real-time news and commentary for investors
Friday, Sep 20
AK Steel slumps nearly 10% in early trade following weak guidance
- AK Steel (AKS -9.6%) plunges in early trading after issuing disappointing Q3 guidance which included a projected 5%-6% decline in shipments.
- Further problems were outlined at the Middletown blast furnace in Ohio, where a loss of $0.09/share is foreseen due to the previously disclosed unplanned outage.
- Shares had surged by nearly a third since the start of the month, so they seem primed for a fall, Cowen analysts say.
- X -3.2%, MT -2.1%, STLD -1.2%, NUE -0.2%.
- ETF: SLX.