Shares of Nucor Corp. NUE fell 0.6% toward a 2 1/2-month low in premarket trading Thursday, after the steelmaker provided a first-quarter profit outlook that was below Wall Street projections. The company said its expects earnings per share for the current quarter to fall to $3.70 to $3.80 from $4.89 in the fourth quarter and from $7.67 in the same period a year ago. The FactSet consensus was for EPS of $3.84. The company said it expects its profitability in its steel products segment to decrease from the fourth quarter because of reduced construction activity and some declines in pricing, while profitability is expected to increase in its steel mills and raw materials businesses. The stock has gained 8.4% over the past three months through Wednesday, while the Materials Select Sector SPDR exchange-traded fund XLB has lost 4.1% and the S&P 500 SPX has edged up 1.0%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Read Full Story
- Beth Pinsker: Making last-minute IRA contributions might cost you a ‘procrastination penalty’ - March 21, 2023
- Economic Report: U.S. existing-home sales rise for the first time in 13 months, surging 14.5% in February - March 21, 2023
- : First Republic rallies after bank backstop pledge from Treasury’s Yellen and reports of fresh capital push by JPMorgan - March 21, 2023
