US Steel, Barrick Gold and More of the Worst Earnings This Week

Earlier this week the U.S. broad markets hit new highs on the backs of a series of very strong earnings reports. In fact the markets posted the best back-to-back gains on Monday and Tuesday since the presidential election last November. However not all the earnings have been positive.

24/7 Wall St. has taken a look at a few companies that had the worst earnings reports this week and that held back the markets from running even hotter. We have provided some highlights from each report including a recent trading history and the consensus target for each stock.

United Steel Corp. (NYSE: X) delivered a major interruption for its investors hoping to win off of more protection for U.S. steel makers and for needing steel for endless infrastructure projects. The steel giant was supposed to be profitable but delivered a loss to shareholders in its quarterly report. The reaction literally removed one-quarter of U.S. Steel’s market value and was bleeding over into multiple steel and advanced metals stocks.

The company said that it had a net loss of $0.83 per share and $2.73 billion in revenue, compared with consensus estimates that called for $0.32 in earnings per share (EPS) and $2.92 in revenue. The first quarter of last year had a net loss of $2.15 per and $2.34 billion in revenue.

Shares of U.S. Steel were last seen at $22.94 on Thursday, with a consensus analyst price target of $38.62 and a 52-week trading range of $12.77 to $41.83. Over the course of this week, shares dropped 24% to the current price level.

Barrick Gold Corp. (NYSE: ABX) released its first-quarter earnings after the markets closed on Monday. While Barrick reported a first-quarter profit, it still was not enough to prop up this gold miner.

The company posted $0.14 in EPS and $1.99 billion in revenue, which compares to $0.11 per share and $1.93 billion in the same period of last year. The consensus estimates were $0.20 in EPS and $2.17 billion in revenue.

Shares of Barrick were trading at $16.73, within a 52-week range of $13.81 to $23.47 and with a consensus price target of $21.43. Over the course of the week, shares dropped about 13% to the current price level.

Seagate Technology PLC (NASDAQ: STX) reported its fiscal third-quarter results Wednesday afternoon. The said it company had $1.10 in EPS and $2.67 billion in revenue, versus consensus estimates of $1.07 per share on $2.71 billion. In the same period of last year it posted EPS of $0.22 and $2.59 billion in revenue.

Seagate shares were last seen at $42.75. The consensus price target is $47.17, and the 52-week range is $18.42 to $50.96. This week the shares have dropped 11%, but from their 52-week high hit this week, about 16%.

Mellanox Technologies Ltd. (NASDAQ: MLNX) reported its most recent earnings late on Wednesday. The company posted a net loss of $0.29 per share and $188.7 million in revenue. The consensus estimates had called for $0.49 in EPS and revenue of $205.0 million. In the same period of last year, the fabless semiconductor maker said it had EPS of $0.81 and $196.8 million in revenue.

Looking ahead, the company expects to see quarterly revenues between $205 million and $215 million, with a gross margin of 70.5% to 71.5% in the second quarter. The consensus estimates are $0.67 in EPS and $222.99 in revenue for the second quarter

Shares of Mellanox were trading at $45.50, with a consensus analyst target of $52.80 and a 52-week range of $38.75 to $52.80. So far this week, shares are down 11.6% to the current price level.