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X

U.S. Steel

$29.03

-1.21 (-4.00%)

10:30
10/02/18
10/02
10:30
10/02/18
10:30

Selloff in US Steel does not scare off bullish option flow

Selloff in US Steel does not scare off bullish option flow. Shares off nearly 2.5%, or 76c, to $29.49 following a downgrade by Deutsche Bank with calls leading puts 2:1 in early trading while implied volatilities jump several points in the near term to nearly 40%. Call buyers dominated trading on Monday, net opening several thousand contracts at the Oct 5th 31 and 31.5 strikes while today's flow is concentrated in longer-dated January contracts with a bullish bias, as nearly 2900 Jan 28/31 risk-reversals have been bought in the 29c range, opening a long-call/short-put position into next year.

  • 02

    Nov

X U.S. Steel
$29.03

-1.21 (-4.00%)

10/02/18
10/02/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Goldman downgraded ConocoPhillips (COP) to Neutral following share outperformance with analyst Neil Mehta citing valuation. 2. U.S. Steel (X) and Reliance Steel (RS) were downgraded to Hold from Buy at Deutsche Bank. 3. Unilever (UN, UL) downgraded to Hold from Buy at Jefferies with analyst Martin Deboo saying the company is facing "choppier waters" and "higher expectations." 4. Ambev (ABEV) double downgraded to Sell from Buy at UBS with analyst Alan Alanis saying AmBev trades at a 25% higher valuation than parent company AB InBev (BUD), which is unwarranted. 5. Schlumberger (SLB) downgraded to Hold from Buy at Tudor Pickering. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/02/18
DBAB
10/02/18
NO CHANGE
DBAB
Deutsche downgrades Reliance, U.S. Steel on more cautious steel stance
To reflect a more cautious view on steel stocks, Deutsche Bank analyst Chris Terry downgraded both Reliance Steel (RS) and U.S. Steel (X) to Hold from Buy. The analyst says his view on the sector is "moderating post peak pricing." Most positive data points and catalysts have now largely played out, Terry tells investors in a research note. The analyst, however, keeps Buy ratings on Commercial Metals (CMC), Nucor (NUE) and Steel Dynamics (STLD) citing more favorable risk/reward profiles.
10/02/18
DBAB
10/02/18
DOWNGRADE
Target $35
DBAB
Hold
U.S. Steel downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Chris Terry downgraded U.S. Steel to Hold and lowered his price target for the shares to $35 from $47. The analyst says he's becoming more cautious on steel stocks.
09/27/18
LBOW
09/27/18
NO CHANGE
Target $49
LBOW
Buy
U.S. Steel estimates lowered on OCTG survey weakness at Longbow
Longbow analyst Chris Olin's latest sruvey of energy metal distributors and traders showed a deceleration in shipment growth reported by OCTG. Olin believes slowing end market demand growth, excess distribution inventories and modestly lower trending spot prices could ultimately limit Tubular Segment upside over the next 2-3 quarters, and when combined with negative momentum in carbon steel, puts $650M EBIT guidance at risk. The analyst lowered U.S. Steel's 2018 earnings forecast to $5.71 from $5.78, but maintains a Buy rating saying the company is positioned for continued earnings growth in 2019 as sheet/tube contracts stabilize at higher levels and US production moves towards 11-12M tons.

TODAY'S FREE FLY STORIES

SCG

Scana

$36.46

-4.43 (-10.83%)

, D

Dominion

$73.31

-0.215 (-0.29%)

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SCANA says SC judge indicated no final decision has been reached »

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UBS LatAm Equity Research Analyst to hold an analyst/industry conference call »

LatAm Equity…

NKTR

Nektar

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SCG

Scana

$36.13

-4.76 (-11.64%)

15:20
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Breaking Hot Stocks news story on Scana »

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CAT

Caterpillar

$130.96

-0.41 (-0.31%)

15:20
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Second day of interest in Caterpillar weekly puts ahead of earnings »

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SLM

Sallie Mae

$10.57

-0.01 (-0.09%)

15:19
10/22/18
10/22
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10/22/18
15:19
Options
Sallie Mae options imply 6.3% move in share price post-earnings, above median historical move »

Pre-earnings options…

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

15:17
10/22/18
10/22
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15:17
Technical Analysis
NASDAQ market internals summary »

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$NYE

NYSE Market Internals

$0.00

(0.00%)

15:16
10/22/18
10/22
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Technical Analysis
NYSE market internals summary »

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RL

Ralph Lauren

$127.64

4.15 (3.36%)

15:15
10/22/18
10/22
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15:15
Options
Ralph Lauren put volume heavy and directionally bearish »

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  • 06

    Nov

15:15
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10/22
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General news
Treasury Closing Summary: »

Treasury Closing Summary:…

AJG

Arthur J. Gallagher

$72.68

-0.005 (-0.01%)

15:10
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Arthur J. Gallagher acquires Richter International Consulting, terms undisclosed »

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UBSFY

Ubisoft

$0.00

(0.00%)

, EA

Electronic Arts

$101.96

-0.11 (-0.11%)

15:07
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Periodicals
EA Motive founder Raymond to leave company, VentureBeat reports »

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EA

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  • 30

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VAR

Varian Medical

$103.96

-0.285 (-0.27%)

15:06
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10/22
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Conference/Events
Varian Medical to host investor meeting »

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  • 23

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CDNS

Cadence Design

$40.68

0.55 (1.37%)

15:04
10/22/18
10/22
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15:04
Options
Cadence Design options imply 7.0% move in share price post-earnings, above median historical move »

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FDC

First Data

$23.19

-0.22 (-0.94%)

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First Data to refinance revolving credit facility and certain other indebtedness »

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CSBR

Champions Oncology

$12.10

-0.61 (-4.80%)

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Conference/Events
Champions Oncology management to meet with Craig-Hallum »

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SCG

Scana

$36.09

-4.8 (-11.74%)

, D

Dominion

$73.39

-0.135 (-0.18%)

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$36.09

-4.8 (-11.74%)

D

Dominion

$73.39

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SCG

Scana

$36.43

-4.46 (-10.91%)

, D

Dominion

$73.29

-0.235 (-0.32%)

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Periodicals
Breaking Periodicals news story on Scana, Dominion »

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SCG

Scana

$36.43

-4.46 (-10.91%)

D

Dominion

$73.29

-0.235 (-0.32%)

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SYMC

Symantec

$19.73

0.06 (0.31%)

14:50
10/22/18
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14:50
Options
Sweep buyer of Symantec call options »

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AMTD

TD Ameritrade

$50.05

-0.44 (-0.87%)

14:49
10/22/18
10/22
14:49
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14:49
Options
TD Ameritrade options imply 5.8% move in share price post-earnings, above median historical move »

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MRBK

Meridian Bank

$17.01

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KKR

KKR

$24.01

-0.21 (-0.87%)

14:35
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Options
KKR put volume heavy and directionally bearish »

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  • 25

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AU

AngloGold

$9.86

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FB

Facebook

$155.28

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, SNAP

Snap

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Apple

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AMZN

Amazon.com

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WMT

Walmart

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SSNLF

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ATVI

Activision Blizzard

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EA

Electronic Arts

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Take-Two

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Alphabet

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Glu Mobile

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VF Corp.

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ADDYY

Adidas

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Lululemon

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Crocs

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Starbucks

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FLXN

Flexion

$16.03

-2.93 (-15.45%)

14:29
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Recommendations
Flexion analyst commentary  »

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