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Stock Market & Financial Investment News

News Breaks
March 14, 2013
13:26 EDTX, AA, MTSteelmakers stay competitive in autos with lighter 'new steel,' Reuters says
In the quest for lighter more fuel efficient vehicles, steel makers are now defending themselves against lighter aluminum with 'new' lighter steel products, says Reuters. Aluminum, however, is set for more gains in the U.S. as vehicle makers look to lighten up SUVs and pick-ups. Reference Link
News For X;MT;AA From The Last 14 Days
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March 25, 2015
11:28 EDTXEU to impose tariffs on steel from China and Taiwan, Reuters says
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11:14 EDTXSunCoke oversold on U.S. Steel news, says Brean Capital
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11:13 EDTXSunCoke drops after customer announces plans to idle Granite City operations
Shares of SunCoke Energy (SXC) and SunCoke Energy Partners (SXCP) are both sharply lower after U.S. Steel (X), the principal customer of their Granite City cokemaking facility, announced it will consolidate its North American Flat-Rolled operations and temporarily idle its Granite City Works operations. The consolidation is part of an on-going adjustment of steelmaking operations throughout North America to match customer demands, said U.S. Steel, which noted that it routinely adjusts production at its operating facilities to reflect "market fluctuations." In morning trading, Suncoke Energy shares fell 11% to $15.01, while Suncoke Energy Partners dropped 10.25% to $19.87.
10:27 EDTXU.S. Steel responds to OSHA citations
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09:06 EDTXU.S. Steel to consolidate flat-rolled operations
United States Steel announced it will consolidate its North American Flat-Rolled operations and temporarily idle its Granite City Works operations in Granite City, Ill. As the primary flat-roll supplier of Lone Star Tubular Operations, the consolidation is part of an on-going adjustment of steelmaking operations throughout North America to match customer demands. The company said it routinely adjusts production at its operating facilities to reflect market fluctuations. The consolidation is a result of challenging market conditions that reflect the cyclical nature of the industry. Global influences in the market like reduced steel prices, unfair trade, imports and fluctuating oil prices, continue to have an impact on the business. The company will be working closely with its customers through this consolidation. The company will continue to operate its steelmaking operations in Alabama, Indiana, Michigan and Pennsylvania.
March 24, 2015
09:38 EDTAAActive equity options trading on open
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March 23, 2015
10:00 EDTMTOn The Fly: Analyst Downgrade Summary
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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.
05:32 EDTMTArcelorMittal downgraded to Hold from Buy at Jefferies
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March 19, 2015
11:24 EDTXStocks with call strike movement; X RIG
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10:16 EDTAAAlcoa falls, levels to watch
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March 17, 2015
14:35 EDTAAAlcoa to curtail 443,000 mtpy of alumina refining capacity at Suralco
Lightweight metals leader Alcoa announced that it plans to curtail 443,000 metric tons per year of alumina refining capacity at Suralco in Suriname. In addition, the company and the Government of Suriname have agreed to pursue a transaction for a Government-owned entity to acquire the Suralco operations. The curtailment and potential transaction are in line with Alcoa’s recent announcement to review upstream capacity for possible curtailment or divestiture and the company’s strategic goal to create a globally competitive commodity business. The curtailment, which represents one digester, is expected to be complete by April 30. Both parties now intend to pursue a transaction where a Government-owned entity would acquire Suralco, including the mining, refining and Afobaka hydroelectric operations. Following the appropriate due diligence, the parties are targeting to reach agreement on the proposed transaction by July 1. The company will work closely with unions and employees to reduce the impact of the curtailment on affected employees by offering fair severance packages. The Paranam refinery and related mining operations employ approximately 700 people, in addition to contracted personnel. The net financial impact associated with the curtailment is not expected to be material to the company’s earnings.
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.
09:34 EDTAAActive equity options trading on open
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07:08 EDTAAAlcoa weakness creates buying opportunity, says Stifel
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March 16, 2015
16:00 EDTAAOptions Update; March 16, 2015
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12:42 EDTXU.S. Steel trades lower with peers, levels to watch
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12:39 EDTXSteels stocks lower after report of rising China exports, analyst note
Steel stocks are lower after a Wall Street Journal report on increasing Chinese steel exports and an analyst note that lowered price targets on the sector. WHAT'S NEW: A Wall Street Journal report from Sunday night pointed out that China's steel exports rose 63% to 9.2M tons in January from a year earlier. China produces as much steel as the rest of the world combined and as the country's growth slows it is shipping its excess steel overseas, resulting in lower prices and spurring steel producers around the globe to seek government protection. ANALYST VIEW: In a note to investors, Jefferies said steel fundamentals stayed challenging throughout the first quarter and the firm lowered its price targets on a number of names in the sector to account for its reduced estimates. Jefferies lowered its price target on U.S. Steel (X) to $21 from $26, cut its price target on Schnitzer Steel (SCHN) to $17 from $20, reduced its price target on Nucor (NUE) to $57 from $61, and trimmed its target on AK Steel (AKS) to $3.75 from $4.75. Jefferies noted that a majority of its contacts expect steel prices to trough sometime in the second quarter and the firm said it believes "mini-mill" producers like Steel Dynamics (STLD) and Nucor are best positioned in the group. PRICE ACTION:In midday trading, United States Steel is down 1.24%, AK Steel is lower by 2%, Schnitzer Steel Industries is down 4.3%, Steel Dynamics is down 0.96%, and Nucor is up fractionally.
11:49 EDTXChina steel exports set to rise from last year's level, WSJ says
As China's economy slows it is exporting its excess steel in greater amounts and is causing a backlash from other steel producers who are seeking government protection from falling prices, says the Wall Street Journal. China's steel exports in January were up 63% to 9.2M tons from a year earlier, added the Wall Street Journal. Publicly traded companies in the space include U.S. Steel (X), AK Steel (AKS), Steel Dynamics (STLD) and Nucor Corporation (NUE). Reference Link
08:11 EDTXSteel seen as likely to bottom in Q2 after weak Q1, says Jefferies
Jefferies said steel fundamentals stayed challenging throughout Q1 and the firm lowered its price targets on a number of names in the sector to account for its reduced estimates. Jefferies lowered its price target on U.S. Steel to $21 from $26, cut its price target on Schnitzer Steel (SCHN) to $17 from $20, reduced its price target on Nucor (NUE) to $57 from $61 and trimmed its target on AK Steel to $3.75 from $4.75. Jefferies noted that a majority of it contacts expect steel prices to trough sometime in Q2 and the firm said it believes "mini-mill" producers like Steel Dynamics (STLD) and Nucor are best positioned in the group.
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