Sell in May and Go Away From U.S. Steel Companies
David White submits:
We seem to be in the midst of an earnings rally this season. The last few days have been particularly bright for technology stocks (VMWare (VMW), Apple (AAPL), F5 Networks (FFIV), etc.). Yet when Nucor (NUE) reported Thursday, April 21, it got no love. It finished the day down -$.33 at $46.15 on earnings that should have been considered good to great. Considering that Basic Materials as a sector were up +1.39% on the day, this was a poor performance.
NUE reported EPS of $.50/share vs. an expected $.36/share. This was 5 times the earnings for the year earlier quarter of $.10/share. It recorded a 22% increase in the average sales price of its steel products per ton. Tons shipped to outside customers rose 9%. Utilization rates increased. Nucor says it expects Q2 results to be better than Q1’s, but it said it would provide more specific data at aComplete Story »