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Trade: Nucor leads the industries, sectors, and screens
By SumOfSome | June 12, 2007
After each set of bi-weekly screens, I will select one stock which sticks out based on various indicators. This week’s selection is Nucor Corp. (Ticker:NUE) at $62.66/share on open.
Screen Recommendation: Following in the steps of my last pick, I am again choosing a stock from The Street’s All Around screen. With three screens showing 10-week return averages that are 18.02%, 10.04% higher than the S&P, I am starting to become a believer in this screen.
Analyst Ratings: MSN’s analyst report and Yahoo’s Star Analysts report a hold rating, while CNN’s analyst ratings show NUE as Overweight. Briefing’s Analyst Upgrades/Downgrades show one recent upgrade and one market perform.
Technical Indicators: Looking at various moving averages as found on BarChart, we see favorable short, medium, and long-term trends of a medium magnitude. The RSI graph shows NUE has hovered in a medium range for some time, being neither overbought nor oversold. These indicators may change after the recent dip in NUE’s price.
Sector and Industry Performance: Looking at Clearstation’s Industry and Sector views shows that Basic Materials is one of the leading sectors in the market right now over a 13 week period. Within materials, the Iron and Steel industry is 3rd over a 13 week period, posting 16% gains.
On Sale: NUE took a hit after weak sales for this quarter. However, they still feel their year-end outlook is on target. Hopefully this hit in price translates to a good buy-point.
This pick should capitalize on the current sector and industry strengths of the market, and is supported by our strongest performing screen so far.
Topics: Trade Opinion, Ticker, NUE, Trade |
