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Steel Dynamics

Steel Dynamics Inc operates scrap-based steel minimills with roughly 16 million tons of annual steel production capacity. The company's segment includes steel operations, metals recycling operations, steel fabrication operations, Aluminum Operations Segment, and others. It generates maximum revenue from the steel operations segment.

Steel Dynamics Inc

STEEL DYNAMICS ORD

Technology stocks, specifically chipmakers, could lead from the front on Thursday as a<a href="https://www.benzinga.com/news/earnings/24/10/41373163/nvidia-supplier-tsmc-reports-q3-revenue-earnings-beat-amid-rising-demand-for-ai-chips"> stellar third-quarter earnings report </a>from Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) is triggering positive sentiment toward all artificial intelligence plays. Oil prices have rebounded and gold traded at a fresh record, while bond yields held steady ahead of a slew of market-moving data that include retail sales, a regional manufacturing activity index, industrial production, and jobless claims.
Earnings news could provide an offsetting impact in the eventuality of the market construing the economic data as inclement. Netflix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) is the first among the mega-cap earnings due after the market close and the results could evince interest among traders and set the tone for the tech reporting season.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.81%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.42%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.11%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.09%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Thursday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged up 0.42% to $584.76 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) jumped 0.83% to $495, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
Small-caps ripped higher on Wednesday, extending their recent gains amid hopes of a benign economic environment but the major averages opened on a tentative note. Solid earnings reports from financial companies and strong gains by real-estate and utility stocks helped the major indices close firmly in the green.
The Dow Jones Industrial Average turned solidly higher immediately after spending the better part of the session above the unchanged line. The 30-stock blue-chip average ended at a fresh high, although it did not have enough momentum to break above its Oct. 15 intraday high of 43,277.78.
The S&amp;P 500 Index and the Nasdaq Composite had a lackluster first-half before picking up momentum in the afternoon. 
Of the 11 S&amp;P 500 sector classes, only communication services and consumer discretionary stocks declined in Wednesday&#8217;s session.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+0.28%</td>
<td>18,367.08</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.47%</td>
<td>5,842.47</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.79</td>
<td>43,077.70</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+1.64%</td>
<td>2,286.68</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Delving into the small-cap rally that has been on, LPL Financial Chief Technical Strategist Adam Turnquist said after being stuck in a consolidation phase over the past few months, small-caps have picked up some momentum in recent sessions, with the growth outlook recently improving — underpinned by better-than-feared labor market conditions — and increased visibility into Fed rate cuts, he said.
The strategist noted that the Russell 2,000 Index, or RTY, has rallied off the lower end of its rising price channel. &#8220;Recent strength in the banking space — the RTY's largest sector by weighting — has further supported small caps,&#8221; he said.
Technically, a close above 2,275 would confirm a breakout from its current symmetrical triangle and leave&nbsp;the 2021 highs (2,243)&nbsp;as the next resistance hurdle to clear, Turnquist said, adding that momentum indicators have also recently turned bullish, adding to the evidence of a topside breakout.
&#8220;Despite the improving absolute performance, the RTY vs. S&amp;P 500 ratio chart still remains in a downtrend and below its declining 200-day moving average (DMA),&#8221; he said. A close above the July highs would validate a trend reversal in favor of small caps outperforming, he added.
Meanwhile, a fund manager thinks AI-levered companies could be defensive plays. Louis Navellier said, &#8220;Semiconductor demand has become the new proxy for global growth trends, being incorporated into almost everything, and also has geopolitical implications with technology export controls in place and China continuing to saber rattle about taking Taiwan back.&#8221;
&#8220;The upshot here is the inference that AI will still have legs even if we slide into a global recession in &#8217;25,&#8221; he added.
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Upcoming Economic Data:
<ul>
<li>The Labor Department is scheduled to release the weekly jobless claim report at 8:30 a.m. EDT. Economists, on average, expect the number of individuals claiming unemployment insurance to come in at 260,000 in the week ended Oct. 12, up from 258,000 in the previous week.</li>
<li>The Commerce Department will release its September retail sales report at 8:30 a.m. EDT. The consensus estimates call for a 0.3% month-over-month increase in headline retail sales and a more modest 0.1% rise in retail sales, excluding the volatile auto sales. This compares to 0.1% increases for both in August.</li>
<li>The Philadelphia Fed is due to release the results of its manufacturing survey at 8:30 a.m. EDT. The diffusion index of business activity is expected to rise from 1.7 in September to 3 in October.</li>
<li>The Federal Reserve will release its industrial production report for September at 9:15 a.m. EDT. The consensus estimate models a 0.2% month-over-month decline in industrial output compared to 0.8% growth in August. </li>
<li>The Commerce Department&#8217;s business inventories report, due at 10 a.m. EDT, is expected to show a 0.3% month-over-month increase in business inventories for August, slightly slower than July&#8217;s 0.4% increase.</li>
<li>The National Association of Home Builders will release its housing market index for October at 10 a.m. EDT. The headline index, which measures confidence among homebuilders, is expected to rise a point from September to 42. A reading below 50 suggests a lack of confidence.</li>
<li>The Energy Information Administration will release its weekly oil inventories report at 11 p.m. EDT.</li>
<li>The Treasury is scheduled to auction four- and eight-week bills at 11:30 a.m. EDT.</li>
</ul>
Stocks In Focus:
<ul>
<li>Alcoa Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) climbed nearly 5% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following the aluminum maker&#8217;s quarterly results, and TSMC surged up over 8% on a beat-and-raise quarter.</li>
<li>Other stocks moving on earnings are CSX Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSX#NASDAQ">CSX</a>) (down about 5%) Nokia Oyj (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOK#NYSE">NOK</a>) (down nearly 6%), and Steel Dynamics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) (up over 3%).</li>
<li>Blackstone Inc. (BX), Marsh &amp; McLennan Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMC#NYSE">MMC</a>), Travelers Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>), KeyCorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KEY#NYSE">KEY</a>), and M&amp;T Bank Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>) are among the noteworthy <a href="https://www.benzinga.com/calendars/earnings">companies reporting ahead of the market opening.</a></li>
<li>Those reporting after the close include Netflix, Intuitive Surgical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ISRG#NASDAQ">ISRG</a>), Crown Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCK#NYSE">CCK</a>), WD-40 Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDFC#NASDAQ">WDFC</a>), and Western Alliance Bancorporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>).</li>
<li>Expedia Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPE#NASDAQ">EXPE</a>) climbed over 7.7% on the news that Uber Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) might be interested in buying the company.</li>
<li>Lucid Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) plunged over 15% on a common stock offering.</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures are reversing course and were up modestly after their recent pullback and gold futures traded at a record. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) slipped over 1% over the past 24 hours and was at a sub-$67K level.
The 10-year U.S. Treasury note yield was little changed at 4.036%.
The Asian markets ended mixed on Wednesday, as the Japanese, Chinese, Hong Kong, Indian, and South Korean markets retreated. Most other markets ended on a firm note, tracking higher energy prices and the positive close on Wall Street overnight.
European stocks traded in the green in the early hours, thanks to earnings optimism.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41375637/market-very-convinced-of-a-trump-win-says-stanley-druckenmiller-why-billionaire-inv">Market &#8216;Very Convinced&#8217; Of A Trump Win, Says Stanley Druckenmiller: Why Billionaire Investor Thinks Blue Sweep Is &#8216;Highly Unlikely&#8217;</a></li>
</ul>
Photo courtesy: Shutterstock

Earnings

Equities

News

Futures

Previews

Economics

Federal Reserve

Pre-Market Outlook

Markets

Movers

Trading Ideas

$BTC

EXPE

ISRG

LCID

NFLX

STLD

UBER

WDFC

Wall Street Poised To Open Higher As TSMC Earnings Expected To Kick Off Rally In Tech Stocks: Strategist Says AI Trade Will Have Legs Even In Case Of Recession In 2025

With U.S. stock futures trading lower this morning on Thursday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects The Travelers Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) to report quarterly earnings at $3.64 per share on revenue of $11.49 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Travelers shares gained 0.9% to $242.95 in after-hours trading.</li>
<li>Alcoa Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) reported better-than-expected earnings for its third quarter. The company posted adjusted earnings of 57 cents per share, beating market estimates of 28 cents per share. Alcoa shares climbed 6% to $44.61 in the after-hours trading session.</li>
<li>Analysts expect Netflix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) to post quarterly earnings at $5.12 per share on revenue of $9.77 billion. The company will release earnings after the markets close. Netflix shares slipped 0.1% to $701.61 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Steel Dynamics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) reported stronger-than-expected earnings for its third quarter on Wednesday. The company said it shipped 3.2 million tons of steel during the third quarter and generated cash flow from operations of $760 million. Steel Dynamics shares gained 1.9% to $132.26 in the after-hours trading session.</li>
<li>Analysts expect Marsh &amp; McLennan Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMC#NYSE">MMC</a>) to report quarterly earnings at $1.61 per share on revenue of $5.70 billion before the opening bell. Marsh &amp; McLennan shares rose 0.5% to $228.99 in after-hours trading.</li>
</ul>
Check This Out:
<ul>
<li> <a href="https://www.benzinga.com/news/24/10/41366043/wall-streets-most-accurate-analysts-give-their-take-on-3-consumer-stocks-delivering-high-dividend-yi">Wall Street&#8217;s Most Accurate Analysts Give Their Take On 3 Consumer Stocks Delivering High-Dividend Yields</a></li>
</ul>
Photo courtesy: Wikimedia

Alcoa, Netflix And 3 Stocks To Watch Heading Into Thursday

Steel Dynamics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) shares are trading higher in Wednesday&#8217;s after-hours session on the heels of the company&#8217;s third-quarter financial results. Here&#8217;s a <a href="https://www.benzinga.com/pressreleases/24/10/n41368536/steel-dynamics-reports-third-quarter-2024-results">rundown of the print</a>.
<ul>
<li>Q3 Revenue: $4.34 billion, versus <a href="https://www.benzinga.com/calendars/earnings">estimates</a> of $4.177 billion</li>
</ul>
<ul>
<li>Q3 EPS: $2.05, versus estimates of $1.97</li>
</ul>
Steel Dynamics said it shipped 3.2 million tons of steel during the third quarter and generated cash flow from operations of $760 million. The company ended the quarter with $3.1 billion in liquidity.
&#8220;Underlying steel demand continued to be stable in the&nbsp;third quarter. However, earnings declined sequentially, based on lower average realized steel pricing, primarily within the flat rolled operations as generally&nbsp;80 percent&nbsp;of this business is contractually based and tied to lagging pricing indices,&#8221; said Mark Millett, co-founder, chairman and CEO of Steel Dynamics.
&#8220;Steady steel demand, coupled with continued low customer inventory and stabilized scrap prices, resulted in stabilization and improvement in flat-rolled steel prices during the later part of the third quarter. Our long product steel operations realized a slight improvement in metal spread as scrap pricing declined more than average realized pricing.&#8221;  
See Also: <a href="https://www.benzinga.com/news/earnings/24/10/41369150/discover-reports-better-than-expected-q3-results-higher-delinquency-rates-yoy-details">Discover Reports Better-Than-Expected Q3 Results, Higher Delinquency Rates YOY: Details</a>
What&#8217;s Next: Steel Dynamics said it&#8217;s &#8220;constructive&#8221; regarding the outlook for the 2025 metals market. The company expects steel prices to recover into 2025. 
&#8220;We believe current trade actions could also reduce volumes of unfairly traded steel imports into the United States, especially for coated flat-rolled steel, which could have a significant positive impact for us,&#8221; the company said.
Steel Dynamics noted it expects to realize additional earnings power in 2025 from the four new flat-rolled steel coating lines that began operating earlier this year. The company also plans to start operating its new aluminum flat-rolled mill in mid-2025.
Management will hold a conference call to discuss these results with investors and analysts Thursday morning at 11 a.m. ET.
STLD Price Action: <a href="http://benzinga.com/quote/stld">Steel Dynamics shares</a> were up 2.43% in after-hours, trading at $133.02 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: BildWerk from Shutterstock.

Guidance

Commodities

Steel Dynamics Stock Jumps On Q3 Earnings: Highlights From The Report

WIIM

Steel Dynamics shares are trading higher following a Q3 earnings beat.

Steel Dynamics Says 'Based on domestic steel demand fundamentals, we are constructive regarding the outlook for 2025 metal market dynamics'

Earnings Beats

Steel Dynamics Q3 2024 GAAP EPS $2.05 Beats $1.97 Estimate, Sales $4.34B Beat $4.177B Estimate

Small-cap stocks outperformed large caps in Wednesday's session, with the Russell 2000 Index surging to test July 2024 highs on the back of expectations for interest rate cuts and a <a href="https://www.benzinga.com/topic/regional-banks">strong rally in regional banks. </a>
Financial stocks continued their upward momentum, buoyed by strong earnings reports. Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) significantly beat expectations, propelling its stock up by 8% to new all-time highs.
Regional banks, as tracked by the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>), rallied 2.1%, hitting levels last seen in early March 2023, prior to the fallout of Silicon Valley Bank.
Airlines also soared, with United Airlines Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) posting an 11% rally. The surge lifted the entire industry, as tracked by the U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>), which reached its highest level since July 2023.
The tech sector lagged, weighed down by weak performance in semiconductors. The industry was still reeling from ASML Holding N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>)&#8217;s earnings shock on Tuesday, after the company slashed its 2025 revenue outlook, triggering a broad selloff in chipmakers.
Both the Nasdaq 100 and semiconductor stocks remained flat on Wednesday.
In the currency market, the U.S. Dollar Index was poised to log its 12th positive day in the last 13 sessions. Treasury yields edged lower. Oil prices saw a slight decline of 0.6%, with West Texas Intermediate (WTI) crude falling below $70 per barrel.
Precious metals offered positive signals, with gold set to close its fifth consecutive day of gains, while silver rose 0.8%.
In the cryptocurrency space, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) advanced 1%, reaching $68,000 — its highest level since late July 2024.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day % change</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,289.65</td>
<td>1.8%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,981.53</td>
<td>0.6%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,830.29</td>
<td>0.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,131.29</td>
<td>-0.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:30 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent101624&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.2% to $580.82.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;inched 0.6% higher to $429.93.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.2% to $489.94.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallied 1.8% to $226.77.</li>
<li>The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) outperformed, up 1.4%. The Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) lagged, down 0.3%.</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
<ul>
<li>Interactive Brokers Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBKR#NASDAQ">IBKR</a>) fell over 3% after missing earnings estimate. </li>
<li>Other stocks reactive to company earnings included United Airlines Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>), up 11.5%, J.B. Hunt Transport Services Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBHT#NASDAQ">JBHT</a>), up 3.5%, Abbott Laboratories (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABT#NYSE">ABT</a>), up 1.7%, Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), up 7.6%, U.S. Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>), up 4.7% and Citizens Financial Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CFG#NYSE">CFG</a>).</li>
<li>ASML Holding N.V. fell over 5% after dropping 17% on Tuesday in reaction to dismal revenue outlook. </li>
<li>Companies set to report their earnings after the close include CSX Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSX#NASDAQ">CSX</a>), Kinder Morgan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMI#NYSE">KMI</a>), Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>), Equifax Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EFX#NYSE">EFX</a>), Steel Dynamics Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) and Alcoa Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>). </li>
</ul>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41356469/mortgage-demand-sees-sharpest-weekly-drop-since-april-2020-as-rates-climb-above-6">Mortgage Demand Sees Sharpest Weekly Drop Since April 2020 As Rates Climb Above 6.5%</a></li>
</ul>
Photo via Shutterstock.

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SPDR Dow Jones Industrial Average ETF Trust

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JBHT

JETS

Tech Stocks Stall, Small Caps Surge As Regional Banks Rally, Airlines Rocket: What's Driving Markets Wednesday?

U.S. stock futures point to a flattish start on Wednesday after the <a href="https://www.benzinga.com/markets/equities/24/10/41341168/chipmaker-stocks-sink-on-asml-earnings-leak-oil-eyes-worst-1-day-drop-this-year-small-caps-rally">S&amp;P 500 Index and the Dow Jones Industrial Average retreated from record highs</a> in the previous session. A rebound by tech stocks could lend support to the market but the absence of any major economic catalysts could render the mood uncertain, potentially leading to a range-bound move. Earnings news, and preannouncements, if any, may also guide the market. Crude oil continues to be weak amid the fluid geopolitical situation, exerting further downward pressure on energy stocks.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.09%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.02%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.05%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.49%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Wednesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged up 0.07% to $580.16 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) moved up 0.10% to $491.36, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
Wall Street pulled back sharply from their record highs on Tuesday as Dutch chip-equipment maker ASML Holdings N.V.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) weak revenue forecast weighed down on the artificial intelligence hardware space and oil&#8217;s plunge hurt energy stocks. The major indices opened on a mixed note after a regional manufacturing survey showed an unexpected contraction. 
The S&amp;P 500 and the Nasdaq Composite indices, which started higher, gave back their gains and fell sharply after ASML&#8217;s early earnings release. They languished below the unchanged line for the rest of the session before ending sharply lower, while the Dow was in the red throughout the session.
Healthcare stocks also pulled back strongly, while real-estate stocks ended firmer during the session.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td> Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-1.01%</td>
<td>18,315.59</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.76%</td>
<td>5,815.26</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.75%</td>
<td>42,740.42</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.05%</td>
<td>2,249.82</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Given the bull market has progressed beyond the second year, more gains could follow, according to Carson Group&#8217;s Chief Market Strategist Ryan Detrick. &#8220;Going back 50 years, if a bull market makes it past it&#8217;s 2nd birthday (like this one) that is a great sign many more years could be left in the tank,&#8221; he said. 
&#8220;Five bull markets made it this far and the shortest was at least 5 years old when it ended,&#8221; he added.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Going back 50 years, if a bull market makes it past it&#39;s 2nd birthday (like this one) that is a great sign many more years could be left in the tank. Five bull markets made it this far and the shortest was at least 5 years old when it ended. &#x1f4aa; <a href="https://t.co/pEcNTRyGRl">pic.twitter.com/pEcNTRyGRl</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1846381774533722340?ref_src=twsrc%5Etfw">October 16, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">See also: <a href="https://www.benzinga.com/money/how-to-trade-futures-on-thinkorswim">How To Trade Futures</a></figcaption></figure>
Upcoming Economic Data:
<ul>
<li>The Labor Department is due to release its import and export prices report for September at 8:30 a.m. EDT. Economists, on average, expect 0.4% and 0.3% declines in export and import prices, respectively, following 0.7% and 0.3% declines in August.</li>
</ul>
Stocks In Focus:
<ul>
<li> J.B. Hunt Transport Services, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBHT#NASDAQ">JBHT</a>) climbed over 7% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following the release of the company&#8217;s quarterly results. </li>
<li>NovoCure Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVCR#NASDAQ">NVCR</a>) jumped nearly 30% after the FDA approved the company&#8217;s lung cancer treatment.</li>
<li>Abbott Laboratories (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABT#NYSE">ABT</a>) and Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) are among the noteworthy <a href="https://www.benzinga.com/calendars/earnings">companies reporting ahead of the market opening.</a></li>
<li>Cisco Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>) rose over 1.5% on a positive analysts&#8217; action.</li>
<li>Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) declined over 2% after a report said Qualcomm, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) has been asked to wait until the U.S. election regarding its intention to invest in the troubled chipmaker.</li>
<li>Those reporting after the close include Alcoa Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>), CSX Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSX#NASDAQ">CSX</a>), Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>), Kinder Morgan, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMI#NYSE">KMI</a>) and Steel Dynamics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>).</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures retreated, although the loss was much more modest than Tuesday&#8217;s, while gold futures rose modestly. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose past the $67.5 level, while the 10-year U.S. Treasury note slipped 2.6 points to 4.012%.
Most Asian markets declined, led by the Japanese market, although the Chinese and Indonesian markets notched up small gains. The tech sell-off seen in Europe and the U.S. dampened sentiment in the domestic markets. 
European stocks were on the back foot in early trading but the U.K. market was seen advancing.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41351475/after-asml-rocks-ai-hardware-names-gene-munster-explains-why-its-overreaction-ai-tr">After ASML Rocks AI Hardware Names, Gene Munster Explains Why It&#8217;s &#8216;Overreaction:&#8217; &#8216;AI Trade Is On Track&#8217;</a></li>
</ul>
Photo via Shutterstock

CSCO

INTC

NVCR

QCOM

US Stocks Could Open Narrowly Mixed After Tuesday's Chip Sell-Off, Bitcoin Heads To $68K, Oil Slips

Steel Dynamics's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NYSE">STLD</a>) short percent of float has fallen 5.79% since its last report. The company recently reported that it has 4.46 million shares sold short, which is 3.58% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.4 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Steel Dynamics Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1729023312_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Steel Dynamics has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Steel Dynamics's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Steel Dynamics's peer group average for short interest as a percentage of float is 4.43%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Peering Into Steel Dynamics's Recent Short Interest

Steel Dynamics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) is set to give its latest quarterly earnings report on Wednesday, 2024-10-16. Here's what investors need to know before the announcement.
Analysts estimate that Steel Dynamics will report an earnings per share (EPS) of $2.06. 
Steel Dynamics bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
<h3>Past Earnings Performance</h3>
In the previous earnings release, the company beat EPS by $0.05, leading to a 0.72% drop in the share price the following trading session.
Here's a look at Steel Dynamics's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>2.67</td>
<td>3.51</td>
<td>2.66</td>
<td>3.48</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>2.72</td>
<td>3.67</td>
<td>2.61</td>
<td>3.47</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-1.0%</td>
<td>-3.0%</td>
<td>0.0%</td>
<td>-4.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1729000988_0.png" alt="eps graph" />
<h3>Market Performance of Steel Dynamics's Stock</h3>
Shares of Steel Dynamics were trading at $130.18 as of October 14. Over the last 52-week period, shares are up 25.68%. Given that these returns are generally positive, long-term shareholders should be satisfied going into this earnings release. 
<h3>Insights Shared by Analysts on Steel Dynamics</h3>
For investors, grasping market sentiments and expectations in the industry is vital. This analysis explores the latest insights regarding Steel Dynamics.
Analysts have given Steel Dynamics a total of 8 ratings, with the consensus rating being Neutral. The average one-year price target is $135.75, indicating a potential 4.28% upside.
<h3>Comparing Ratings with Peers</h3>
This comparison focuses on the analyst ratings and average 1-year price targets of Reliance, United States Steel and Carpenter Tech, three major players in the industry, shedding light on their relative performance expectations and market positioning.
<ul>
<li>For Reliance, analysts project an Outperform trajectory, with an average 1-year price target of $325.0, indicating a potential 149.65% upside.</li>
<li>The consensus among analysts is an Buy trajectory for United States Steel, with an average 1-year price target of $42.64, indicating a potential 67.25% downside.</li>
<li>As per analysts' assessments, Carpenter Tech is favoring an Buy trajectory, with an average 1-year price target of $170.0, suggesting a potential 30.59% upside.</li>
</ul>
<h3>Summary of Peers Analysis</h3>
In the peer analysis summary, key metrics for Reliance, United States Steel and Carpenter Tech are highlighted, providing an understanding of their respective standings within the industry and offering insights into their market positions and comparative performance.

<table>
<thead>
<tr>
<th>Company</th>
<th>Consensus</th>
<th>Revenue Growth</th>
<th>Gross Profit</th>
<th>Return on Equity</th>
</tr>
</thead>
<tbody>
<tr>
<td>Steel Dynamics</td>
<td>Neutral</td>
<td>-8.84%</td>
<td>$774.84M</td>
<td>4.70%</td>
</tr>
<tr>
<td>Reliance</td>
<td>Outperform</td>
<td>-6.11%</td>
<td>$1.09B</td>
<td>3.44%</td>
</tr>
<tr>
<td>United States Steel</td>
<td>Buy</td>
<td>-17.77%</td>
<td>$489M</td>
<td>1.62%</td>
</tr>
<tr>
<td>Carpenter Tech</td>
<td>Buy</td>
<td>5.33%</td>
<td>$190.60M</td>
<td>5.97%</td>
</tr>
</tbody>
</table>

Key Takeaway:
Steel Dynamics ranks at the top for Gross Profit and Return on Equity among its peers. It is in the middle for Revenue Growth.
<h3>Unveiling the Story Behind Steel Dynamics</h3>
Steel Dynamics Inc operates scrap-based steel minimills with roughly 16 million tons of annual steel production capacity. The company's segment includes steel operations, metals recycling operations, steel fabrication operations, Aluminum Operations Segment, and others. It generates maximum revenue from the steel operations segment.
<h3>Understanding the Numbers: Steel Dynamics's Finances</h3>
Market Capitalization Analysis: With an elevated market capitalization, the company stands out above industry averages, showcasing substantial size and market acknowledgment.
Revenue Growth: Steel Dynamics's revenue growth over a period of 3 months has faced challenges. As of 30 June, 2024, the company experienced a revenue decline of approximately -8.84%. This indicates a decrease in the company's top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Materials sector.
Net Margin: Steel Dynamics's net margin surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 9.24% net margin, the company effectively manages costs and achieves strong profitability.
Return on Equity (ROE): Steel Dynamics's financial strength is reflected in its exceptional ROE, which exceeds industry averages. With a remarkable ROE of 4.7%, the company showcases efficient use of equity capital and strong financial health.
Return on Assets (ROA): The company's ROA is a standout performer, exceeding industry averages. With an impressive ROA of 2.84%, the company showcases effective utilization of assets.
Debt Management: Steel Dynamics's debt-to-equity ratio is below the industry average. With a ratio of 0.33, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.
<a href="https://www.benzinga.com/quote/STLD/earnings">To track all earnings releases for Steel Dynamics visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Exploring Steel Dynamics's Earnings Expectations

BMO Capital analyst Katja Jancic maintains Steel Dynamics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) with a Market Perform and raises the price target from $127 to $130.

Price Target

Analyst Ratings

BMO Capital Maintains Market Perform on Steel Dynamics, Raises Price Target to $130

JP Morgan analyst Bill Peterson maintains Steel Dynamics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) with a Neutral and lowers the price target from $131 to $129.

JP Morgan Maintains Neutral on Steel Dynamics, Lowers Price Target to $129

In the last three months, 7 analysts have published ratings on Steel Dynamics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>), offering a diverse range of perspectives from bullish to bearish.
The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets, analyzed by analysts, offer insights with an average target of $135.29, a high estimate of $155.00, and a low estimate of $120.00. This current average reflects an increase of 3.61% from the previous average price target of $130.57. 
<img src="https://www.benzinga.com/files/images/story/2024/1727791245_0.png" alt="price target chart" />
<h2>Diving into Analyst Ratings: An In-Depth Exploration</h2>
An in-depth analysis of recent analyst actions unveils how financial experts perceive Steel Dynamics. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Lawson Winder</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$155.00</td>
<td>$140.00</td>
</tr>
<tr>
<td>Carlos De Alba</td>
<td>Morgan Stanley</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$131.00</td>
<td>$138.00</td>
</tr>
<tr>
<td>Katja Jancic</td>
<td>BMO Capital</td>
<td>Lowers</td>
<td>Market Perform</td>
<td>$127.00</td>
<td>$135.00</td>
</tr>
<tr>
<td>Bill Peterson</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Neutral</td>
<td>$131.00</td>
<td>$120.00</td>
</tr>
<tr>
<td>Curt Woodworth</td>
<td>UBS</td>
<td>Raises</td>
<td>Buy</td>
<td>$145.00</td>
<td>$129.00</td>
</tr>
<tr>
<td>Carlos De Alba</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$138.00</td>
<td>$134.00</td>
</tr>
<tr>
<td>Bill Peterson</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Underweight</td>
<td>$120.00</td>
<td>$118.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Steel Dynamics. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analysts assign qualitative assessments to stocks, ranging from 'Outperform' to 'Underperform'. These ratings convey the analysts' expectations for the relative performance of Steel Dynamics compared to the broader market.</li>
<li>Price Targets: Gaining insights, analysts provide estimates for the future value of Steel Dynamics's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Understanding these analyst evaluations alongside key financial indicators can offer valuable insights into Steel Dynamics's market standing. Stay informed and make well-considered decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/STLD/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Steel Dynamics analyst ratings.</a>
<h2>Discovering Steel Dynamics: A Closer Look</h2>
Steel Dynamics Inc operates scrap-based steel minimills with roughly 16 million tons of annual steel production capacity. The company's segment includes steel operations, metals recycling operations, steel fabrication operations, Aluminum Operations Segment, and others. It generates maximum revenue from the steel operations segment.
<h3>Steel Dynamics: Delving into Financials</h3>
Market Capitalization Analysis: The company's market capitalization surpasses industry averages, showcasing a dominant size relative to peers and suggesting a strong market position.
Negative Revenue Trend: Examining Steel Dynamics's financials over 3 months reveals challenges. As of 30 June, 2024, the company experienced a decline of approximately -8.84% in revenue growth, reflecting a decrease in top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Materials sector.
Net Margin: Steel Dynamics's financial strength is reflected in its exceptional net margin, which exceeds industry averages. With a remarkable net margin of 9.24%, the company showcases strong profitability and effective cost management.
Return on Equity (ROE): Steel Dynamics's ROE excels beyond industry benchmarks, reaching 4.7%. This signifies robust financial management and efficient use of shareholder equity capital.
Return on Assets (ROA): Steel Dynamics's ROA surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 2.84% ROA, the company effectively utilizes its assets for optimal returns.
Debt Management: Steel Dynamics's debt-to-equity ratio is below the industry average at 0.33, reflecting a lower dependency on debt financing and a more conservative financial approach.
<h2>The Core of Analyst Ratings: What Every Investor Should Know</h2>
Experts in banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their comprehensive research involves attending company conference calls and meetings, analyzing financial statements, and engaging with insiders to generate what are known as analyst ratings for stocks. Typically, analysts assess and rate each stock once per quarter.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along withanalyst success scores in <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.
Which Stocks Are Analysts Recommending Now?
Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;utm_source=benzinga-insights">Click here to stay ahead of the market</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Expectations For Steel Dynamics's Future

B of A Securities analyst Lawson Winder upgrades Steel Dynamics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) from Neutral to Buy and raises the price target from $140 to $155.

Upgrades

B of A Securities Upgrades Steel Dynamics to Buy, Raises Price Target to $155

This partnership will secure critical steel components, including hot-rolled, galvanized, and painted steel coils and steel crossmembers, to support Wabash&#39;s extensive transportation solutions portfolio of van trailers, tank trailers, platform trailers and truck bodies.

Contracts

Wabash Inks 10-Year Strategic Agreement With Steel Dynamics

CENX

KALU

VALE

Shares of metal and material companies are trading higher following a report suggesting China will issue up to $284 billion of sovereign debt as part of a stimulus.

Shares of metals and materials companies are trading higher. Strength may be due to China's stimulus measures, which could support demand.

ACHR

AZUL

BEEM

EVTL

FLNC

GTLS

JCSE

JOBY

LICY

MVST

NRGV

PLUG

RKLB

RYAAY

SCCO

SKIL

SPXC

TORO

Shares of companies in the broader industrial space are trading higher following the Fed's announcement to cut rates by 50 basis points yesterday, which could support investment and economic growth.

Shares of steel stocks are trading higher amid a rise in the metal's price after the Fed cut rates by 50 basis points at the FOMC yesterday. On September 13, Senator Casey announced that the United States Trade Representative finalized an increase on Section 301 tariffs.

Morgan Stanley analyst Carlos De Alba maintains Steel Dynamics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>) with a Equal-Weight and lowers the price target from $138 to $131.

Morgan Stanley Maintains Equal-Weight on Steel Dynamics, Lowers Price Target to $131

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Earnings week ahead: BAC, GS, JNJ, TSM, UNH, ABT, UAL, NFLX, PG, AXP and more

Steel Dynamics Q3 2024 Earnings Preview

Here's the major earnings after the close today

Steel Dynamics GAAP EPS of $2.05 beats by $0.08, revenue of $4.3B beats by $110M

Analyst Lawson Winder of Bank of America Securities maintained a Buy rating on Steel Dynamics (STLD – Research Report), retaining the price target ...

Positive Outlook for Steel Dynamics: Buy Rating Supported by Promising Indicators and Market Conditions

Seaport Global analyst Martin Englert maintained a Buy rating on Steel Dynamics (STLD – Research Report) today and set a price target of $132.00. T...

Seaport Global Sticks to Their Buy Rating for Steel Dynamics (STLD)

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Press Releases

Steel Dynamics Announces Second Quarter 2024 Earnings Conference Call and Webcast

Steel Dynamics Reports Second Quarter 2024 Results

Reminder: Steel Dynamics Announces Second Quarter 2024 Earnings Conference Call and Webcast

Dividends

Steel Dynamics Announces Third Quarter 2024 Cash Dividend

Steel Dynamics, Along with Several Other Organizations, Files Trade Petitions Against Countries on Corrosion Resistant Flat Rolled Steel

Steel Dynamics Provides Third Quarter 2024 Earnings Guidance

Steel Dynamics Announces Third Quarter 2024 Earnings Conference Call and Webcast

Steel Dynamics Announces Certified, Science-Based Greenhouse Gas Targets

Steel Dynamics Reports Third Quarter 2024 Results

Reminder: Steel Dynamics Announces Third Quarter 2024 Earnings Conference Call and Webcast

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