On July 29, Nucor fell 5.09% in after-hours trading, trading at $259.0/share, with turnover of $42.96 million.
On the news front, despite the company reporting Q2 adjusted EPS of $4.84, beating the consensus estimate of $4.38-$4.46 by approximately 10.5%, and revenue of $10.40 billion surpassing the expected $10.15 billion, the broader steel sector experienced systematic selling pressure. The company also guided for Q3 consolidated earnings to exceed Q2 levels, reinforcing its growth trajectory.
The stock had initially surged as much as 6.57% following the earnings release, but the after-hours reversal reflected sector-wide headwinds and profit-taking. Within the steel sector, Cleveland-Cliffs fell 6.84%, ArcelorMittal declined 2.54%, Steel Dynamics dropped 1.74%, and Vale slipped 1.02%. Notably, multiple investment banks raised their price targets post-earnings, with BNP Paribas lifting its target to $300 and maintaining an Outperform rating, while UBS raised its target to $256 with a Neutral stance.
(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.)
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