Investors putting a dent in ArcelorMittal ArcelorMittal
(MT) reported earnings for its fiscal fourth quarter. The world’s largest steelmaker said net income came in at $0.68 a share which may not be comparable to Wall Street estimates of $0.27 a share. But revenues fell 15% year-over-year to $18.64 billion, short of expectations of $19.01 billion.
In a story by Bloomberg, Chief Financial Officer Aditya Mittal blamed falling prices due to weak global sentiment and a lack of confidence in a full economic recovery. Shares are down over 4% in the premarkets; its biggest drop in six months. From the Bull Pen
: Consider looking into the steel ETF
(SLX) instead. There’s very defined support at the $50 level. One can fade (read: buy) into that level with a sell stop below. From the Bear Cave
: Stocks have been rising as the picture in Europe gets a little less murky. But bulls don’t have an “all clear” signal just yet. Bears looking at the broader iShares global materials ETF
(MXI), which has exposure to steel, consumer goods, and other industrial materials, can identify resistance near $60. So those willing to test the downside can look to that point with a tight buy stop above. If and when.
For more ways to play and other trading ideas from more than 30 top market pros, take a free trial to our Buzz & Banter.
A Quick Check Around the World
Asian trading closed with the Nikkei
-0.75%, Hang Seng
1.14%, and Taiwan
Across the pond, we see the FTSE
As of 8:22 AM EST, S&P Futures
are trading +1.00 to 1067.50. Nasdaq futures
are +1.25 to 1753.25. A Look at Commodities
Over in commodities, crude oil
is +0.01 to 73.73 while gold
is +1.800 to 1079.00 this morning. Silver
is +0.095 to 15.535 and copper
+0.0010 to 2.9875.
The dollar Index
is +0.0850 to 80.0900. On the Radar
08:30 Trade Balance -35.0 bln. Cons.
10:30 Crude Inventories
02:00 Treasury Budget -$60.0 bln. Click here
for the full trading radar.
Happy Hump Day! Good luck!
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.