Commodities & Metals
Goldman Sachs Kicking Steel While It's Down (AKS, STLD, TX, CMC)
Published:
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.
AK Steel (AKS) Cut to Sell from Neutral. AK Steel closed at $14.17 yesterday and it is down sharply from a high of $73.07.
Steel Dynamics (STLD) Cut to Neutral from Buy. Steel Dynamics closed at $9.51 yesterday and it is down from a high of $40.92.
Ternium S.A. (TX) Cut to Neutral from Buy. Ternium closed at $9.98 and is down from a 52-week high of $45.99.
Goldman Sachs did issue one upgrade in the sector. Commercial Metals (CMC) was raised to Buy from Neutral. This one is indicated higher after closing at $10.58 yesterday. It is down about 70% from its $39.80 52-week high.
Jon C. Ogg
October 9, 2008
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
