Nucor Corporation ($NUE) Stock Forecast: Down 7.1% Today

What is Nucor Corporation?

A steelmaker company, Nucor (NUE), had mixed financial results in the first quarter.

Why is Nucor Corporation going down?

NUE stock is down 7.1% on Apr 23, 2024 17:41

• Nucor's stock showed strong bearish movement.
• Earnings in Nucor's steel mills unit increased sequentially in Q1.
• Shares of Nucor and Cleveland-Cliffs both decreased due to earnings misses and reduced demand for steel from key customers.
• The bearish movement in Nucor's stock was influenced by earnings misses and decreased demand for steel from key customers, despite exceeding revenue estimates in Q1.

NUE Price Chart

NUE News

Jim Cramer shares his thoughts on RTX, Pepsi, Nucor, Novartis and Cadence Design Systems

During the Investing Club''s Morning Meeting, Jim Cramer offered his thoughts on recent earnings from RTX, PepsiCo, Nucor, Novartis and Cadence Design Systems.

https://www.cnbc.com/2024/04/23/jim-cramer-shares-his-thoughts-on-rtx-pep-nue-nvs-and-cdns.html

Tuesday''s rapid fire: RTX, Pepsi, Nucor, Novartis and Cadence Design Systems

CNBC''s Jim Cramer on Tuesday offered his thoughts on the recent earnings reports of RTX, PepsiCo, Nucor, Novartis and Cadence Design Systems.

https://www.cnbc.com/video/2024/04/23/tuesdays-rapid-fire-rtx-pepsi-nucor-novartis-and-cadence-design-systems.html

US stocks set for a second day of gains

S&P 500 futures are nearing yesterday''s highs and at the best pre-market levels. Futures are up 20 points, or 0.4% as earnings roll in. Shares of GM are up 6% after beating and raising guidance on strong truck sales. Shares of Spotify are also up 8% on earnings Shares of UPS and Pepsi are slightly lower after reporting while JetBlue tumbled 10.5%. Shares of steel-makers Nucor and Cleveland-Cliffs are both lower as well on earnings misses and a decline in demand for steel from some key customers. This article was written by Adam Button at www.forexlive.com.

https://www.forexlive.com/news/us-stocks-set-for-a-second-day-of-gains-20240423/

Cleveland-Cliffs, Nucor Shares Are Sliding Tuesday: What's Going On? - Cleveland-Cliffs ( NYSE:CLF ) , Nucor ( NYSE:NUE )

Shares of steelmakers Cleveland-Cliffs Inc CLF and Nucor Corp NUE are moving lower Tuesday on the heels of the companies' first-quarter financial results. Here's what you need to know.

https://www.benzinga.com/news/24/04/38379295/cleveland-cliffs-nucor-shares-are-sliding-tuesday-whats-going-on

Nucor's ( NUE ) Earnings Lag, Revenues Beat Estimates in Q1

Earnings in Nucor's (NUE) steel mills unit increase sequentially in Q1 on higher average selling prices and increased volumes.

https://www.zacks.com/stock/news/2260148/nucors-nue-earnings-lag-revenues-beat-estimates-in-q1

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Nucor Corporation Price History

12.09.2023 - NUE Stock was down 5.2%

• Nucor (NUE) experienced a strong bearish movement today.
• The materials sector, which includes steel and construction materials, has been underperforming the market this year.
• The sector has been affected by headwinds related to a slowing economy and commodity prices.
• With economists forecasting a recession in early 2024, the recovery for materials stocks may still be several quarters away.

23.03.2024 - NUE Stock was down 7.1%

• Nucor's stock showed strong bearish movement.
• Earnings in Nucor's steel mills unit increased sequentially in Q1.
• Shares of Nucor and Cleveland-Cliffs both decreased due to earnings misses and reduced demand for steel from key customers.
• The bearish movement in Nucor's stock was influenced by earnings misses and decreased demand for steel from key customers, despite exceeding revenue estimates in Q1.

31.00.2024 - NUE Stock was up 6.9%

• Nucor's stock was upgraded from a hold rating to a buy rating by StockNews.com.
• Nucor CEO, Leon Topalian, discussed the steel industry and the company's earnings report with CNBC's Jim Cramer.
• Deutsche Bank analyst Omotayo Okusanya initiated coverage on Sabra Health Care REIT with a Buy rating, which may have positively impacted Nucor's stock.
• The CEO of TimkenSteel Corporation sold shares, which is unrelated to Nucor's bullish movement.

18.11.2023 - NUE Stock was up 4.5%

• Nucor's rating was downgraded from "buy" to "hold" by StockNews.com, but this did not impact the stock's bullish movement.
• Nucor announced a 5.9% increase in its quarterly dividend, which could have contributed to the positive market movement.
• Steel Dynamics, another steel company, experienced a surge in its stock price following positive remarks about steel price increases, which could have had a spillover effect on Nucor's stock.
• Nucor provided disappointing fourth-quarter guidance, but the market remained stable as investors focused on future prospects.

15.02.2024 - NUE Stock was up 3.5%

• Nucor's lower-than-expected Q1 profit guidance initially led to a downgrade, causing some uncertainty among investors.
• Despite the downgrade, smart money seems to be betting big on NUE options, indicating a bullish outlook by institutional or wealthy individual investors.
• The recent upgrade of Nucor by a major financial institution, while downgrading another steel company, further supports the bullish sentiment towards NUE, as analysts remain optimistic about the mid-term prospects for the steel industry.
• The combination of positive analyst outlook, smart money betting on NUE options, and the overall market sentiment towards the steel industry likely contributed to the strong bullish movement in Nucor's stock.

24.09.2023 - NUE Stock was up 5.0%

• Nucor's Q3 earnings and sales surpassed estimates, indicating strong financial performance.
• Despite lower prices and volumes, Nucor managed to report better-than-expected earnings, showcasing resilience in the face of market challenges.
• The positive surprise in earnings and revenues may have contributed to the bullish movement in Nucor's stock.
• However, the company anticipates a sequential profit drop in Q4, which could be a factor to watch for potential market movement in the future.

15.08.2023 - NUE Stock was down 5.2%

• NUE's stock price closed at a -0.09% move from the previous day, indicating a bearish trend.
• The recent increase in short interest suggests that traders are betting on NUE's stock price to fall.
• The upgrade of NUE's rating from "hold" to "buy" by multiple research firms may indicate positive sentiment, but it doesn't seem to have had an immediate impact on the stock price.
• Overall, the bearish movement in NUE's stock price could be attributed to market volatility and the increase in short interest. The positive rating upgrades may provide some optimism for the future.

23.03.2024 - NUE Stock was down 5.8%

• Nucor's stock witnessed significant bearish movement post its first-quarter financial results announcement, which did not meet analyst expectations.
• The decrease in selling prices and a pessimistic outlook shared by Nucor were factors influencing the stock's decline.
• Falling short of EPS estimates and revealing a drop in year-over-year profits further contributed to the negative perception surrounding Nucor's stock.
• The combination of varying Q1 results, reduced selling prices, and missed revenue and earnings projections likely fueled the downward trend in Nucor's stock price.

03.03.2024 - NUE Stock was down 0.1%

• Nucor's acquisition of Southwest Data Products, Inc. (SWDP) for $115 million and the launch of Nucor Data Systems signals the company's strategic expansion into the data center infrastructure market.
• The market's bearish movement today could be attributed to profit-taking by investors after Nucor's stock reached $200, reflecting a +1.06% change compared to its last close.
• While the acquisition positions Nucor as a key supplier in the data center infrastructure market, investors may be cautious due to uncertainties surrounding the integration of SWDP and the potential impact on Nucor's core steel-centric ventures.
• The focus on stable income dividend stocks in the market may have also influenced investor sentiment towards Nucor, as they assess the company's ability to maintain consistent dividend payments amidst its strategic diversification efforts.