Market Currents

• Monday, November 30, 2009

• 08:45 AM Goldman lifts U.S. steelmakers to Attractive. "Steel and scrap prices in the U.S. have bottomed in our view, Chinese prices are rising, inventories remain low, a weak dollar has brought the U.S. close to being a net exporter, and we expect better industrial and auto demand in 2010," firm says, adding U.S. Steel (X) to its Conviction Buy list while removing Freeport-McMoRan Copper & Gold (FCX). X +3.5% premarket. STLD +3.5%. AKS +2.7%. NUE +2.3%. FCX -0.1%. 3 Comments

• Thursday, October 22, 2009

• 09:07 AM Nucor (NUE): Q3 EPS of -$0.10 beats by $0.05. Revenue of $3.12B (-58.1%) vs. $2.98B. "Our view remains that there has been little improvement in real demand and the uncertainty in our economy is still very high. We also continue to believe that real demand is in for a long, slow recovery." Shares -0.6% premarket. (PR) Comment!
• 00:05 AM Notable pre-market earnings: AUO, BDK, BG, BMY, CBE, CELG, CHKP, CIT, CNX, DAL, DHR, DO, DOW, EMC, ERIC, ESV, ETR, FITB, GR, HBAN, HOT, HSY, JBLU, JNS, KMB, LCC, LH, LM, MCD, MJN, MMM, MRK, NCR, NIHD, NUE, NVS, NYT, ORI, OXY, PDS, PLD, PM, PNC, POT, R, RAI, RGC, RS, RTN, RX, SGP, STI, SY, T, TASR, TIN, TMO, TRA, TRV, UNP, UPS, XRX, ZMH Comment!

• Thursday, July 23, 2009

• 09:25 AM Nucor (NUE): Q2 EPS of -$0.43 beats by $0.16. Revenue of $2.48B (-65%) vs. $2.35B. (PR) Comment!
• 00:05 AM Notable earnings before Thursday's open: ALXN, BG, BLL, BMY, CBE, CELG, CLS, CME, DHR, DO, ECA, EMC, ESI, ESV, F, FITB, FLIR, GR, HBAN, HOT, HSY, IGT, JBLU, KMB, LCC, LLL, MMM, NCR, NEM, NIHD, NOC, NUE, NYT, OMC, ORI, OXY, PLD, PM, PNC, POT, R, RAI, RS, RTN, RX, SIAL, SPNC, T, TIN, TMO, TRA, UNP, UPS, WYE, XRX, ZMH Comment!

• Wednesday, May 13, 2009

• 13:15 PM S&P leaders: GM +7%. MRK +3%. PFE +3%. FHN +3%. JEC +3%. Laggards: GNW -24%. LIZ -23%. ODP -18%. MTG -16%. FITB -15%. DDR -15%. HBAN -14%. AKS -14%. HIG -13%. ATI -12%. GT -12%. ACAS -12%. IP -12%. MI -12%. MTW -12%. AIG -12%. RF -11%. JNY -11%. UIS -11%. PLD -11%. DOW -10%. CBG -10%. GCI -11%. MEE -10%. ZION -10%. TEL -9%. TIE -9%. LUK -9%. HAR -9%. MWV -9%. AA -9%. NUE -9%. XL -9%. WYN -9%. AIV -9%. MAS -9%. Comment!

• Thursday, April 23, 2009

• 09:09 AM Nucor (NUE): Q1 EPS of -$0.60 misses by $0.03. Revenue of $2.65B (-46.6%) vs. $2.97B. Sees even bigger loss in Q2, vs. consensus of +$0.11. "Entering the second quarter of 2009, both the U.S. economy and steel market conditions have continued to deteriorate." Shares -5.8% premarket. (PR) 1 Comment
• 00:05 AM Notable earnings before Thursday's open: ABC, ALXN, AN, AVT, BDK, BG, BLL, CBE, CIT, CLS, CME, CNX, COP, CP, DHR, DO, EMC, ESI, ESV, EXC, FITB, GMT, GR, HSY, IGT, IVZ, JNS, LCC, LLL, MAR, MI, NCR, NCX, NIHD, NOV, NUE, OMTR, OXY, PENN, PM, PNC, POT, RCL, RS, RSH, RTN, RX, SCG, SEIC, SIAL, STI, SU, SVU, TCB, TMO, UNP, UPS, ZMH 1 Comment

• Tuesday, March 17, 2009

• 10:14 AM Nucor (NUE) says it expects a Q1 loss of up to $0.65, vs. consensus of +$0.44, on slackening demand. "The economy has fallen off a cliff, and there is no visibility as to the timing of the recovery." NUE -11.5%. (PR) 1 Comment

• Tuesday, January 27, 2009

• 14:42 PM Great day for steelmakers, what with solid earnings from United States Steel (X) and Nucor (NUE), and China appearing to be accumulating again. X +5.9%. NUE +7%. MT +8.1%. STLD +17.5%. RIO +5%. RTP +4.7%. BHP +4.8%. Comment!
• 09:16 AM Nucor (NUE): FQ3 EPS of $0.34 beats by $0.21. Revenue of $4.15B (-5.6%) vs. $4.33B. Shares +4% premarket. (PR) Comment!
• 00:05 AM Notable earnings before Tuesday's open: AKS, ASH, AVY, BJS, BMS, BMY, BTU, CBE, CHKP, CP, CVG, DAL, DD, EMC, ENR, FMER, FPL, GLW, HSY, KCI, LXK, MHP, NUE, NYB, RYN, SI, STE, STJ, TIN, TLAB, TRV, VLO, VZ, WAT, WDR, X Comment!

• Friday, January 2, 2009

• 09:27 AM The ailing U.S. steel industry (NUE, X, MT) is pressuring Obama for a public works initiative that could be worth $1T over two years to boost flagging demand for U.S.-made steel. Comment!

• Tuesday, December 9, 2008

• 09:22 AM Futures turn negative going into the open as warnings from FDX, NUE, TXN etc. seem to dent confidence. Dow -0.6% to 8820. S&P -0.7% to 898.50. Nasdaq -0.7%. Keep an eye on Pending Home Sales at 10:00. Comment!
• 09:21 AM Nucor (NUE) expects to be "marginally above breakeven" in Q4, vs. consensus of $1.46. "The economic crisis has caused not only end use demand for steel to decline, but many customers have been reducing inventories due to liquidity concerns." Sees Q4 shipments down 40% from Q3. Shares -7.7%. (PR) 1 Comment
• 09:04 AM Premarket losers: FDX -11%. JASO -7%. STP -6%. ESLR -6%. NUE -5%. FSLR -5%. KR -5%. UBS -5%. GNW -4%. LVS -4%. GM -4%. MS -4%. NYX -4%. X -3%. FCX -3%. 1 Comment