Schnitzer Steel (SCHN -6.5%) opens sharply lower after warning of weakness ahead, as demand for...

|About: Schnitzer Steel Industries,... (SCHN)|By:, SA News Editor

Schnitzer Steel (SCHN -6.5%) opens sharply lower after warning of weakness ahead, as demand for recycled metals remains soft while supplies are tight. D.A. Davidson downgrades shares to Underperform with a $26 price target, down from $40, as "softening market/pricing conditions since early April appear to have more than offset positive trends experienced earlier in the quarter."