Options Market Statistics: Dollar Tree Shares Plunge 22% After Forecast Cut; Options Pop

Elon Musk's promise of a "wild" future with advanced machinery and a cryptic tweet helped propel Tesla's stock up over 4% on Wednesday, despite ongoing economic concerns and a maturing electric vehicle market. Bargain hunting and Musk's comments on the rise of robots further fueled investor optimism.

U.S. Steel shares dropped over 17% on Wednesday amid reports that President Joe Biden plans to block the company's $14.9 billion sale to Japan's Nippon Steel. The deal faces bipartisan opposition, with both Vice President Kamala Harris and former President Donald Trump advocating for U.S. Steel to remain American-owned. U.S. Steel CEO David Burritt warned that blocking the deal could lead to plant closures and relocation of the company's headquarters. Despite the Committee on Foreign Investment's ongoing review, U.S. Steel argues there are no national security concerns given Japan's ally status. Nippon Steel maintains that the acquisition would benefit U.S. national security and the American steel industry.

Shares of Dollar Tree plummeted over 22% on Wednesday after the retailer slashed its full-year outlook, citing growing pressures on middle- and higher-income customers. The company lowered its sales forecast to $30.6-$30.9 billion and adjusted earnings per share to $5.20-$5.60, down from previous estimates of $31-$32 billion and $6.50-$7, respectively. Dollar Tree attributed the revised outlook to softer sales, costs from converting 99 Cents Only stores, and increased expenses from customer accident claims. In its fiscal second quarter, Dollar Tree reported earnings of 97 cents per share, missing the $1.04 expected, and revenue of $7.38 billion, below the anticipated $7.49 billion. The company’s shares have declined nearly 43% this year, hitting a 52-week low on Tuesday.