Quick Comment – Beyond U.S. Steel

Source: Nucor

Last Friday a friend pinged me to say...

Here’s a story - X saying multiple bids to acquire the company. NUE at 10x eps and analysts think EPS are going to collapse from 18 this year to 12 next…. Just as the Fed is cutting?

I was busy so I barely paid attention – and, to be candid – saw the “X” and somehow thought he was talking about Twitter. X is the symbol for U.S. Steel; NUE, Nucor.

Then, first thing today the news hit: that United States Steel – symbol “X” – agreed to be bought by Japan’s Nippon Steel.

‘Free Money’

U.S. Steel’s stock, already moving with the market last week, lifted nearly 30% on the news… almost as if it was making up for lost time. Nucor – NUE – rose, but just a bit.