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Omar Venerio
Omar Venerio
Articles (1417) 

Global Stocks Fall on Thursday

Steel Dynamics surpasses earnings and revenue estimates

U.S. stock market indexes retreated on Thursday after the Chinese market posted declines. The minutes of the Federal Reserve's meeting, which were released yesterday, prepared the world for a new hike in December. The Dow Jones Industrial Average fell 1.37% to 25,357, the S&P 500 index declined 1.45% to 2,768 and the Nasdaq Composite Index slid 1.96% to 7,492.

Shares of Steel Dynamics Inc. (NASDAQ:STLD) gained nearly 2% on Thursday morning after the company posted third-quarter earnings of $1.69 per share on $3.22 billion in revenue, reflecting 32% year-over-year growth. The company beat earnings estimates by 5 cents and topped revenue expectations by $90 million.

"Our third quarter 2018 income from operations of $532 million and adjusted EBITDA of $626 million were both record highs for the company," President and CEO Mark D. Millett said. "Our strong financial performance was the result of record steel shipments, average steel selling price improvement, and resulting metal spread expansion across our steel operations. Underlying domestic steel demand remained strong.”

Steel Dynamics generated record operating cash flow of $420 million. The board of directors also authorized an additional $750 million share repurchase program in September, following the completion of its $450 million authorization the month prior.



Global markets

The main European stock markets traded lower. The U.K.'s FTSE 100 fell 0.39%, France's CAC 40 lost 0.55%, Germany's Dax slid 1.07% and Spain's IBEX 35 retreated 1.20%.

In Asia, Japan's Nikkei 225 declined 0.80%, India’s BSE Sensex dipped 1.09%, Hong Kong's Hang Seng slipped 0.03% and China's Shanghai Composite tumbled 2.94%.

Disclosure: The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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