Stock price when the opinion was issued
Jumped today by 10% after Trump announced 50% tariffs on steel; this will let US steelmakers raise prices. NUE peaked at $180 in April 2024, then has slid below $120, but is now mounting a comeback, driven by tariffs. BMO upgraded it today. But he wonders if higher tariffs will help the US steelmakers immediately, and tariffs alone aren't a reason to buy the stock. Rather, he'd buy on weakness. Look what happened during the 2018 tariffs--NUE shares actually fell, though popped occasionally. He'd like to see signals that the overall economy is thriving and that there is demand for steel.
Shares are plunging with copper prices.