Raised Guidance Not Doing Much For AK Steel

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

AK Steel Holding Corporation AKS shares were trading higher by $0.02 (1.3 percent) at $2.83 in Friday's session. Before the open, the company provided upbeat guidance for Q3. Instead of a loss of ($0.23) per share, the company forecasts a loss ($0.02) to ($0.07) range.

During pre-market trading, the issue spiked to $3.18 but has not come near that level during the regular session. After a higher open, it rallied to $3.05 before reversing course.

The ensuing decline has taken the issue to $2.80 and is trading at that level. If the decline continues, there may be additional support at a pair of lows from Wednesday ($2.71) and Thursday ($2.74). In addition, there are a string of four lows from $2.63-$2.65 from September 10-15.