Tesla, Nikola and AMC fall premarket; Okta, U.S. Steel rise

investing.com:

Investing.com — U.S. futures traded higher Monday, with investors awaiting more earnings, this time from the crucial retail sector.

Here are some of the biggest premarket U.S. stock movers today:

Tesla (NASDAQ:TSLA) stock fell 2.4% after the electric car manufacturer cut prices in China for two of its Model Y variants, as it attempts to combat increased competition and entice customers wary of making big purchases in an uncertain economy.

U.S. Steel (NYSE:X) stock jumped 27% after the steelmaker rejected a $7.3 billion buyout offer from Cleveland-Cliffs (NYSE:CLF), down 0.5%, and said it would review its options following «multiple unsolicited proposals».

Philips ADRs (NYSE:PHG) rose 3.9% after the investment firm Exor (OTC:EXXRF) took a 15% stake in the healthcare company, a welcome vote of confidence in the Dutch company.

Okta (NASDAQ:OKTA) stock rose 4.5% after Goldman Sachs upgraded its stance on the identity software company to ‘buy’ from ‘sell’, seeing more than 25% upside.

Marriott International (NASDAQ:MAR) stock fell 1.4% after Bernstein downgraded the hotel chain to ‘market perform’ from ‘outperform’ after a strong run, saying its upside is now limited.

Nikola (NASDAQ:NKL) stock fell 15% after the company said on Friday it was recalling all the battery-powered electric trucks that it has delivered to date and is suspending sales after an investigation into recent fires found a coolant leak inside a battery pack as the cause.

AMC Entertainment (NYSE:AMC) stock fell 34% after a Delaware judge approved the movie theater chain's revised stockholder settlement on Friday, clearing the way for it to sell more shares and pay down some of its $5.1B in debt.