This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Analyst Cuts Outlook Estimates For Metals, Mining

NEW YORK (AP) â¿¿ An analyst for KeyBanc Capital Markets cut forecasts for several metals and mining companies Friday, citing an "ongoing hangover" from the credit collapse and a reluctance by local governments to invest in new projects.

KeyBanc analyst Mark Parr said underlying demand appears to be improving in September due to gains in industrial production and other markets including energy, heavy trucks and agriculture. However, the automotive market seems to have flattened this year and nonresidential construction continues to struggle.

Parr cut per-share earnings expectations in 2010 for AK Steel Holding Corp. (down 82 cents to a loss of 17 cents), Cliffs Natural Resources Inc. (down 30 cents to $7.90), Nucor Corp. (down 25 cents to 75 cents), Reliance Steel & Aluminum (down 5 cents to $2.85), Steel Dynamics Inc. (down 15 cents to 80 cents), U.S. Steel Corp. (down 30 cents to 70 cents), and Olympic Steel Inc. (down 5 cents to 85 cents).

Parr maintained "Buy" ratings for Reliance Steel & Aluminum, Steel Dynamics and U.S. Steel; and maintained "Hold" ratings for AK Steel, Cliffs Natural Resources, Metals USA Holdings, Nucor and Olympic Steel.

KeyBanc's estimate reflects a continued slump in nonresidential construction demand, especially for Nucor and Steel Dynamics. It also reflects a competition at steel mills.

Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AKS $4.34 -2.80%
CLF $4.66 -3.20%
NUE $46.10 -3.00%
STLD $19.81 -1.40%
X $23.90 -2.00%

Markets

DOW 17,671.56 -104.56 -0.59%
S&P 500 2,059.18 -8.71 -0.42%
NASDAQ 4,870.9490 -29.9360 -0.61%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs