Schnitzer Steel Badly Misses Targets, Again

Shares of Schnitzer Steel(SCHN Quote) lost 12% of their value Tuesday after the company reported quarterly results that fell terribly short of Wall Street's already reduced bottom-line forecasts.

For its fiscal third quarter ended in April, Schnitzer said it lost 5 cents a share, when analysts had been expecting a profit of 16 cents. This marks the second-straight quarter that the Portland, Ore., scrap-metal recycler badly missed expectations of a profit by coming out with a loss.

Schnitzer shares were trading midday Tuesday at $52.99, down 12%, or $7.22, on more than double the daily average volume. The stock has performed well this year, gaining 60%, but is still trading far below its all-time highs -- about $111 -- reached almost exactly a year ago. ...