Market Overview

U.S. Steel Just Keeps Ripping

U.S. Steel Just Keeps Ripping

United States Steel Corporation (NYSE: X) is building on its post-election gains, even as it perches on a two-year high.

The most recent catalyst being a tweet by CNBC's Brian Sullivan that CEO Mario Longhi revealed plans to rehire up to 10,000 workers previously let gone due to slowing business.


Trump, Infrastructure And Steel

U.S. Steel, along with other steel stocks has seen a nice bump up since the November 8 elections, as President-elect Donald Trump's accent on infrastructure spending is seen to benefit the companies belonging to the steel sector.

However, the rally in the space began significantly ahead of the elections. The New Year dawned well for these stocks after years of underperformance, underpinned by the global economic softness and demand-supply imbalance. With the U.S. government moving in to check cheap Chinese imports, the domestic steel companies felt a relief.

Since November 8, the U.S. Steel shares have gained roughly 80 percent, advancing above $37 from the $20.96. The stock is poised to test an overhead resistance past the $38 level, while it has support around the $32 level.

Insider Trade

Meanwhile, a SEC filing revealed that Longhi recently sold 277,000 stocks of the company at a price of $32.25 or $8.9 million. Should this insider sale cause some uneasiness? It may not, given the "Trump bump." Insiders are apparently cashing in on the recent rally.

At time of writing, the stock was rallying 5.06 percent to $37.77.

Posted-In: Brian SullivanNews Commodities Politics Markets Media Trading Ideas General Best of Benzinga


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