Benzinga - by Austin DeNoce, Benzinga Staff Writer.
Top Stories for March 21, 2024:
1. Commercial Metals Company (NYSE:CMC) reported fiscal second quarter financial results.
The company reported earnings of $85.8 million (73 cents per share) on $1.8 billion sales, down from the previous year’s $179.8 million ($1.51 per share) on $2 billion.
Adjusting for a $17.2 million charge related to the Arizona 2 micro mill, earnings were $103.1 million (88 cents per share), compared to last year’s adjusted $171.3 million ($1.44 per share).
Core EBITDA was $224.4 million with a 12.1% margin and the company saw a peak in downstream contract awards in nearly two years, indicating a strong upcoming construction season.
Both North America and Europe Steel Groups improved in controllable costs per ton shipped, with Europe also seeing better market balance excluding energy rebates.
Strategic growth continued with Arizona 2’s successful merchant bar product launch, a global micro mill steelmaking first.
2. An options analysis of Newmont Corporation (NYSE:NEM), the largest gold miner by market capitalization, highlighted a predominantly bearish sentiment from large investors, with 80% bearish and 20% bullish trades among 10 unusual trades.
The trades include three puts valued at $126,300 and seven calls worth $355,159.
Based on the activity, investors are targeting a range from $30 to $40 for Newmont in the next three months.
Also Read: EXCLUSIVE: Battery Companies Back Small Miners For Long Term, Provide Bright Spot As Funding Market Crashes
3. Atlas Lithium Corporation (NASDAQ:ATLX) will add Brian Talbot as Chief Operating Officer (COO) and Board member on April 1, 2024.
Talbot has significant lithium sector experience and joins as the company prepares for its first revenues and production in Q4 2024.
Previously, he founded RTEK International DMCC for lithium consulting and served as COO at Sigma Lithium, leading the Grota do Cirilo project in Brazil.
4. United States Steel (NYSE:X) named its Volunteer of the Year and 12 Service Champions for 2023 under its United by Service initiative.
The company donated $15,000 on behalf of the Volunteer of the Year and $5,000 on behalf of each of the 12 champions to their chosen charities for a total of $75,000.
The initiative, honoring Dr. Martin Luther King Jr.‘s legacy, saw employees volunteer over 20,000 hours.
5. JPMorgan analyst Rodolfo Angele maintained Ternium (NYSE:TX) with an Overweight rating and raised his price target from $48 to $51.50.
Now Read: 3 Top Stock Picks In Metals, Mining Sector To Consider Right Now
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