Market Overview

U.S. Steel Plummets 25% After Q1 Miss

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United States Steel Corporation (NYSE: X) shares are trading lower by $8.00, or 25 percent, at $23.11 in Wednesday's session.

The catalyst for the decline is huge Q1 EPS miss of $1.15 along with a revenue shortfall of $170 million.

The slaughter from after-hours and pre-market trading continued into the regular session on monster volume. After a much lower open, it managed only a meager $0.15 rally to $24.37 before continuing its descent lower.

See Also: U.S. Steel: Q1 Was Bad, But Things May Only Get Worse From Here

The stock has continued to make new lows for the session with the current one standing at $22.88. That marks the lowest level for the issue since it bottomed on November 8 at $20.26. The following day it sprinted to $24.56 on the heels of the Trump victory.

In order to fill the void in price and reach the upper-end of its November 8 range, it would need to reach $21.39.

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