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Nucor Recovers After Disappointing Earnings and Citigroup Inc. Report
By Market News Video Staff, Friday, October 22, 12:20 PM ET
This morning, Citigroup Inc. lowered its price target and EPS estimates on shares of Nucor (NYSE:NUE) following disappointing earnings from the steel company. Citigroup set its price target at $53 per share and lowered its earnings estimates to match the company's estimates. Shares of Nucor were recovering today after yesterday's selloff. The stock is currently higher by about 0.5% today.
Shares of the Market Vectors Steel ETF (AMEX:SLX) were trading close to even today on the news. This ETF was off by about 3% at its lowest point yesterday, but then rallied into the close to make back some of those losses. On Friday, SLX is trading flat as the steel sector is mixed so far today.
The Market Vectors Steel ETF has 27 holdings, with Nucor accounting for a little more than 4% of the portfolio. The top five holdings include Rio Tinto (NYSE:RIO), Vale (NYSE:VALE), ArcelorMittal (NYSE:MT), POSCO (NYSE:PKX) and Companhia Siderurgica Nacional (NYSE:SID).
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