AK Steel Plunges After Earnings
26-Jul-11 12:30 ET Dow -52.87 at 12539.93, Nasdaq +5.13 at 2847.93, S&P -1.24 at 1336.19 The major market averages remain mixed with the Nasdaq (+0.2%) holding small gain while the S&P (-0.1%) and Dow (-0.4%) trade lower.
Steelmaker AK Steel (AKS 13.11, -2.41) has plunged more than 15% today after posting disappointing third quarter results. The company missed the Capital IQ Consensus Estimate of earnings of $0.49 per share by $0.17 and saw revenues climb 12.3% YoY to $1.79 billion. However, that number was short of the Capital IQ Consensus Estimate of $1.81 billion. As for the third quarter, the company expects shipments to be between 1.4-1.45 million tons with an average per-ton selling price will be about 1% lower. It also expects raw material costs to tick higher from the previous quarter. Shares of competitor United States Steel Corp. (X 40.80, -3.49) are seeing related losses of 7.9%.
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