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Tue, Jan. 5, 8:56 AM
- Commercial Metals (NYSE:CMC) -0.7% premarket after reporting somewhat disappointing FQ1 results and saying it does not expect market conditions to improve materially over the short term, due to ongoing pressure from steel import activity into the U.S. and continued weakness in the scrap markets.
- CMC says its FQ2 historically has been seasonally slower as a result of holiday slowdowns and winter weather conditions, which reduce construction activities.
- CMC also says the recent passage of comprehensive infrastructure spending legislation marked a significant achievement for future infrastructure in the U.S. but does not expect the new spending provision will translate into steel orders for 12 months or more.
Tue, Jan. 5, 6:49 AM
Mon, Jan. 4, 5:30 PM| Mon, Jan. 4, 5:30 PM
Mon, Jan. 4, 9:05 AM
Nov. 4, 2015, 3:48 PM
- Steel company shares are sliding after U.S. Steel (X -14.3%) reported weaker than expected Q3 results and warned of sharply lower shipments and realized prices for 2015 than it previously projected.
- The company drastically reduced its full year adjusted EBITDA guidance to $225M from an earlier forecast for $700M-$900M, and said commercial markets are not improving as management had expected; steel selling prices reversed direction in Q3 as excessively high levels of imports and lower steel scrap prices caused spot prices to reach new lows for the year.
- Deutsche Bank downgrades the stock to Hold from Buy, citing the Q3 miss and dreary outlook.
- Also: AKS -4.2%, CLF -2.2%, NUE -1.6%, CMC -1.2%, STLD -0.9%, RS -0.3%.
Nov. 3, 2015, 4:45 PM
- The U.S. set preliminary import duties on corrosion-resistant steel products from China, India, Italy and South Korea, but they are not nearly as heavy as many observers had expected, and steel company stocks (NYSEARCA:SLX) initially fell after the announcement at ~3:00.
- While the preliminary duties on China are high, as expected, duties on Korea and Italy were "much smaller than expected," while there were no duties for Taiwan, which industry followers consider “disappointing," according to Axiom Capital's Gordon Johnson.
- Axiom sees the news as a slight loss for U.S. steel industry participants, as it suggests incremental duties on outstanding trade cases will focus on China, with little emphasis on other countries China can easily use as an intermediary to get steel into the U.S.
- X +0.6% in regular trading but -8.1% AH; AKS -2.9% in regular trading and -2.4% AH.
- Also, in regular trading: CLF +7.3%, JOY +0.7%, CAT +0.5%, NUE -0.3%, CMC -0.4%, RS -1.8%.
Oct. 28, 2015, 12:49 PM
Oct. 28, 2015, 6:59 AM
- Commercial Metals (NYSE:CMC): Q4 EPS of $0.25 misses by $0.18.
- Revenue of $1.41B (-23.4% Y/Y) misses by $150M.
Oct. 27, 2015, 5:30 PM
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Aug. 11, 2015, 11:35 AM
- Commodity metals are getting hammered by China's devaluation, with aluminum trading down nearly 2%, copper prices lower by 2.5% and nickel plunging more than 3.5%.
- Hardest hit of the mining stocks is Freeport McMoRan (FCX -14.1%), which has completely surrendered yesterday's 10.8% surge; shares now are down 72% over the past year and 57% YTD.
- Iron ore miners are sharply lower: BHP -5.5%, RIO -4.2%, VALE -7.8%, CLF -7.3%.
- Steel companies: X -9.7%, MT -5.1%, AKS -5.7%, NUE -2.9%, STLD -3.5%, CMC -4%.
- Also: AA -6%, CENX -4.9%, TCK -8.2%, SCCO -4.9%.
- ETFs: XLB, JJC, XME, SLX, PEO, VAW, COPX, DBB, UYM, CU, IYM, JJN, SMN, JJU, PICK, MATL, CPER, JJT, BOM, RJZ, FXZ, PYZ, BOS, FOIL, JJM, LD, BDD
Jun. 25, 2015, 7:03 AM
- Commercial Metals (NYSE:CMC) declares $0.12/share quarterly dividend, in line with previous.
- Forward yield 2.89%
- Payable July 23; for shareholders of record July 9; ex-div July 7.
Jun. 25, 2015, 7:02 AM
- Commercial Metals (NYSE:CMC): FQ3 EPS of $0.58 beats by $0.19.
- Revenue of $1.51B (-13.2% Y/Y) misses by $70M.
Jun. 24, 2015, 5:30 PM
Apr. 23, 2015, 3:49 PM
- Steel companies are higher after Nucor (NUE +3.5%) reported Q1 earnings that exceeded analyst estimates and came in above the company's own earlier guidance of $0.10-$0.15.
- NUE says overall Q1 operating performance at its steel mills segment fell significantly Q/Q, as expected, primarily due to lower selling prices and margins resulting from the high level of steel imports flooding the domestic market, which the company says accounted for 33% of the finished steel market in the quarter.
- NUE reports shipments to outside customers declined 9% and average selling prices dropped 5% during the quarter.
- NUE says its automotive markets remained strong in Q1, and continues to see improving demand in non-residential construction markets; it expects Q2 earnings will improve Q/Q with steel mill margins likely to increase but remaining under pressure because selling prices have not fully stabilized and imports remain high.
- Related tickers: X +4.5%, AKS +6.7%, MT +4.9%, RS +9.5%, STLD +3.5%, WOR +2%, CMC +2.7%.
Apr. 14, 2015, 3:23 PM
- Despite his expectation of continued low steel prices, Clarkson Capital's Lee McMillan launches coverage on several steel makers with Buy recommendations for Arcelor Mittal (MT +5.2%), AK Steel (AKS +4.6%) and Nucor (NUE +0.7%) based on their exposure to the U.S. automotive and construction industries.
- Steel makers that rely on the oil and gas industry, which typically accounts for 10% of U.S. steel demand, likely will be in a rut for a while; U.S. Steel (X +3.9%) ranks a Sell rating for its high fixed costs and reliance on the U.S. energy sector, McMillan says.
- Rated Hold are Commercial Metals (CMC +0.8%), Reliance Steel (RS -1.9%) and Steel Dynamics (STLD +1.9%).
- U.S. steel producers are likely to file dumping charges against China following the release of their Q1 results, but imports will continue to depress U.S. steel prices, the analyst predicts.
Mar. 31, 2015, 10:16 AM
- J.P. Morgan tells clients to short U.S. Steel (X -2.7%), expecting the company to operate at a loss this year.
- JPM cuts its estimated FY 2015 EPS for the company to a loss of $0.25 from its earlier outlook for a $1.57 gain, and sees FY 2016 EPS of $1.42 vs. its earlier view for $3.00.
- The firm believes a strong dollar, weak oil prices and slowing growth in China will weigh on metals demand.
- Also: AKS -3.6%, NUE -1.3%, STLD -2.1%, WOR -3%, CLF -3.9%, CMC -1.8%, TMST -3.9%, SCHN -1.9%.
- Earlier: U.S. Steel to idle Minnesota plant
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