By Francesca Fontana

The Score is a weekly review of the biggest stock moves and the news that drove them.

Cleveland-Cliffs

U.S. steelmakers rallied on President Trump's recent move to double steel and aluminum tariffs to 50%.

President Trump unveiled the higher duties at a rally on May 30 promoting a $14 billion deal between Japan's Nippon Steel and U.S. Steel, which he said would ensure U.S. control over the company.

Trump said that the move to increase the levies, which took effect June 4, would bolster the domestic industry and protect U.S. jobs.

Higher tariffs will also give domestic steelmakers more power to raise prices. Steel demand and prices have been cooling since April.

Cleveland-Cliffs shares surged 23% on Monday, while Steel Dynamics and Nucor shares each gained 10%.

Dollar General

Bargain chains are bucking the trend of falling retail demand, thanks to an influx of higher-income customers looking for deals.

Discount-store operator Dollar General on Tuesday raised its annual sales outlook, after better-than-expected first-quarter results. The company said its updated guidance assumes current tariff rates remain in place through mid-August.

Executives for Dollar General and rival Dollar Tree said that increased demand from middle- and upper-income customers boosted sales in their spring quarters. Dollar General Chief Executive Todd Vasos said its core lower-income customer remains financially constrained.

Meanwhile, low-cost retail peer Five Below on Wednesday posted better-than-expected quarterly results.

Dollar General shares soared 16% Tuesday.

Warner Bros. Discovery

Warner Bros. Discovery shareholders rejected executives' multimillion-dollar pay packages in a symbolic rebuke.

More than 59% of Warner shareholders who cast ballots voted against the compensation that Chief Executive David Zaslav and his leadership team received in 2024, the company said in a securities filing Tuesday.

More than 80% of Warner shareholders voted on the executive compensation, including Zaslav's $51.9 million package. The shareholders' so-called "say on pay" vote is nonbinding.

The stock has fallen by roughly 60% since the merger of AT&T's Warner Media and Discovery Communications in April 2022. Like many media companies, Warner has struggled in recent years as its traditional cable businesses lose ground to streaming.

Warner share s fell 1.5% Wednesday.

Procter & Gamble

Procter & Gamble plans to cut 7,000 jobs over the next two years.

The consumer-goods giant -- whose products include Tide detergent, Pampers diapers and Bounty paper towels -- had about 108,000 total employees as of June last year. The staff cuts would account for roughly 15% of its nonmanufacturing workforce around the world.

The company said the layoffs aren't for cost-cutting purposes, but part of a reorganization aimed at creating broader roles and smaller teams.

P&G executives, speaking at a conference in Paris, also said they plan to trim the company's product portfolio.

In April, P&G reported a decline in quarterly sales and lowered its fiscal-year sales forecast, citing consumer uncertainty and a volatile geopolitical environment.

P&G shares fell 1.9% Thursday.

Tesla

A fierce feud between President Trump and Elon Musk ramped up on Thursday.

What had started with Musk's criticism of Trump's tax and spending megabill escalated to barbs and insults in an afternoon of back-and-forth attacks. Their relationship had been one of the most consequential in modern American politics.

The president threatened to eliminate government subsidies and contracts for Musk's businesses, while Musk called Trump "ungrateful" after his support during the 2024 campaign. Musk floated the idea of starting a third political party and agreed with a tweet that Trump should be impeached.

Tesla shares fell 14% Thursday, losing about $152.4 billion in market value, the company's biggest one-day slide on record.

Lululemon Athletica

Proposed tariffs are threatening Lululemon's supply chain, leading the sportswear brand to cut its annual profit outlook.

Lululemon on Thursday said it now expects earnings of $14.58 to $14.78 a share for the fiscal year, down from its prior outlook of $14.95 to $15.15. The company still expects sales of $11.15 billion to $11.3 billion.

The company expects proposed U.S. levies to raise costs. The tariffs affect products from some of the company's largest sourcing bases, including Vietnam, Cambodia and Sri Lanka.

Lululemon shares plummeted 20% Friday.

Our weekly markets news roundup is now part of the WSJ's What's News podcast. Host Francesca Fontana discusses the biggest stock moves of the week and the news that drove them. Check out What's News in Markets at wsj.com/podcasts or wherever you listen.

Write to Francesca Fontana at francesca.fontana@wsj.com.

(END) Dow Jones Newswires

June 06, 2025 16:52 ET (20:52 GMT)

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