Replies to post #26300 on The Rising Influence of Rising Affluence

[DewDiligence]

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.

[DewDiligence]

CLF -13% reports on 3Q22 results:

https://www.clevelandcliffs.com/news/news-releases/detail/560/cleveland-cliffs-reports-third-quarter-2022-results-and

• Third-quarter revenue of $5.7 billion

• Third-quarter net income of $165 million

• Third-quarter Adjusted EBITDA of $452 million

• $1.8 billion reduction in pro forma pension/OPEB net liabilities

I’ll have more to say after today’s CC (10-11am ET).