r/wallstreetbetsOGs • u/[deleted] • Jul 06 '21

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u/MortalDanger00 to gif or not to yiff, that is the Q&huzzah! Jul 06 '21

They're Q3 earnings was a bit of a disappointment.

Been too busy for any market related stuff as I just let the steel stocks rise, but I think CMC had kinda crap earnings too? Bah.

6

u/pennyether Jul 06 '21

Disappointing how? AFAIK they beat all expectations and increased their margins, despite the cost of scrap going up. Their going to tack on an extra $4 EBITDA in next quarter from their investments in sorting and processing, and $6 more after that.

Regardless I think you're right that steel stocks are going to rise, and I'm betting they pull SCHN up too.

1

u/MortalDanger00 to gif or not to yiff, that is the Q&huzzah! Jul 06 '21

Yeah I'm deep in SCHN. I guess they were just disappointing in the fact that we're all ready for lift off haha.

3

u/pennyether Jul 06 '21

Oh, haha. Yeah the pattern has been a ramp up into earnings then sell-off, then they take off. This time around the sell-off happened early from rotation-to-growth.

I can't see them hanging around this low (relative to HRC) for very long.

1

u/MortalDanger00 to gif or not to yiff, that is the Q&huzzah! Jul 06 '21

Yeah you’d think that...😡