Yahoo Finance Today’s Research Reports on Stocks to Watch: Alcoa and United States Steel
NEW YORK, NY / ACCESSWIRE / November 28, 2018 / Metal stocks were suffering on Tuesday as Traders showed their growing concerns over Chinese demand waning and according to Bloomberg, “Soon-to-be-published research will show roughly 22 percent of China’s urban housing stock is unoccupied, according to Professor Gan Li, who runs the main nationwide study. That adds up to more than 50 million empty homes.”
The Market Edge Initiates Coverage on:
Alcoa Corporation
https://marketedgereport.com/report/AA/
United States Steel Corporation
https://marketedgereport.com/report/X/
Alcoa Corporation shares were down 4.24% yesterday on nearly 3 million shares traded. The stock plummeted to a new low of $30.95 as metal stocks tumbled on concerns over Chinese's demand waning. It was on Monday that the company said it had entered into an amended and restated $1.5 billion revolving credit agreement on November 21, 2018. “Our ability to successfully amend our revolving credit agreement reflects Alcoa’s improving financial profile,” said William Oplinger, Executive Vice President and Chief Financial Officer. “We look forward to continuing to strengthen the Company to gain even greater flexibility in the future.”
Access The Market Edge's Alcoa Corporation Research Report:
https://marketedgereport.com/report/AA/
United States Steel Corporation shares were down 8.32% yesterday on about 20 million shares traded. The stock sunk to a new low of $22.63 after traders expressed their concerns over steel demand in China slowing down. According to the China Association of Automobile Manufacturers, the country's automobile sales dropped 11.7% to 2.38 million units in October. This marked the fourth straight month of year-on-year decline. The country's property investment growth also hit 10-month low of 7.7% in October, slowing from an 8.9% expansion in September, according to Reuters. It was also in October that the International Monetary Fund (IMF) slashed China's GDP forecast for 2019 to 6.2% from its earlier view of 6.4% citing the ongoing trade war.
Access The Market Edge's United States Steel Corporation Research Report:
https://marketedgereport.com/report/X/
Our Actionable Research on Alcoa Corporation (NYSE:AA) and United States Steel Corporation (NYSE:X) can be downloaded free of charge at The Market Edge.
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SOURCE: MarketEdgeReport
