Melting Steel Stocks #1: AK Steel (AKS)
Click to Enlarge For the first time since June, AK Steel (AKS) is falling into a persistent downtrend as it trades below its lower Bollinger Band. Shares have already fallen 21% from their late-December highs, and more price destruction looks likely.
AKS stock suffered a 9% drop in revenue through the third quarter and is expected to report a loss of 60 cents per share for full-year 2013 — a 3-cent increase over 2012’s loss.
Analysts expect a turnaround in profitability in 2014, but that looks less and less likely now.