Steel Stocks Are on the Move
Steel stocks are surging today. Shares of U.S. Steel (X) are among the NYSE's top ten gainers, with a 7% jump to $31.83 on very heavy afternoon trade. The powerful move is spreading throughout the sector as investors focus on positive comments from UBS analysts, who lifted their price target for X and upgraded shares of Steel Dynamics (STLD) and Nucor (NUE) to "Buy" from "Neutral." While U.S. Steel is getting the bulk of the attention as the week begins, many other names in the sector are showing signs that they may be ready to follow X higher in the near term.Steel Dynamics (STLD) Source: TradeStation View Chart » View in New Window »
On such stock is Steel Dynamics. The Indiana-based basic materials company is up more than 4% as it extends an impressive upside reversal that developed after Friday's weak open. STLD opened Friday's session with a gap-lower open after management lowered its estimates for the first quarter due to "unexpected margin compression." Despite the negative news, the stock spent little time in the red and by the close had battled back for a slight gain. Volume was very heavy on the day. As a new week begins, the stock is building on this momentum and is now trading at fresh March highs. STLD is set up for a run to new 2012 highs....313 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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