Why United States Steel Stock Dropped 9% Today
Shares of United States Steel (NYSE: X) took a dive on Friday, falling as much as 10.5% in early trading before eventually closing the day down "only" 8.7%.
Surprisingly, the sell-off was not in response to the company missing earnings in its most recent report. To the contrary, the $0.45 per share in pro forma profit and $3.5 billion in sales that U.S. Steel reported for its fiscal Q2 Thursday evening both exceeded expectations. Wall Street analysts had predicted U.S. Steel would earn only $0.40 per share, and on only $3.4 billion in sales.
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