On June 19, Nucor Steel fell 3.27% in regular trading, trading at $244.36/share, with turnover of $2.75 billion. The decline was driven by a combination of a Wells Fargo target price reduction and broad-based weakness across the steel sector.

On the news front, Wells Fargo lowered its target price on Nucor from $292 to $283 while maintaining its overweight rating. The average analyst rating remains overweight with a mean target price of $266.36. Separately, Nucor had issued Q2 earnings guidance of $4.50 to $4.60 per diluted share, exceeding the consensus estimate of $4.21, with full results expected on July 27. However, the better-than-expected guidance failed to offset selling pressure from the target price cut and sector headwinds.

Within the Steel & Iron sector, the overall sector was broadly weaker. Among individual stocks, Steel Dynamics fell 7.5%, Reliance Steel & Aluminum fell 2.5%, Cleveland-Cliffs fell 2.17%, ArcelorMittal fell 1.45%, and Vale fell 1.0%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)