Stories of the Day for 7/29/08

U.S. Steel (X) plowed through the analyst estimates.

U.S. Steel's net income more than doubled to $668 million, or $5.65 per share, for the three months ended June 30, compared with $302 million, or $2.54 per share, during the same period last year.

Revenue climbed 60 percent to $6.74 billion from $4.23 billion in the second quarter of 2007, the company said.

The results easily beat Wall Street estimates. Analysts, on average, predicted earnings of $3.91 per share, according to a survey by Thomson Financial.

http://biz.yahoo.com/ap/080729/earns_united_states_steel.html?.v=3

Current Prices for the Steel names

X: $167.25 Up 15% and going higher. UPDATE: Now $169.20

CLF: $106.48 up 5.18%

AKS: $56.93 up 13.20%. UPDATE: Now $58.30

The relatively weak move in CLF makes me think that the Street really doesn't like the earlier announce acquisition. Lighten up on your position further.

Oil and Natural Gas continue to be weak. Oil approaches $120 and NG broke below $9. Oil & Gas Ultra Short (DUG) moves up to $37.75, or up 4.10% Let's take some more profits.

AGCO (AG) also crushes earnings.

Duluth, Ga.-based AGCO (NYSE: AG) recorded $2.4 billion in sales, a quarterly record for the company. The company earned $133.1 million in net income for the quarter ended June 30, or $1.34 a diluted share. During the same period last year, the company earned $63.8 million, or 67 cents a diluted share.

Richenhagen added the company’s “second quarter operating margins increased 1.4 percentage points to 7.9% compared to the second quarter of 2007.”

Current Price: 58.43, up 11.80%. Stock also hit a HOD of $61.67

Lets takes just some profits when it nears closer to $60 again and let the rest run. My margin expansion thesis is still intact so I continue to be bullish on AG.