Market News

Nucor (NYSE:NUE) Slides on Weak Q3 Guidance

Nucor (NYSE:NUE) shares are trending lower today after the company’s third-quarter EPS guidance of between $6.30 and $6.40 came in significantly lower than the Street’s estimate of $7.56.

The company is seeing margin pressures in the steel mills segment owing to a contraction in metal margin and lower shipping volumes. The steel products segment though is seen as having a robust quarter.

Additionally, Nucor bought back 5.3 million shares during the quarter. It has now repurchased 17.5 million shares so far this year.

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