EARN25

U.S. Steel Stock Lower on Blocked Nippon Deal; Bears Respond

So far today, 26,000 puts have already crossed the tape

Digital Content Manager
Jan 3, 2025 at 10:12 AM
facebook X logo linkedin


President Joe Biden blocked Japan-based Nippon Steel's $14.9 billion buyout of United States Steel Corp (NYSE:X). Biden highlighted national supply chains risks associated with placing one of the country's biggest steel producers under foreign control. At last glance, X is down 7.9% at $30.01.

The shares are on track for their third loss in the last four sessions, extending their 34.5% year-over-year deficit after running into overhead pressure at the 20-day moving average. While a familiar floor at $30 is offering support, the equity is not too far off from its lowest level since September.

Short sellers are in control, despite short interest falling 2.7% in the most recent reporting period. The 17.58 million shares sold short make up 7.9% of the stock's available float. It would take shorts nearly four days to cover these bearish bets, at X's average pace of trading. 

Drilling down to today's options activity, 23,000 calls and 26,000 puts have crossed the tape so far, which is triple the intraday average volume. The most active contract is the January 30 put.

 

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!