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April 3, 2014
11:31 EDTSCHNSchnitzer Steel expects demand for steel in emerging markets to continue
Says Asia to remain key driver of infrastructure spending, with China the highest contributor. Says productivity initiatives tracking well, and has increased targeted savings to $40M from $30M. Says to date, has achieved $10M in 1H14 savings and expects 70% of overall savings to be met in FY14, with the balance achieved in FY15. Says FY14 CapEx should be about 50% lower than FY13 levels. Comments from slides presentation on Q2 results.
News For SCHN From The Last 14 Days
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July 1, 2015
13:05 EDTSCHNOn The Fly: Top stock stories at midday
Stocks on Wall Street remain higher at midday but off their best levels, which were achieved shortly after the open. The strength is being largely attributed to hopes for a resolution to the Greek crisis, but the move was also supported by better than expected domestic data on employment, construction and manufacturing. ECONOMIC EVENTS: In the U.S., ADP reported the addition of 237,000 private sector jobs in June, versus expectations for 218,000 job additions. Markit's manufacturing purchasing managers' index for June came in at 53.6, narrowly topping the 53.4 forecast. ISM's manufacturing index rose to 53.5 in June, topping May's 52.8 reading and the 53.2 consensus forecast. Construction spending rose 0.8% in May, versus the expected growth of 0.5%. In China, manufacturing PMI's came in short of expectations. The HSBC/Markit PMI slipped to a final 49.4 in June from the flash reading of 49.6 reading, while the official manufacturing PMI fell to 50.1 in June from 50.9 in May. In Europe, Greece officially missed its $1.7B payment to the International Monetary Fund, becoming the first developed country to do so. The Financial Times then reported the Greek government was indicating it was willing to make concessions that get it much closer to creditor demands. The new proposal for budget cuts and policy overhauls from Prime Minister Alexis Tsipras was dismissed by European officials, however, and uncertainty remains high surrounding the next steps in Europe. COMPANY NEWS: In a blockbuster deal in the insurance industry, ACE Limited (ACE) agreed to acquire Chubb (CB) in a transaction valued in excess of $28B in cash and stock. ACE said it expects that the deal will be immediately accretive to EPS and book value, and by year three, the transaction will be accretive to EPS on a double-digit basis and will be accretive to ROE. The combined company is expected to be the number one global Property and Casualty insurance company by P&C underwriting income and the number two U.S. public P&C insurer by market cap. ACE shares advance 2% following the deal announcement, while Chubb surged 29%... General Motors (GM) reported its U.S. sales fell 3% in June compared to the same month of last year, while Ford (F) said its sales grew 1.6% last month compared to last year. FCA US, the parent of the Chrysler and Jeep brands, reported U.S. sales increased 8% compared with sales in June 2014. MAJOR MOVERS: Among the notable gainers was Schnitzer Steel (SCHN), which rose 14% after BofA Merrill Lynch upgraded the shares two notches to Buy from Underperform and raised its price target to $21, saying it believes scrap pricing should be nearing a trough with stability expected ahead. Also higher were shares of Dycom (DY), which gained 7% after the company raised its fourth quarter guidance for both earnings and revenue and announced a $40M stock repurchase program. Among the noteworthy losers was Chambers Street Properties (CSG), which fell 8% after announcing a merger agreement with Gramercy Property Trust (GPT), whose shares also slipped 3% following the announcement of the stock-for-stock transaction. Also lower were shares of Peabody Energy (BTU), which dropped 24% after cutting its second quarter guidance on Tuesday night. The company sees its adjusted EPS below its original target due to multiple factors, including flash flood events in June and price drops in Australian metallurgical coal. INDEXES: Near midday, the Dow was up 88.42, or 0.5%, to 17,707.93, the Nasdaq was up 13.01, or 0.26%, to 4,999.88, and the S&P 500 was up 8.62, or 0.42%, to 2,071.73.
10:09 EDTSCHNHigh option volume stocks
10:00 EDTSCHNOn The Fly: Analyst Upgrade Summary
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07:39 EDTSCHNSchnitzer Steel upgraded to Buy from Underperform at BofA/Merrill
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June 30, 2015
08:33 EDTSCHNSchnitzer Steel sees FY effective tax rate 4%
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08:33 EDTSCHNSchnitzer Steel sees incurring restructuring charges of approx. $10M
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08:32 EDTSCHNSchnitzer Steel reports Q3 adjusted EPS 0c, consensus (14c)
Reports Q3 revenue $467.3M, consensus $503.76M. Adjustments included charges for restructuring and exit-related costs and asset impairments. Third quarter adjusted results included an adverse impact from average inventory accounting of approximately $0.40 per share which compares to a second quarter adverse impact of $0.36 per share and a prior year third quarter adverse impact of $0.09 per share. Based on current market trends, estimated adverse inventory effects are expected to be substantially reduced in the fourth quarter. The Company reported third quarter loss per share from continuing operations of $0.31, including $6 million in restructuring and exit-related costs and $1 million in asset impairments.
June 29, 2015
15:23 EDTSCHNNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Schnitzer Steel (SCHN), consensus (14c).
14:26 EDTSCHNSchnitzer Steel technical notes ahead of earnings news
The stock has been in a rounding bottom uptrend since hitting lows in late April. If the news is positive or exceeds current bullish expectations, the rounding pattern could continue to develop. The pattern would be complete at the $23 area, with $20.28, $21.59, and $22.42 as resistance levels on the way up. If the news is a bearish surprise, the 50-day moving average at $18 would be the first significant support. A breakdown below the 50-day would snap the current uptrend, with next supports at $17.32 and $16.54.

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