Nucor's Stock Drops After Downbeat Profit Outlook

Nucor Corp.'s stock slumped 5.4% in premarket trade Wednesday, after the steel company provided a fourth-quarter profit outlook that was less than half what analysts were expecting. Earnings per share are expected to be 15 cents to 20 cents, compared with the FactSet EPS consensus of 48 cents. The company said margins have decreased at its sheet and bar mills as selling prices have declined more than prices of raw materials. While the automotive market remains strong, Nucor said energy, heavy equipment and agricultural markets are still weak, and nonresidential construction markets are slowing again because of seasonal factors. The stock has shed 18% year to date through Tuesday, while the S&P 500 has lost 0.8%.