U.S. Steel Corp Sinks Amid Tariff Ruling; Alcoa Inc. Pops on General Motors Supply Contract


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NYSE:X / NASDAQ:DRYS / PK:PTOG / NASDAQ:AA
02/20/2014 [ACCESSWIRE]

United States Steel Corp. (NYSE: X) – For an in-depth report on United States Steel Corp. follow: www.BullTrends.com/stockquote/X

Shares of United States Steel Corp closed down 7.03% on Wednesday with about 17.6 million shares traded. The stock was one of the biggest decliners on the NYSE. The loss came after it was revealed that the U.S. Department of Commerce announced it would not impose tariffs on South Korea's steel pipes used in the oil and natural gas industries. U.S. Steel and other American steel companies would have benefited from such a tariff, but South Korea, the largest steel exporter among nine nations named in a trade case filed by U.S. Steel Corp. and other producers, avoided it.

DryShips, Inc. (NASDAQ: DRYS) – For an in-depth report on DryShips, Inc. follow: www.BullTrends.com/stockquote/DRYS

Shares of DryShips closed down 6.20% on about 18.1 million shares traded. The stock was one of the biggest decliners on the NASDAQ after reporting fourth-quarter earnings which missed expectations. In the three months to December, the deep-sea freighter recorded a net loss of 6 cents a share. Analysts surveyed by Yahoo! Finance had anticipated a net loss of 1 cent a share. Revenue of $431.3 million was 52.5% higher year on year and was in line with analyst consensus. Year to date the stock has fallen roughly 25%.

Petrotech Oil and Gas, Inc. (OTC: PTOG) – For an in-depth report on Petrotech Oil and Gas, Inc. follow: www.BullTrends.com/stockquote/PTOG

Petrotech Oil and Gas shares exploded on Wednesday to close up 234.29% on over 160 million shares traded. The stock was one of the biggest gainers in the OTC market. The company announced that they have set up a subsidiary company in Colorado, and Washington, to serve as the foundation for the company's entry into the emerging market for medical and recently legalized recreational marijuana in the United States. Through Legalizedpot.us, (LP.US Management Group Inc.) has been established to be the Management Company. This branch will specialize in managing the growers of legalized Marijuana and Hemp in the states where they are allowed to grow.

Alcoa Inc. (NYSE: AA) – For an in-depth report on Alcoa Inc. follow: www.BullTrends.com/stockquote/AA

Shares of Alcoa Inc. closed up 3.16% on about 33.4 million shares traded on Wednesday. The stock was one of the most active stocks trading on the NYSE. The stock popped after a report revealed that General Motors (GM) is accelerating its efforts to manufacture pickup trucks featuring primarily aluminum. According to a Wall Street Journal report earlier this week, GM is working to secure aluminum to produce what the industry calls "aluminum intensive" pickup trucks. GM recently signed a supply contract with Alcoa and Novelis, which are working to increase their aluminum sheet production for the push into aluminum-made pickups.

 

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