≈ A roundup of positivity from industry big wigs…≈
Traders,
Here’s a collection of positive comments during earnings calls this season that underscore some of the market themes we’ve touched on throughout our shows.
“I saw some commentary sort of questioning demand. Demand out there is absolutely phenomenal, across almost every sector. Very, very strong and it would appear to be there for the rest of this year going into next…So we see strong demand, tight supply, record low supply chain inventories across the space.”
– Steel Dynamics (STLD) CEO Mark Millett
“The Biden administration has set a goal of deploying 30,000 megawatts of offshore wind power by 2030. This could require as much as 8 million tons of steel.”
– Nucor (NUE) CEO Leon Topalian
“And you heard us before talking about consumer demand, to be honest, in all the years I’ve been doing the earnings call, this is probably the year that I’m most bullish about mid-and long-term consumer demand trends in North America. So I’m not worried about consumer demand. ”
– Whirlpool (WHR) CEO Marc Bitzer
“In addition to actual like chips and rubber and things like that, there’s also the issue with labor shortages. We do hear from a lot of our customers that if they had qualified people to fill jobs that they would be at higher production levels.”
– Reliance Steel & Aluminum (RS) President Karla Lewis
“Is lumber pricing here to stay? I think a lot of it was driven by mills shutting down during COVID. I do think as they reopen these mills and increase the capacity to deliver wood, you’re going to see some improvement, some – a little less pressure on it. I think opening up international trade may relieve some pressure on it. But right now, to date, the demand is so strong.”
– D.R. Horton (DHI) CEO David Auld
No wonder the price charts of all these stocks are up and to the right.
#TeamTackle
Chart of the Day
Nucor (NUE) Daily Chart
I knew steel stocks were sexy due to the economy recovering and inflation pressures, but now we have another reason to bet on continued strength – The Biden administration’s solar power push (see above).
Video of the day
Buy One, Hold One Dump One
Coach Greg presents 3 fundamental stock ideas – Nucor, Steel Dynamics, and Newmont Mining – and Coaches Tyler, Tim and Matt have to decide to ‘Buy One, Hold One, and Dump One’ in this segment from Thursday’s Cash Flow Club
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