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STLD

Steel Dynamics

$33.51

-0.64 (-1.87%)

11:30
04/18/19
04/18
11:30
04/18/19
11:30

Steel Dynamics puts active as shares see weakness ahead of earnings

Steel Dynamics puts active as shares see weakness ahead of earnings. The stock off 2.2% to $33.4 and 1K May 31 puts trade across the exchanges for 40c with bid-ask 35 to 40c. 1.5K changed hands total against 33 open interest and the market lifted to 40 to 45c. Small lots of May 30 puts also on the tape. Total volume is 4X daily average at 2K puts and just 53 calls. Almost all of the activity is in the May term, which expire in 29 days, and 30-day implied volatility up 1.5% to 32. The company is due to report Monday morning, but is not typically a big earnings mover - average daily post-earnings move over the past eight quarters is 2.3%.

  • 22

    Apr

  • 16

    May

STLD Steel Dynamics
$33.51

-0.64 (-1.87%)

01/22/19
JEFF
01/22/19
DOWNGRADE
Target $24
JEFF
Hold
Jefferies downgrades U.S. Steel to Hold on guidance risk
Jefferies analyst Seth Rosenfeld downgraded U.S. Steel to Hold from Buy and lowered his price target for the shares to $24 from $38. "Poor" Q4 earnings and Q1 guides will begin to reflect the extent of recent steel margin weakness, Rosenfeld tells investors in a research note. The analyst, while remaining "constructive" on the broader Steel sector, downgraded U.S. Steel to reflect guidance risk and "increasingly challenged" long-term prospects. With both U.S. and European flat steel margins drifting lower, drivers for a "meaningful recovery" at the company are "hard to identify," says the analyst. As such, he believes U.S. Steel's 2019 EBITDA guidance risks disappointing consensus expectations. Rosenfeld's top picks in the U.S. are Nucor (NUE), Commercial Metals (CMC), Steel Dynamics (STLD), Reliance Steel (RS) and Cleveland-Cliffs (CLF).
01/28/19
01/28/19
UPGRADE
Target $21

Equal Weight
Morgan Stanley ups U.S. Steel to Equal Weight on near-term steel price bounce
As previously reported, Morgan Stanley analyst Piyush Sood upgraded U.S. Steel (X) to Equal Weight from Underweight as he thinks the market has sufficiently priced in operational and pricing concerns given the stock's 20% underperformance compared to "mini mills" Steel Dynamics (STLD), Nucor (NUE) and Commercial Metals (CMC) over the last six months. While he thinks a seasonal pickup in U.S. demand should help put a floor under steel pricing, he would look to fade any 3-6 month steel price and sentiment rally, Sood added. He lowered his price target on U.S. Steel shares to $21 from $30.
02/12/19
LBOW
02/12/19
NO CHANGE
Target $49
LBOW
Buy
Bull-case argument developing for Steel Dynamics, says Longbow
Early channel checks with "high-level" metal service center contacts indicate an upward bias to spot market price expectations on hot rolled coil and cold rolled coil, Longbow analyst Chris Olin told investors earlier in a research note. He believes a "bull-case argument is developing" for Steel Dynamics (STLD) amid an improving near-term carbon sheet price outlook and continued strength in special-bar-quality demand. Further, low-cost steel mini-mills could become indirect beneficiaries of the Brazilian iron ore pellet shortage and global steel price inflation, Olin wrote. He sees a "potential buying opportunity" into Steel Dynamics shares with channel checks "finally showing a turn in sentiment." The analyst has a Buy rating on the shares with a $49 price target.
03/19/19
JPMS
03/19/19
NO CHANGE
JPMS
JPMorgan cuts steel estimates on 'steeper than expected' price decline
JPMorgan analyst Michael Gambardella lowered his 2019 estimates for AK Steel (AKS), Nucor (NUE), Steel Dynamics (STLD) and U.S. Steel (X) to reflect the "steeper than expected" price decline for steel sheet prices in Q4 of 2018 and the lagged impact on Q1 of 2019. However, the analyst believes prices have bottomed and he sees improving steel prices going into Q2. Demand remains solid, and global iron ore prices have moved higher along with U.S. scrap prices, Gambardella tells investors in a research note. He keeps an Overweight rating on all four names while lowering his price target for Nucor to $81 from $83, for Steel Dynamics to $46 from $51 and for U.S. Steel to $33 from $34.

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