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Nucor Corporation stock price
Nucor Corporation latest news:
Nucor's stock falls after profit warning
Nucor Corp.'s stock dropped 1.0% in premarket trade Friday, after the steel maker lowered its profit outlook for the third quarter, citing continued import pressure and unplanned outages, as well as "tepid" demand in plate end use markets. The company expects earnings per share for the current quarter of 70 cents to 80 cents, down from $1.00 in the second quarter and below previous guidance that EPS was expected to be "similar" to the first half of the year. The FactSet EPS consensus was $1.04. Nucor said finished steel imports, which accounts for about a 28% share of the U.S. market, has not allowed pricing to keep pace with increasing raw material costs. The company said Nucor Steel Louisiana experienced an unplanned production halt in late July to make repairs to its materials handling systems, and isn't expected to resume operation until early October. The stock had shed 1.2% over the past three months, while the S&P 500 had gained 2.6%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.