Movement Alert｜Nucor Steel Falls 3.27% in Regular Trading, Steel Sector Under Broad Pressure Amid Target Price Cut

Market Focus06-19

On June 19, Nucor Steel fell 3.27% in regular trading, trading at $244.36/share, with turnover of $2.75 billion. The decline was driven by a combination of a Wells Fargo target price reduction and broad-based weakness across the steel sector.

On the news front, Wells Fargo lowered its target price on Nucor from $292 to $283 while maintaining its overweight rating. The average analyst rating remains overweight with a mean target price of $266.36. Separately, Nucor had issued Q2 earnings guidance of $4.50 to $4.60 per diluted share, exceeding the consensus estimate of $4.21, with full results expected on July 27. However, the better-than-expected guidance failed to offset selling pressure from the target price cut and sector headwinds.

Within the Steel & Iron sector, the overall sector was broadly weaker. Among individual stocks, Steel Dynamics fell 7.5%, Reliance Steel & Aluminum fell 2.5%, Cleveland-Cliffs fell 2.17%, ArcelorMittal fell 1.45%, and Vale fell 1.0%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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