Steel Dynamics quarterly earnings up 79% | Business
Steel Dynamics Inc. on Monday reported second-quarter earnings of $534 million, or $3.69 per diluted common share, a 79% increase from the $299 million, or $2.01 a share, posted for last year’s second quarter.
The Fort Wayne-based steelmaker’s net sales were $6.1 billion for the period ended June 30, a 33% increase from the prior year.
Mark Millett, chairman and CEO, said steel pricing continued to improve, demand remained strong and customer inventory levels declined.
“Our metals recycling, steel fabrication and aluminum teams also had a solid performance,” he said in a statement.
Paramount-Warner Bros. merger halted by judge
A federal judge has ordered Paramount and Warner Bros. Discovery to halt their $81 billion merger for at least two weeks, allowing states that are challenging the deal more time to see their case through in court. The judge issued her order Monday.
Twelve states, led by California, sued to block Paramount’s pending buyout of Warner last week – alleging that such a combination would “extinguish competition” in Hollywood and lead to fewer choices for consumers, particularly moviegoers and cable customers across the U.S. Paramount, which was bought out by Skydance just last year, has called the states claims meritless and vows to “vigorously defend” its acquisition.
Gas up to $4 a gallon again
U.S. gas prices have jumped to an average of $4 a gallon again as the U.S. and Iran launch more attacks.
According to AAA, the national average for a gallon of regular gasoline is now back to $4. The average price a year ago was $3.14 a gallon. The price is a national average, meaning drivers in some states have been paying well over $4 a gallon for a while now.
Prices vary between states due to factors ranging from nearby supply to differing tax rates. People around the world are also dealing with high gas prices as a result of the war.
Wall Street drifts as AI stocks hold steadier after last week’s losses
NEW YORK – Wall Street drifted through a quiet day of trading as AI stocks trimmed some of their sharp recent losses. The S&P 500 fell 0.2% Monday, coming off just its third losing week since the end of March. The Dow Jones Industrial Average dropped 0.6%, and the Nasdaq composite was nearly unchanged after slipping less than 0.1%. Stocks like Nvidia and Sandisk steadied after tumbling last week on worries that their prices had shot too high. But the broad market also felt pressure from rising yields in the bond market, which continued to climb with oil prices.
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