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Stock Market & Financial Investment News

News Breaks
July 10, 2014
09:25 EDTX, X, TX, TX, STLD, STLD, SID, SID, SCHN, SCHN, RS, RS, NUE, NUE, MTL, MTL, GGB, GGB, CMC, CMC, CLF, CLF, ATI, ATI, AKS, AKSBofA/Merrill steel analysts hold an analyst/industry conference call
Global Steel Analysts review market conditions in Asia, Europe and the U.S. and discuss recent price moves in iron ore, met coal and global steel on an Analyst/Industry conference call. Covered companies AKS, ATI, CLF, CMC, GGB, MTL, NUE, RS, SCHN, SID, STLD, TX and X may be discussed on the Analyst/Industry conference call to be held on July 14 at 10 am.
News For AKS;ATI;CLF;CMC;GGB;MTL;NUE;RS;SCHN;SID;STLD;TX;X From The Last 14 Days
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March 23, 2015
07:11 EDTXU.S. Steel shares at a discount to asset value, says Macquarie
Macquarie lowered Outperform rated U.S. Steel estimates and reduced its price target to $33 from $48 based on $480 HRC price expectations through the end of the year but said shares trade at a discount to asset value.
07:07 EDTCLFCliffs Natural agrees to sell Chromite assets to Noront for $20M
Cliffs Natural Resources announced that it has entered into a definitive agreement to sell its Chromite assets in Northern Ontario, Canada to Noront Resources Ltd. for $20M. The transaction is comprised of the chromite deposits and associated claims held by Cliffs. The sale of these assets to Noront, an experienced mining company with a strategic interest in the Ring of Fire region, further demonstrates execution of Cliffs' strategy which includes divesting non-core assets and focusing on being the major supplier of iron ore pellets to the North American steel industry. Moelis & Company acted as financial advisor to Cliffs Natural Resources.
06:23 EDTAKSAK Steel downgraded to Neutral from Outperform at Macquarie
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March 20, 2015
09:24 EDTAKSOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Ctrip.com (CTRP), up 20.1%... Rally Software (RALY), up 17.3%... Nike (NKE), up 5.2%... Darden Restaurants (DRI), up 4.3%... Cheetah Mobile (CMCM), up 3.6%. ALSO HIGHER: Prothena (PRTA), up 40.2% after reporting positive results from Phase 1 study of PRX002... Viggle (VGGL), up 26.9% after confirming receipt of offer from chairman and CEO Robert Sillerman... Intercept Pharmaceuticals (ICPT), up 8.5% after announcing new data analyses from FLINT trial... Biogen Idec (BIIB), up 9.7% after presenting positive interim results from study of aducanumab... Pier 1 Imports (PIR), up 5.2% after being upgraded to Outperform from Perform at Oppenheimer... JinkoSolar (JKS), up 2.8% after announcing that it will supply 75 MWdc of its PV solar modules to Red Horse 2 project and following a strategic collaboration agreement with DuPont (DD). DuPont is up just under 1%. DOWN AFTER EARNINGS: AK Steel (AKS), down 6.8%... Youku Tudou (YOKU), down 4.9%... Tiffany (TIF), down 3.3%. ALSO LOWER: Macerich (MAC), down 7.7% after Simon makes $95.50 per share "best and final" offer.
March 19, 2015
18:58 EDTAKSOn The Fly: After Hours Movers
UP AFTER EARNINGS: Mattress Firm (MFRM), up 5.2%... New York & Company (NWY), up 3.1%... Rally Software (RALY), up 1.4%... Nike (NKE), up 4.2%... Youku Tudou (YOKU), up 1%. ALSO HIGHER: Prothena (PRTA), up 39.3% after reporting positive results from Phase 1 study of PRX002... SeaWorld (SEAS), up 1% after naming Joel Manby as president and CEO. DOWN AFTER EARNINGS: AK Steel (AKS), down 9.1%.
17:20 EDTAKSAK Steel down 5% following weaker than expected Q1 guidance
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17:19 EDTAKSAK Steel reports Q1 EPS (23c)-(28c), consensus 1c
AK Steel stated that Q1 EPS has been significantly and negatively impacted by lower than expected carbon steel spot market shipments and prices due to unexpectedly high levels of what it believes are unfairly traded imports. AK Steel expects Q1 shipments of approximately 1.73M tons, a decrease of approximately 14% from 4Q14. AK Steel expects a Q1 average selling price of approximately $995/ton, or about 1% higher than 4Q14. AK Steel expects to benefit in Q1 from lower raw material and energy costs, as well as stable and consistent operations. However, the collective benefit of these items is expected to be significantly out-weighed by the negative financial effects of the shipment volume and selling price declines
11:24 EDTXStocks with call strike movement; X RIG
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10:23 EDTNUEHigh option volume stocks
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09:12 EDTNUENucor sees Q1 operating performance of raw materials to decrease
Cites anticipated operating loss of approximately $37M at Nucor Steel Louisiana and decreased performanced of scrap processing business and natural gas drilling working interests. The production operations of Nucor Steel Louisiana have remained suspended since the equipment failure related to the process gas heater occurred on November 2, 2014. The company is close to completing the necessary repairs and adjustments to the process gas heater, and estimates that Nucor Steel Louisiana will be operational before the end of the first quarter of 2015.
09:11 EDTNUENucor says conditions remain challenging in energy markets
The company commented, "Conditions remain challenging in energy markets, in which the collapse in oil prices and continued high levels of imported oil country tubular goods products has caused an inventory glut in the pipe and tube sector. Automotive markets remain strong and are continuing to improve. We continue to see improving demand in the nonresidential construction markets. Once energy market steel inventories are rebalanced later this year, we expect overall steel demand to meet or exceed levels seen in 2014. The overall operating performance of the downstream products segment for the first quarter of 2015 is expected to decrease from the fourth quarter of 2014 due to typical seasonality experienced in the first quarter; however, the results of the downstream products segment in the first quarter of 2015 are expected to increase over the first quarter of 2014 due to both lower input costs and improved volumes, supporting the resiliency of the slow but steady growth in nonresidential construction markets."
09:10 EDTNUENucor cuts Q1 EPS to 10c-15c, consensus 40c
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08:24 EDTCLFCliffs Natural says Bank of Nova Scotia files lawsuit against company
Cliffs Natural (CLF) said in a filing that as previously disclosed, on January 27, the company announced that Bloom Lake General Partner Limited and certain of its affiliates, including Cliffs Québec Iron Mining ULC commenced restructuring proceedings in Montreal, Québec, under the Companies’ Creditors Arrangement Act. Certain obligations of the Bloom Lake Group, including equipment loans, are guaranteed by the Company. On March 16, The Bank of Nova Scotia (BNS) filed a lawsuit in the U.S. District Court for the Northern District of Ohio, Eastern Division, against the company, asserting that the company breached its obligations under a guaranty of certain equipment loans pursuant to a Master Loan and Security Agreement, dated September 27, 2013, among certain members of the Bloom Lake Group and Key Equipment Finance Inc.. BNS is seeking an award of $52.6M plus unpaid accrued interest and expenses. Among other defenses to this litigation, the company is current in its payment obligations under the Equipment Loans.
08:24 EDTCLFJPMorgan pulls Cliffs target on 'relentless' iron ore price slide
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08:24 EDTSTLDSteel Dynamics has more upside ahead, says Morgan Stanley
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March 18, 2015
16:00 EDTCLFOptions Update; March 18, 2015
iPath S&P 500 VIX Short-Term Futures down 1.20 to 26.10. Option volume leaders: AAPL RAD PBR TWTR FB TSLA CLF BP MGM according to Track Data.
07:10 EDTNUE, CLFPlatts to hold a forum
11th Annual Steel Markets North America is being held in Chicago on March 17-18.
March 17, 2015
19:10 EDTSTLDSteel Dynamics expects metals recycling operations to record loss in Q1
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19:07 EDTSTLDSteel Dynamics sees Q1 adjusted EPS 12c-16c, may not compare to consensus 22c
Steel Dynamics provided Q1 earnings guidance. Excluding approximately $17M, or 4c per diluted share, of estimated premium and related expenses associated with the company's repayment of $350M in senior notes in March, the company provided Q1 adjusted earnings guidance in the range of 12c-16c per diluted share. Including these charges, earnings guidance for Q1 would have been in the range of 8c-12c per diluted share. During Q1, two important industry developments occurred: Domestic steel product pricing declined to levels that are now globally competitive, which the company believes will result in reduced steel import levels beginning in thQ2. Despite continued solid domestic steel consumption, product pricing decreased meaningfully due to delayed customer orders caused by the volatility in scrap prices and inventory buildup related to excessive 4Q14 steel imports. The company believes the surplus inventory can be right-sized in the April and May 2015 timeframe, which coupled with continued demand, should result in increased domestic steel mill utilization. Ferrous scrap pricing declined between 25%-30% during February, which the company believes will benefit metal margin. Ferrous scrap pricing disconnected from iron ore pricing during 2014, as iron ore prices declined dramatically, while scrap prices remained relatively unchanged. Historically these commodities are highly correlated; therefore, a sharp decline in scrap prices was not unexpected.
10:45 EDTXStocks with call strike movement; X BBRY
U.S. Steel (X) March 24 call option implied volatility increased 8% to 52, BlackBerry (BBRY) September 11 call option implied volatility decreased 2% to 50 according to IVolatility.
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