Cleveland Cliffs Inc (CLF): CLF -7% on NUE’s lowered EPS guidance:...

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Wednesday, 09/14/2022 12:57:58 PM

Wednesday, September 14, 2022 12:57:58 PM

CLF -7% on NUE’s lowered EPS guidance:

https://www.barrons.com/articles/nucor-stock-dips-disappointing-forecast-51663162036

Nucor (ticker: NUE) estimated third-quarter earnings to be in the range of $6.30 to $6.40 a share. That’s lower than analysts’ estimate of $7.56 a share for the quarter ending September, according to FactSet.

Nucor sees weakness in its steel-mills segment, where it expects earnings to be considerably lower compared with the second quarter due to reduced shipping volumes. Both the steel-products and raw-materials segments are supposed to report earnings similar to the second quarter. Nucor believes 2022 will be the most profitable year in the company’s history.

Still, the stock is down 5.5%, to $128.60, in Wednesday’s premarket trading. Other steel stocks like Cleveland-Cliffs CLF –6.76% (CLF), Steel Dynamics STLD –8.70% (STLD), and U.S. Steel (X) have also dropped after Nucor’s report.

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