U.S. Steel Reports Net Loss as Demand, Prices Slump (Update2) Share | Email | Print | A A A By Jack Kaskey July 28 (Bloomberg) -- U.S. Steel Corp., the largest U.S.- based steelmaker, reported its second straight quarterly loss and forecast another loss in the current period as the recession reduces demand. The second-quarter net loss of $392 million, or $2.92 a share, compares with net income of $668 million, or $5.65, a year earlier, Pittsburgh-based U.S. Steel said today in a statement. Sales fell 68 percent to $2.13 billion. Read more... http://www.bloomberg.com/apps/news?pid=20601087&sid=aBb0K113YvAY
And how does this help you trade and MAKE MONEY??? The stock has rallied 40% off of the lows of July 10th. That's a huge gain and most tradeable move. Looked at the stock chart lately?
If you're long X, you may want to at least consider selling. For those who were in this at $170, they'll probably never recoup their losses.
It may be a good sell, but it has nothing to do with earnings. What if China is exhausted? Banks are being told to chill, and we are beggin them to buy bonds. Prices of steel may still rise on weak currency, but demand may become an issue. Once these auctions are over, we see if China wants more commodities or if..
Love these commodity related companies. I was long copper and silver and tossed them. One good thing about being a piker is one click and Im out. Of course the bad is the realization of one click and Im out means Im a piker. Personally I would not go long any commodity names now, steel, copper, oil. Imo this recession started as did the Depression. People will argue credit, I say commodities were too high, probably caused by said credit, but demand as well. I believe our economy entered recession because of the weight of these prices. Housing and credit were exposed by recession. What we do know. The world can not handle 145 crude. Everyone gets crushed including us. Now that it is weak, can it handle 70? No. Can we have another recession because of 70? Yep, down we go again. Other countries can deal with it better. Remember the rice riots last year? Some fall apart faster, but we will all feel it. This hording will end and there isn't demand up here right now.
Bloomberg on it tonight, only a couple days from bullish buyin. See how it shakes out. ----------------------------------------------------- âIâm looking for a pullback right now in copper,â said Pento, who correctly forecast in January that the price would rise at least 77 percent this year. âBase metals have just gotten overextended as people bet on the China story. Investors should exit this market now as the price comes down to match reality.â http://www.bloomberg.com/apps/news?pid=20601087&sid=a6EtKUzeuRFc