Commodity stocks are mixed on the day as oil plays are flat to slightly higher and steel stocks are lower. United States Steel Corporation (NYSE:X) reported a loss of $51 million (-$0.35 per share). This sent steel stocks lower. U.S Steel is trading at $40.57, -1.70 (-4.02%) while AK Steel Holding Corporation (NYSE:AKS) is trading at $12.76, -0.61 (-4.56%). Other commodity stocks are higher. Southern Copper Corporation (USA) (NYSE:SCCO) continues its upward momentum, trading at $42.73, +0.26 (+0.61%).
The steel stocks have lagged the rest of the commodity plays dramatically. Oil stocks have soared, copper stocks have blasted higher but steel seems lost in a sea of uncertainty. Many of the other commodity stocks like Southern Copper look extremely extended and are due for a major pull back. Earnings on Southern Copper will be released on Thursday. They are expected to report a profit of $0.48 per share.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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