April 19, 2018 / 6:02 PM / 8 months ago

BUZZ-Nucor, Steel Dynamics choppy after upbeat outlooks

(Updates buzz with price action, analyst comment)

** Nucor and Steel Dynamics reverse early declines of >3 pct, shares last off just 0.3 pct and 1.3 pct. Both give upbeat Q2 outlooks

** Both Nucor and Steel Dynamics cite benefits from the Trump administration’s plan to impose tariffs on steel imports

** NUE “believes there is sustainable strength in steel end use markets, and is encouraged by the government’s actions to address the high level of steel imports entering the U.S. NUE’s view is that broad-based tariffs are needed with few exceptions,” Cowen & Co analysts write in research note

** Nucor says Q2 2018 earnings expected to increase significantly compared with Q1

** Analysts up estimates for Q2, now between $1.36 and $2.07/shr with adj consensus of $1.71/shr - Thomson Reuters data

** Nucor’s Q1 profit topped Wall Street estimates. Co praises the U.S. move to impose tariffs on imported steel

** STLD says remains confident that current and anticipated macroeconomic and market conditions are in place to benefit domestic steel consumption in 2018

** Analysts increase their Q2 forecasts for STLD to 72 cents to $1.66/shr with adj consensus of $1.20/shr - TR data

** Q1 earnings of 96 cents/shr above analysts’ expectations

** Shares of both cos rose this week along with commodity prices heading into the reports

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