Steel stock Nucor Corp (NYSE:NUE) was last seen down 4.1% at $136.95, after the company cut its third-quarter guidance to a range of $2.05 to $2.15 per share, expecting earnings to decrease in all three of its operating segments. In response, Wells Fargo lowered its price target to $140 from $146.
Though today's drop has Nucor stock falling below recent support at the 60-day moving average, a familiar floor at the $135 level -- which has been in place since early-July -- captured today's lows. Year to date, the equity is still up 17.7%.
Analysts are still plenty bullish on NUE, with 11 of the 14 in coverage carrying a "buy" or better rating, and the remaining three a tepid "hold." Meanwhile, the 12-month consensus price target of $157.79 is a 14.7% premium to current levels, and represents prices not seen since last year.
When weighing in on security's next move, options look like a good way to go. The stock's Schaeffer's Volatility Index (SVI) of 32% ranks in the low 6th percentile of its annual range, meaning options traders are pricing in low volatility expectations.
