The United States Steel Corporation (X) (NYSE: X), more commonly known as U.S. Steel, is an American integrated steel producer with major production operations in the United States, Canada, and Central Europe. The company was the world's 15th largest steel producer in 2014. The company was renamed USX Corporation in 1986 and back to United States Steel Corporation in 2001 when the company spun off the oil & gas business of Marathon Oil and the steel business of U. S. Steel to shareholders. In 2001 it was still the largest domestically owned integrated steel producer in the United States, although it produced only slightly more steel than it did in 1902, after significant downsizing in the 1980s.
Breaking out! Nice consolidation around 16 and now a +7% move today. Whats moving this? Technical move? Im not seeing any fancy news.
Reported after close today (4/26/16) Earnings: EPS -$2.15 Revenue $2.34B Estimates: EPS -$1.29 Revenue $2.53B
Decided to pick up some X today. Read this in an article "U.S. Steel (X) gained more than 3% to 14.84 but is still deep within a bottoming base. In a bottoming base, a stock has made an extremely deep decline, usually 50% to 80% or more off its high, but is starting to show signs of bottoming out while forming a base that presents an opportunity for stock to break out to 52-week highs. Numerous bottoming bases formed within the tech sector in the aftermath of the 2000-2002 dot-com crash." I figured its worth it to see if it will try and break out with the news of the US imposing tariffs on foreign steel. I believe this will in turn show boosted revenue for US steel in the future. Not sure how long I plan on holding this just yet. In @ 14.70
And to think I owned steal at 13.64 originally, sold, bought back in at 14.70 and sold yesterday for a nice gain. If only i held at 13.64!!!
Repeatedly testing resistance here. Hit a new high last 3 days. Only 5 cents away from making new 52 week high from august 10th,2015. Looking for a breakout if this happens. Earnings coming up on the 26th.
Reported after close today (7/26/16) Earnings: EPS -$0.31 Revenue $2.58B Estimates: EPS -$0.49 Revenue $2.67B Up 2.66% after hours