenue of $235.8 million, which compares to the average analyst estimate for a loss per share of 20 cents on revenue of $222.9 million.

    Congressman Josh Gottheimer and his colleague Sara Jacobs were trading WOLF shares back in 2021.

  • Keysight (KEYS:US) shares dropped 17.4% after the company offered an outlook for its upcoming quarter that points to a deteriorating demand. Keysight sees adjusted EPS ranging from $1.83 to $1.89 for the fourth quarter, worse than the expected EPS of $2.00. Revenue is seen at $1.3 billion, while analysts were looking for $1.39 billion. 

    For the third quarter, adjusted EPS came in at $2.19, ahead of the estimated EPS of $2.04. Adjusted revenue for the third quarter was reported at $1.38 billion, reflecting a decrease of 1.4% year-over-year. Orders for the third quarter amounted to $1.24 billion, exhibiting a decrease of 15% year-over-year.

    Despite near-term macro challenges, Keysight’s diversified business, strong customer engagement through our differentiated solutions portfolio, and durable operating model give us confidence in our ability to capitalize on the long-term secular growth trends of our markets, as well as outperform in a variety of market conditions,” commented Satish Dhanasekaran, Keysight’s President and CEO. 

    KEYS shares were traded frequently this year by Ro Khanna, Tom Carper, and Susie Lee. Khanna bought in two transactions, while Carper and Lee sold their stakes in the tech stock.