Goldman Upgrades Reliance Steel, Downgrades AK Steel
By Market News Video Staff, Tuesday, November 9, 1:52 PM ET
Goldman Sachs (NYSE:GS) downgraded AK Steel (NYSE:AKS) today from buy to neutral, on higher costs, and upgraded Reliance Steel (NYSE:RS) from neutral to buy, citing growth prospects in the industries it serves.
Both stocks are in the Steel ETF (AMEX:SLX), trading down 1% today, and make up a total of 5.93% of the fund.
Top stocks in the Steel ETF include Rio Tinto (NYSE:RIO), at 12.97% of the portfolio, followed by Vale (NYSE:VALE), at 12.08%. Arcelormittal (NYSE:MT), Posco (NYSE:PKX) and Allegheny Technologies (NYSE:ATI) are also in the top five.
This Article's Word Cloud:AMEXAlleghenyArcelormittalBothGoldmanNYSEPoscoRelianceSachsSteelTechnologiesTintoVALEValealsocitingcostsdowndowngradedfivefollowedfromfundgrowthhigherincludeindustriesmakeneutralportfolioprospectsservesstockstodaytotaltradingupgraded
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