|Bid||14.35 x 800|
|Ask||14.36 x 4000|
|Day's Range||14.35 - 14.74|
|52 Week Range||11.67 - 38.89|
|Beta (3Y Monthly)||2.58|
|PE Ratio (TTM)||2.22|
|Earnings Date||Jul 30, 2019 - Aug 5, 2019|
|Forward Dividend & Yield||0.20 (1.36%)|
|1y Target Est||17.38|
The U.S. steel corp will cut production by idling two blast furnaces. Yahoo Finance's Julie Hyman, Adam Shapiro, Scott Gamm and Sibilie Marcellus discuss.
Members of organizations including PennEnvironment and Clean Air Council question whether the proposed $1 billion investment to Mon Valley Works will really address the air quality problem at all.
The Allegheny County Health Department joined PennEnvironment and the Clean Air Council in a lawsuit against United States Steel Corp. (NYSE: X) this week, and PennEnvironment Field Organizer Zachary Barber said it’s an uncommon move. The two environmental organizations filed the lawsuit in late April, and they were notified soon after that the health department sought to participate. Barber said the action illustrates a move toward tougher enforcement of environmental violations by the department, which historically opted for negotiations and settlements between itself and the polluter directly.
The steel sector in the United State has experienced setbacks lately. The classic American steel producer, United States Steel (X, NYSE), reported on June 19 that it will close two Midwestern blast furnaces. A few days earlier, its American counterparts, Nucor (NUE, NYSE) and Steel Dynamics (STLD, NASDAQ), released mediocre Q2 earnings forecasts, signifcantly lower than analysts’ expectations. It should be noted that projections for 2019 were quite positive for the U.S. steel industry. The mining disaster in Brazil in January significantly lowered the supply of iron ore in world markets and was expected to generate a major rise in the price of steel. In addition, growing American dependence of steel imports should have helped the commodity as well. However, new developments in the international trade arena acted against expectations. The reduction or elimination of U.S. tariffs against Canadian and Mexican steel in May drove prices downwards. Decreasing automotive production and increased supply from scrap producers have also taken their toll on prices.In light of all of that, one would obviously expect steel stocks to drop. In reality, the opposite happened. Last Wednesday (June 19), United State Steel surged by 6%. The day before, on Tuesday, it closed 1% higher despite issuing Q2 EPS forecast of $0.40 – 23% lower than Wall Street’s forecast of $0.52. As to other steel producers, on Wednesday, Steel Dynamics skyrocketed closed morning trade 11.2% higher. Nucor managed to climb by 4.3%. On June 11, Curt Woodworth from Credit Suisse has given Nucor stock a buy rating and a price target of $58 with an upside potential of 6.91%. The current stock price stands at $54.25. All in all, the rally in steel stocks helped the Dow Jones gain 1.6%.View NUE Price Target & Analyst Ratings DetailThe bullishness in the steel market was also felt outside the United States. India’s Tata Steel (TATASTEEL, NSE), for example, climbed 5%, abruptly ending a 4-day losing streak. What Accounts for this Rally in the Steel Stock Market? From a yearly perspective, in 2019 steel stocks as a whole sank by 40% compared to 2018 mainly due to investors’ concerns that the growing trade war between the United States and China would cause global economic slowdown and would, consequently, lower demand for steel. Investors are now convinced that prices have reached a nadir from which they will only go up. Put it another way, the sector appears to be undervalued, enough to make it a profitable investment once again.
It would be fair to say that the Section 232 exemptions were an enabler in Mexico ratifying the USMCA. The Trump administration has also tried to put some safeguards in place so that imports from Canada and Mexico don’t surge after the exemption. While these measures look positive, steel imports from Canada and Mexico could still rise.
Yesterday, Mexico ratified the USMCA. The agreement was negotiated last year and would replace the 25-year-old NAFTA. The United States and Canada are yet to ratify the agreement. Renegotiating NAFTA was among Trump’s prominent campaign promises.
U.S. Steel shares have sold off to price levels traded during the Obama administration despite protective steel tariffs.
The Dow Jones Industrial Average ended up for the third straight day Wednesday after the Federal Reserve said it would hold interest rates steady. climbed after the San Jose, Calif.-based software company beat Wall Street's second-quarter earnings estimates. Stocks ended higher for the third straight day Wednesday after the Federal Reserve said it would hold interest rates steady, while signaling that rate cuts might be needed soon amid signs of growing risks to the economy.
was rising Wednesday after the steelmaker said it plans to idle two furnaces in the U.S. and another in Europe as demand weakens and prices fall. U.S. Steel also said it expects adjusted earnings in the fiscal second quarter of about 40 cents a share, below analysts' forecasts of 51 cents, and second-quarter adjusted EBITDA of about $250 million, excluding $15 million of costs related to a fire at its Clairton coke making facility in December. The company will take one furnace off line at its mill in Gary, Ind., and another at its mill in Ecorse, Mich.
Steel companies, including U.S. Steel, made plans to increase capacity to make up for lost imports due to tariffs. However, first quarter results reveal the company's most recent plans to idle three furnaces.
U.S. stock futures are trading near unchanged this morning as traders gear up for this afternoon's announcement from the Federal Reserve.Ahead of the bell, futures on the Dow Jones Industrial Average are up 0.05%, and S&P 500 futures are higher by 0.03%. Nasdaq-100 futures have added 0.13%.In the options pits, call trading zoomed higher helping drive overall volume to above-average levels. Specifically, about 22.8 million calls and 16.7 million puts changed hands on the session. The bullish festivities made waves at the CBOE, where the single-session equity put/call volume ratio plunged to 0.55 -- a two-week low. Meanwhile, the 10-day moving average slipped to 0.55.InvestorPlace - Stock Market News, Stock Advice & Trading TipsSnap (NYSE:SNAP) saw renewed options interest after a price target hike from BTIG sent its stock flying. Boeing (NYSE:BA) stock soared after the aerospace juggernaut received a large buy order at the Paris Air Show. Finally, United States Steel (NYSE:X) benefited from a resurgence in the metal and mining sector.Let's take a closer look: Snap Inc (SNAP)The message from Snap's volume patterns is clear -- institutions are stampeding into the stock. Yesterday's rousing 9.7% rally was simply the latest episode in a saga of accumulation days. As is usual for outlier sessions, there was a catalyst. BTIG analyst Rich Greenfield boosted the firm's price target from $15 to $20 while reiterating a buy rating. Greenfield cited his firm's increased conviction in the Snapchat parent as well as investors skepticism of the ongoing SNAP stock recovery as reasons for the renewed optimism. * 10 'Buy-and-Hold' Stocks to Own Forever This year's turnaround is certainly worth celebrating. What began as a sharp up-gap following February's earnings release has grown to a full-fledged long-term trend turnaround. SNAP is now up 170% year-to-date.Derivatives traders were certainly excited about Tuesday's action. The groundswell in activity to 266% of the average daily volume made SNAP the most popular stock in the options pits; 276,294 total contracts traded with calls claiming 76% of the tally.The uptick in demand lifted implied volatility to 54%. With an IV rank of 21%, it remains in the lower quartile of its one-year range suggesting long premium plays (like long calls) are the way to go. Traders are pricing in daily moves of 50 cents or 3.4%. Boeing (BA)Boeing stock is turning the corner. So says Tuesday's 5% surge, which delivered a breakout that finally pulled the beaten-down aerospace stock into an uptrend. It marks the first time BA stock has been above the 50-day moving average since the fallout from the fatal Ethiopian airlines crash of its 737 MAX earlier this year.A flood of new orders for Boeing's aircraft at the Paris Air Show had bulls on the move yesterday. International Airlines Group revealed its intent to purchase 200 737 MAX jets. The company also nabbed orders for two 787 Dreamliner aircraft.With the price trend of BA stock now pointing higher, bullish trades are back on the menu. Consider $400 the next upside target.On the options trading front, traders chased calls throughout the session. Total activity climbed to 219% of the average daily volume, with 159,187 contracts traded. Calls accounted for 66% of the take.Implied volatility grew to 28%, reflecting an increase in option premiums. The reading now stands at the 27th percentile of its one-year range. The expected daily move in the stock is $6.59 or 1.8%. Bull call spreads offer a smart, limited risk bet on more upside here. United States Steel (X)Traders came after metal and mining stocks in a big way. The Metals & Mining ETF (NYSEARCA:XME) saw its second-highest volume session of 2019 and climbed 2.9%. United States Steel proved one of the most popular stocks in the industry, notching a 4.4% gain of its own.But bulls weren't finished. The buying binge is continuing premarket with the stock up another 4% to $15.15. * 7 Hot Stocks to Buy for a Seemingly Sleepy Summer Watch for a close above the 50-day moving average to signal X stock's four-month downtrend has finally ended. Depending on the outcome of this afternoon's Fed announcement, it could happen today. A break back below support at $13.20 would invalidate the reversal attempt. Consider that an appropriate stop area.On the options trading front, calls outpaced puts by a modest margin. Total activity rocketed to 150% of the average daily volume, with 86,281 contracts traded. Calls claimed 60% of the sessions sum.Implied volatility drifted sideways but remained at a lofty 57% or the 57th percentile of its one-year range. Naked puts are an interesting play here. Premiums are pricing in daily moves of 52 cents or 3.6%.As of this writing, Tyler Craig didn't hold a position in any of the aforementioned securities. Check out his recently released Bear Market Survival Guide to learn how to defend your portfolio against market volatility. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * 7 Value Stocks to Buy for the Second Half * 7 Hot Stocks to Buy for a Seemingly Sleepy Summer * 6 Chip Stocks Staring At Big Headwinds in 2019 Compare Brokers The post Wednesday's Vital Data: Snap, Boeing and United States Steel appeared first on InvestorPlace.
The main U.S. stock indexes were poised to open more or less unchanged as investors await a Federal Reserve decision on interest rates later in the day.
United States Steel Corporation (NYSE: X ) on Tuesday afternoon provided second-quarter 2019 guidance and sent out a warning to expect earnings to be adjusted. Second-quarter EBITDA will be around $250 ...
Meanwhile, while U.S. Steel’s guidance spooked markets, the company also announced plant closures. U.S. Steel will be shutting two blast furnaces in the United States and one in Europe. U.S. Steel’s plant closure announcement couldn’t have come at a worse time for President Trump who started his 2020 campaign yesterday.
U.S. Steel’s guidance fell short of what analysts were expecting, just like Nucor and Steel Dynamics. U.S. Steel said that it expects to post adjusted EBITDA of $250 million in the second quarter. Analysts polled by Thomson Reuters expected the company to post EBITDA of $288 million in the second quarter.
U.S. stock futures pointed to a mixed start for Wall Street on Wednesday as equity investors were hoping to get support from global central bank easing and fruitful U.S.-China trade talks. Contracts tied to the Dow Jones Industrial Average rose 2 points, futures for the S&P 500 were down 1.45 points, and Nasdaq futures slipped 2.25 points. With the Federal Reserve set to make an announcement on interest rates at 2 p.m. ET amid pressure from Donald Trump to "level the playing field" in global commerce with lower interest rates, and European Central Bank President Mario Draghi pledging to re-start the bank's €2.6 trillion bond buying program if growth and inflation continue to slow, investors have driven global stocks to multi-week highs.
United States Steel Corp on Tuesday said it would idle two blast furnaces in the United States and a third in Europe, as lower steel prices and softening demand led the steel producer to forecast current-quarter earnings below the Wall Street estimates. Steel producers in the United States have brought old capacity online after President Donald Trump's imposed tariffs on imported steel from countries including China, resulting in a surplus supply of steel at a time when manufacturing demand has weakened, suppressing prices. U.S. Steel said it will also idle one of its blast furnaces in Europe where increasing levels of imports and higher raw material costs are hurting the company's operations.
(Bloomberg) -- Terms of Trade is a coming daily newsletter that untangles a world embroiled in trade wars. Sign up here. What a difference a year or so makes.Starting in 2018, U.S. President Donald Trump has been touting the restorative value of the tariffs his administration imposed on imports that March. “Steel is coming back fast!” he said in a tweet a year ago. In another comment, he said, “These industries, it’s incredible what’s going on. U.S. Steel is building many plants and expanding many plants.”But fissures have appeared in those declarations. And on Tuesday U.S. Steel Corp., one of the beneficiaries of the president’s metal tariffs, announced that it will be idling two blast furnaces in the U.S., and one in Europe, until “market conditions improve.”The decision comes amid falling steel prices in the U.S. due to worries of a glut from new capacity planned for the coming years. Major U.S. producers that had announced expansions or restarts include Nucor Corp., Steel Dynamics Inc., Commercial Metals Co., as well as U.S. Steel.“In the United States, we began a planned maintenance outage on the Great Lakes B2 blast furnace last week,” the Pittsburgh-based company said Tuesday. “Based on current market conditions, we expect the B2 blast furnace to remain idled after the completion of the planned outage. In addition, we expect to temporarily idle a south blast furnace at our Gary Works facility.”To be sure, the tariffs did provide an adrenaline rush of energy to the industry. Nucor, the country’s largest steelmaker, and U.S. Steel were among companies that saw significant profit gains in 2018. But on the whole, investors have reason to feel short-changed. The S&P Supercomposite Steel Index has dropped 29 percent in the past year, with U.S. Steel’s 60% drop among the worst of the gauge’s 13 companies.To contact the reporters on this story: Joe Deaux in New York at email@example.com;Matt Townsend in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Luzi Ann Javier at email@example.com, Steven Frank, Joe RichterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Natural disasters and softer steel prices are taking a toll at U.S. Steel Corp. , which on Tuesday forecast lower-than-expected second-quarter profit and said it was idling three furnaces. U.S. Steel said it expects second-quarter adjusted earnings of about 40 cents a share. Analysts polled by FactSet expect adjusted earnings of 51 cents a share. The company said its flat-rolled business is being hit by falling steel prices and softening end-market demand. In addition, second-quarter shipments are lower than it expected due to flooding in the southern U.S. limiting the availability of barges and hampering product shipment in the past few weeks. The company also cited "market headwinds" for its business in Europe. U.S. Steel said it will idle two blast furnaces in the U.S. and one in Europe to adjust to the market conditions. "We believe that the investments being made to improve costs and expand product capabilities will create a more differentiated and agile company, combining our competitive advantages with state-of-the-art sustainable steel technology to create long-term value for our stockholders, customers and employees," U.S. Steel said in a statement. Shares rose 0.2% in the extended session after ending the regular session up 4.4%.
PITTSBURGH, June 18, 2019 -- Today, United States Steel Corporation (NYSE: X) provided second quarter 2019 guidance. We expect second quarter 2019 adjusted EBITDA to be.