NIO, Moderna, Block, US Steel and many other stock market moves

U.S.-listed shares of NIO ( NIO ) fell 4.3% in premarket trading after the Chinese electric vehicle maker said it plans to raise $1 billion through the issuance of convertible senior notes. NIO said it plans to use a portion of the proceeds from the offering to repay its debt, while the rest will be used “mainly to further strengthen its balance sheet and for general corporate purposes”.

Moderna ( MRNA ) rose 0.8% in premarket trade after falling more than 9% in the previous session after Pfizer’s ( PFE ) chief financial officer forecast. Demand for Covid shots is down this year. Moderna was the worst performer


S&P 500

on Monday.

Block ( SQ ) fell 1.4% after it was announced on Oct. 2 that Alyssa Henry, head of the company’s Square payments platform, would step down. Henry has been on the block for over nine years. Jack Dorsey, who will lead the overall block business, will assume Henry’s role, the company said in a filing Monday.

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US Steel ( X ) released fiscal third-quarter guidance that was better than expected. Shares of the steelmaker fell slightly in premarket trade. US Steel forecast adjusted earnings of $1.10 to $1.15 a share, beating analysts’ estimates of $1.01. The steelmaker said the guidance reflects the expected impact of the United Auto Workers strike.

Rackspace Technology ( RXT ) rose 8.8% to $1.61 after shares of the cloud-computing company were upgraded from Market Perform at Raymond James to a $3.50 price target.

The stitching is fine (SFIX) Statement a 22% decline in fiscal fourth quarter revenue The online personal styling company saw sales decline to 3.3 million from 3.4 million in the previous quarter and 3.8 million a year ago. The company expects first-quarter revenue of $355 million to $365 million, down 18% to 20% from a year earlier, and below analysts’ estimates of about $402 million.

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Earnings reports are scheduled for Tuesday from AutoZone (AZO) and Apogee Enterprises

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(limestone).

Write to Joe Woelfel at [email protected]

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