Posts for Ticker ‘STLD’

Top Early Bird Analyst Calls (APC, NLY, CTL, KEY, INTC, LSI, MMM, MRVL, STO, STLD)

These are the top pre-market early-bird analyst calls we have seen with about two and a half hours until the market opens this Tuesday morning:

Anadarko Petroleum (APC) Raised to Buy at BofA/Merrill Lynch.
Annaly Mortgage (NLY) STarted as Overweight at Barclays.
CenturyTel (CTL) Raised to Buy at UBS.
KeyCorp (KEY) Raised to Outperform at KBW.
Intel (INTC) Raised to Neutral at BofA/Merrill Lynch.
LSI Corp. (LSI) Raised to Buy at BofA/Merrill Lynch.
3M (MMM) Started as Buy at Jefferies.
Marvell Tech (MRVL) Raised to Buy at BofA/Merrill Lynch.
StatoilHydro (STO) Raised to Buy at BofA/Merrill Lynch.
Steel Dynamics (STLD) Raised to Buy at BofA/Merrill Lynch.

JON C. OGG

Posted on: July 7, 2009 – 6:12 am in Analyst Calls, , , , , , , , , ,

Metals Weakness Persists (STLD)

burning-money-pic18Steel Dynamics, Inc. (Nasdaq: STLD) gave updated guidance reading for its first quarter tonight.  It is hard to get excited about the metals sector and Steel Dynamics in particular.
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Posted on: March 11, 2009 – 5:22 pm in Earnings Warning, Metals,

Earnings Warnings Hardly Affecting Many Stocks (LSCC, UTX, STLD, FUL, WAT)

Burning_money_pic_3Earnings warnings are generally bad omens that rarely have a one quarter impact.  But with many of these stocks already pricing in really bad scenarios.  So when companies come in and say that revenues are down 3% or 12%, in many cases these are being rewarded by bottom-fishing traders who are trying to get into the stocks when the shares have sold off in many cases 50% or 75% (or more).  Some companies which issued earnings warnings are Lattice Semiconductor (NASDAQ: LSCC), United Technologies (NYSE: UTX), Steel Dynamics (NASDAQ: STLD), H.B. Fuller (NYSE: FUL) and Waters Corp. (NYSE: WAT)

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Posted on: December 12, 2008 – 10:40 am in Earnings Warning, Economy, Trading Alert, , , , ,

Top Pre-Market Analyst Upgrades (ABC, BRCM, COH, DNA, IILG, LXK, NUAN, STLD, TLAB)

These are some of the top pre-market upgrades from Wall Street analysts this Wednesday morning:

  • AmerisourceBergen (ABC) Started as Buy at Jefferies.
  • Broadcom (BRCM) Raised to Outperform at Baird.
  • Coach (COH) Raised to Buy at Lazard.
  • Genentech (DNA) Raised to Buy at Jefferies.
  • Interval Leisure Group (IILG) Started as Outperform at FBR.
  • Lexmark (LXK) Raised to Buy at Citigroup.
  • Nuance (NUAN) Raised to Buy at Goldman Sachs.
  • Steel Dynamics (STLD) Raised to Buy at Goldman Sachs.
  • Tellabs (TLAB) Raised to Hold at Jefferies.

Jon C. Ogg
October 22, 2008

Posted on: October 22, 2008 – 7:02 am in Analyst Calls, , , , , , , , ,

Goldman Sachs Kicking Steel While It’s Down (AKS, STLD, TX, CMC)

It is a bit surprising when you see a firm like Goldman Sachs downgrade many key steel stocks after their shares have fallen by so much.  That is what we are seeing this morning.  Many steel stocks are down more than 75% from their recent year highs.  It sees lower steel and scrap prices on deteriorated demand in the coming months.  Below is the firm’s downgrade list, although Commercial Metals (NYSE: CMC) was actually upgraded.

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Posted on: October 9, 2008 – 7:28 am in Analyst Calls, Metals, , , ,

The 52-Week Low Club 10/2/2008 (GGP)(MOS)(POT)(WFT)(STLD)(AAPL)(EBAY)(YHOO)

Sad_clownGeneral Growth Properties (GGP) S&P cuts ratings on growth concerns. Falls to $7.25 from 52-week high of $57.84.

Mosaic (MOS) Fiscal quarter earnings miss mark. Drops to $39.50 from 52-week high of $163.25.

Potash Corporation (POT) Fertilizer company hit by downgrade and falling grain prices. Plunges to $93.65 from 52-week high of $241.62.

Coeur d’Alene Mines (CDE) Analyst downgrade. Sells down to $1.11 from 52-week high of $5.18.

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Posted on: October 2, 2008 – 3:00 pm in HI/LOW, , , , , , , ,

Top Pre-Market Analyst Upgrades (ADBE, APC, APSG, CENX, CRDN, CVS, DRI, GOOG, QCOM, STLD, SPWR, YUM)

There seemed to be more upgrades this morning than there were downgrades from Wall Street analysts.  Here is a snapshot of some of our key analyst calls we saw:

  • Adobe Systems (NASDAQ: ADBE) Started as Outperform at Credit Suisse.
  • Anadarko Petroleum (NYSE: APC) Raised to Outperform from Perform at Wachovia.
  • Applied Signal Tech (NASDAQ: APSG) Raised to Outperform at FBR.
  • Century Aluminum (NASDAQ: CENX) Raised to Outperform at FBR.
  • Ceradyne (NASDAQ: CRDN) Raised to Outperform at FBR.
  • CVS Caremark (NYSE: CVS) Started as Buy at Jefferies.
  • Darden Restaurants (NYSE: DRI) Started as Buy at Banc of America.
  • Google (NASDAQ: GOOG) started as Buy at Deutsche Bank.
  • Microsoft (N ASDAQ: MSFT) Started as Outperform at Credit Suisse.
  • Qualcomm (NASDAQ: QCOM) Added to Goldman Sachs Conviction Buy List.
  • Steel Dynamics (NASDAQ: STLD) Raised to Buy from Neutral at Citigroup.
  • Sunpower Corp. (NASDAQ: SPWR) Raised To Neutral from Underperform at Merrill Lynch.
  • Yum Brands (NYSE: YUM) Started as Buy at Banc of America.

Jon C. Ogg
July 11, 2008

Posted on: July 11, 2008 – 7:42 am in Analyst Calls, , , , , , , , , , , ,

Top 10 Pre-Market Analyst Upgrades (CCJ, EDS, GENZ, GU, QCOM, STLD, RIG, VRSN, WB, XNPT)

These are not all of the upgrades we have seen so far this morning, but here are ten of the top positive analyst calls we have seen so far early this Tuesday morning:

  • Cameco (NYSE: CCJ) raised to Outperform at FBR.
  • Electronic Data Systems (NYSE: EDS) Raised to Neutral from Sell at Goldman Sachs.
  • Genzyme (NASDAQ: GENZ) started as Buy at UBS.
  • Gushan Environmental (NYSE: GU) Raised to Buy at Piper Jaffray.
  • Qualcomm (NASDAQ: QCOM) Started as Buy at Citigroup.
  • Steel Dynamics (NASDAQ: STLD) Raised to Buy from Neutral at UBS.
  • Transocean (NYSE: RIG) Raised to Overweight from Neutral at JPMorgan.
  • VeriSign (NASSDAQ: VRSN) Raised to Outperform from Neutral at Baird.
  • Wachovia (NYSE: WB) Raised to Neutral from Underperform at Merrill Lynch.
  • XenoPort (NASDAQ: XNPT) Raised to Outperform from Market Perform at FBR.

Jon C. Ogg
July 9, 2008

Posted on: July 9, 2008 – 6:26 am in Analyst Calls, , , , , , , , , ,

Top 10 Pre-Market Analyst Calls (BVF, CERN, GIGM, IRBT, MHS, MDP, SII, STLD, STI, TRI)

These are not all of the analyst calls, but these are ten of the calls affecting shares this Wednesday morning:

  • Biovail (NYSE: BVF) cut to Sector Perform at CIBC.
  • Cerner (NASDAQ: CERN) raised to Buy at Jefferies.
  • GigaMedia (NASDAQ: GIGM) started as Nuy at Brean Murray.
  • iRobot (NASDAQ: IRBT) raised to Buy at Kaufman.
  • Medco Health (NYSE: MHS) raised to Outperform at Oppenheimer.
  • Meredith (NYSE: MDP) cut to Hold at Citigroup.
  • Smith International (NYSE: SII) raised to Overweight at JPMorgan; also cut to Perform at Oppenheimer.
  • Steel Dynamics (NASDAQ: STLD) cut to Hold at Citigroup.
  • SunTrust Banks (NYSE: STI) raised to Market Perform at KBW.
  • Triad Hospitals (NYSE: TRI) started as Overweight at JPMorgan.

Jon C. Ogg
April 23, 2008

Posted on: April 23, 2008 – 6:49 am in Analyst Calls, , , , , , , , , ,

Goldman Sachs & Massive Steel Prices (X, NUE, ATI, STLD, SCHN, GNA, WOR, AKS, ROCK, RS, CMC)

Goldman Sachs is out with a call raising its steel company earnings targets after above expectation steel prices and tighter supplies that represent a physical steel shortage. It sees some US steel prices rising from $700 recent targets up to a new $850 target per short ton.  It also sees 2009 prices above 2008 prices and sees wider spreads with raw steel compared to scrap costs.

There was one lowered target on Olympic Steel, Inc. (NASDAQ: ZEUS).  Goldman Sachs is raising ZEUS earnings estimates for this year and next, but it is downgrading the stock from Buy to Neutral because its shares are up more than 50% since being added as Buy in November.  It is raising the rating on U.S. Steel (NYSE: X) from neutral to Buy and it has raised targets as well, and it raised 2008 EPS from $11.10 to $14.80 and 2008 from $12.75 to $16.75.

Other estimates are raised in the sector:  Allegheny Tech (NYSE: ATI) was maintained as Buy and saw a slight boost to earnings targets.  Gerdau AmeriSteel (NYSE: GNA), Gibralter Ind. (NASDAQ: ROCK), Reliance Steel (NYSE: RS), Steel Dynamics (NASDAQ: STLD), AK Steel (NYSE: AKS), and Commercial Metals (NYSE: CMC) are all neutral rated but saw estimates raised considerably considering the neutral ratings.

The firm is also positive on Nucor Corp. (NYSE: NUE), which it maintains a Buy rating on and raised estimates sharply on for this year and next.

Goldman Sachs has sell ratings on Worthington (NYSE: WOR) and Schnitzer Steel (NASDAQ: SCHN), although the firm even raised earnings estimates on those two names.

Jon C. Ogg
March 20, 2008

Posted on: March 20, 2008 – 7:29 am in Analyst Calls, Metals, , , , , , , , , , ,

Pre-Market Analyst Calls (October 26, 2007)

ABK cut to Mkt Perform at FBR.
ADVNA cut to Mkt Perform at FBR.
BBY started as Mkt Perform at Wachovia.
BEN cut to Mkt PErform at FBR.
BG cut to Neutral at HSBC.
CC started as Mkt Perform at Wachovia.
CPS cut to Equal Weight at Lehman.
ELX cut to Mkt Perform at FBR.
ETEL cut to Mkt Perform at JMP Securities.
EXBD raised to Buy at Deutsche Bank.
FADV cut to Equal Weight at Lehman.
FVE raised to Buy at Jefferies.
GIS raised to Buy at Deutsche Bank.
HES raised to Buy at B of A.
KND raised to Buy at Jefferies.
LVLT cut to Neutral at JPMorgan.
LTM cut to Mkt Perform at Piper Jaffray.
MBI cut to Mkt Perform at FBR.
NILE raised to Hold at Citigroup.
ORCC cut to Sector Perform at CIBC.
PENN cut to Hold at Jefferies.
POWI cut to Hold at Citigroup.
RRI started as outperform at Wachovia.
SE started as Mkt Perform at Wachovia.
STD raised to Buy at Citigroup.
STLD cut to Neutral at UBS.
TRID too 3 downgrades: Jefferies, Deutsche Bank, and Oppenheimer.
TSM raised to Overweight at HSBC.
USU started as Mkt Perform at Wachovia.
WCG raised to Neutral at Goldman Sachs.

Jon C. Ogg
October 26, 2007

Posted on: October 26, 2007 – 7:09 am in Analyst Calls, , , , , , , , , , , , , , , , , , , , , , ,

Steel Dynamics Acquisition Helps To Rival China & India (STLD)

Steel Dynamics, Inc. (NASDAQ:STLD) has entered a definitive agreement whereby Steel Dynamics will acquire privately held OmniSource Corp. in a deal that has been approved by the board of directors of both companies.  This merger is valued at more than $1 Billion on a stock and debt basis, with $425 million going in cash and 9.7 million STLD shares.  STLD will also acquire its liabilities of roughly $210 million.

OmniSource is said to be one of North America’s largest scrap recycling companies, a privately held company based in Fort Wayne, Indiana.  This merger is expected to close in November 2007, and while it is subject to regulatory approvals it is hard to imagine this being blocked for anything obvious.

OmniSource will operate as a subsidiary of Steel Dynamics and will continue its focus on the ferrous and nonferrous scrap processing, brokerage, and industrial scrap management needs of its customers and STLD’s existing scrap operations in Virginia and Tennessee will be consolidated into OmniSource, as will its planned scrap processing facility in Indianapolis, Indiana.

We haven’t been able to rip apart the current financials and sales of OmniSource yet and the conference call isn’t until late-morning tomorrow.  OmniSource generated $2.3 Billion in revenues off of 5.3 million tons shipped in ferrous scrap and 900 million pounds in nonferrous metals in 2006.  That compares to STLD’s 4.7 million tons in 2006 on $3.2 Billion in revenues.  On the surface it sounds like the company is getting a nice bump and that at least an American company will get to give China and India some rivalry over all the major operations around scrap metal.  If you have spoken with steel industry guys, they have been saying for about three or four years how all the scrap metal is heading for China first and India second.

Steel Dynamics closed up 1.5% at $47.41 today, about 4.5% under the $49.75 high. 

Jon C. Ogg
October 1, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he produces the 24/7 Wall St. Special Situation Investing Newsletter and he does not own securities in the companies he covers.

Posted on: October 1, 2007 – 5:54 pm in Mergers and Buy Outs, Metals, , , , , ,

Earnings Warning & Denying Merger Rumors Hurt Steel Stocks (NUE, STLD, X, RS, AKS)

Stock Tickers: NUE, STLD, X, RS, AKS

Nucor Corp. (NUE-NYSE) has a bit of a surprising news this morning: a steel company issuing an earnings warning. It now expects that earnings for the second quarter ending June 30, 2007 are expected to be in the range of $1.05 to $1.15 per diluted share, compared to estimates of $1.39 and compared to $1.26 EPS in the first quarter of 2007.

Here is the explanation from the company:  Second quarter earnings have been significantly impacted by lower shipments from Nucor’s bar mill group. The rapid increase in scrap prices in the first quarter resulted in hedge buying during that quarter by our customers ahead of anticipated increases in steel products pricing. This hedge buying by our customers produced a record for first quarter shipments from our bar mill group. In addition to the first quarter hedge buying driven by volatility in scrap pricing, bar market demand in the second quarter has been marginally reduced by softness in the automotive and residential construction segments. This softness reduced demand for our SBQ bar and rebar products. We expect second quarter bar shipments to decline approximately 17% from the first quarter shipments.

This news combined with the news that ThyssenKrupp in Europe denied market rumors and reports that it was in talks to acquire U.S. Steel (X-NYSE). 

This combined earnings warning from a key player and less consolidation in the sector is pressuring other steel names: Steel Dynamics (STLD-NASDAQ) -4%, US Steel (X-NYSE) -5.5%, Reliance Steel & Aluminum (RS-NYSE) -2%, AK Steel (AKS) -2.5%.

Jon C. Ogg
June 11, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

Posted on: June 11, 2007 – 8:45 am in Metals, , , , ,