But the question is why is the market battering steel stocks??? Both X and Nucor announced that the 1st quarters were going to be great! The China BS comes out every 2 -3 weeks to knock the prices down from their highs so others can get back in. X still can be bought out. Its been awful quiet lately.
If you buy a stock solely in the hopes that it will be aquired, you deserve to lose a bundle of money.
These stocks ran crazy for 2 weeks straight; it seems clear to everybody buy you why they are giving up some of their gains. We are only 2 weeks into the quarter. NUE is a great company but they don't have crystal balls...
"But the question is why is the market battering steel stocks???" Because what's going on in the market has little to do with prospective earnings. The stocks in this sector and many other sectors (oil, metals, etc.) have had nothing but an extreme bullish run since Oct. 15th just look at the charts 65 - 80%+ run-ups in 3-4 months? What goes up like that comes down hard like this. It is a natural process of markets! There will be bounces of course...but following earning reports and fundamental reasons to own a stock never made me any real money. That's why I let the technicals tell me what's going on instead of relying on rumors/news and all that other noise. I make sure that I get the hell out of a stock that report earnings... that nonsense got me burned plenty in my idiotic buy and hold days. Best of Luck!