Nucor Stock Drops as Lower Selling Prices Weigh on Steelmaker's Results and Outlook
Nucor(NUE) Investopedia·2024-04-23 18:52
Key TakeawaysNucor shares were down more than 6% in premarket trading Tuesday after the steel producer missed analysts' Q1 estimates and forecast a sequential decline in current-quarter earnings.The company sees the bottom line declining on a sequential basis in the current quarter due to lower average selling prices weighing on its steel mills segment.The Nucor share price finds a confluence of support around $179 from a multi-month horizontal line and the 38.2% Fibonacci retracement level. Shares in Nucor ...