Algoma Steel Group Inc (ASTL) News & EventsASTLAlgoma Steel Group Inc

Major U.S. Averages Rise on Jobs Data

The major averages ended the week on a high note as Treasury yields retreated following the September jobs data, which showed jobs growing well below forecasts and unemployment rising to 4.2%. Traders may see the weak jobs report raising hopes that the Fed will hold rates steady this month. Also helping stocks were oil prices falling nearly 2% as European countries agreed to release strategic fuel reserves following pressure from the Trump administration to boost supplies.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:U.S. nonfarm payrolls rose a lower-than-expected 29,000 in September, with the unemployment rate rising to 4.2%Nikereported upbeat Q1 results but provided a lower-than-expected outlook for FY27Onsemiand Synapticsannounced a revised merger agreementTeslareported Q3 deliveries ahead of estimates while Fordreported a 6.6% year-over-year decline in Q3 U.S. vehicle salesDavid Ellison said the combined Paramountand Warner Bros. Discoverywill be named "Skydance"2. WALL STREET CALLS:Edison Internationaldowngraded to Underperform from Hold at JefferiesKeyBanc upgraded Airbnbto Overweight, says growth increasingly durableAST SpaceMobiledowngraded to Neutral from Buy at B. RileyDaiwa upgrade HPEto Outperform after "bullish" networking eventNorthrop Grummandowngraded to Sector Perform from Outperform at RBC Capital3. AROUND THE WEB:The FAA determined that a new Boeing737 MAX software glitch doesn't pose a flight-safety issue, WSJ reportsBNYis in discussions with Payward, the parent company of crypto exchange Kraken, over a major partnership spanning digital assets and financial market infrastructure, CoinDesk reportsSoftBankhas completed its final $10B investment in its $30B commitment to OpenAI's latest funding round, while Nvidiaalso completed its final $10B investment, The Information reportsAmazonis looking to offload $8B of Nvidiachips to external customers via a new vehicle meant to strengthen its balance sheet, FT saysGoldman Sachshas purchased shares worth $220M in Shein following the retailer's stock market debut last month, FT reports4. MOVERS:Sable Offshoregained after JPMorgan initiated coverage of the stock with an Overweight ratingNNincreased after announcing a $50M private placement of stockApplied Digitalwas higher after achieving its Ready for Service for the second phase of Building 2 at its Polaris Forge 1 campusTarget Hospitalityfell after announcing an 11M share Block TradeRivianwas lower after producing 19,751 vehicles in Q35. EARNINGS/GUIDANCE:Taylor Devicesreported Q1 results, with EPS and revenue lower year-over-yearIntegra LifeSciencesreported preliminary Q3 results and cut its guidance for FY26Ruanyun Edai Technologyreported preliminary results for 1HPhillips Edisonbacked its guidance for FY26Algoma Steelprovided its outlook for Q3INDEXES:The Dow rose 250.40, or 0.49%, to 51,176.96, the Nasdaq gained 319.27, or 1.19%, to 27,190.86, and the S&P 500 advanced 56.27, or 0.73%, to 7,722.72.

Major Averages Rise as Jobs Data Shows Weak Growth; Nasdaq Up 1.09%

The major averages were higher near noon as Treasury yields retreated following the September jobs data, which showed jobs growing well below forecasts and unemployment rising to 4.2%. Traders may see the weak jobs report raising hopes that the Fed will hold rates steady this month. Also helping stocks are oil prices falling sharply as European countries release strategic fuel reserves following pressure from the Trump administration to boost supplies.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:U.S. nonfarm payrolls rose a lower-than-expected 29,000 in September, with the unemployment rate rising to 4.2%Nikereported upbeat Q1 results but provided a lower-than-expected outlook for FY27Onsemiand Synapticsannounced a revised merger agreementTeslareported Q3 deliveries ahead of estimates while Fordreported a 6.6% year-over-year decline in Q3 U.S. vehicle salesDavid Ellison said the combined Paramountand Warner Bros. Discoverywill be named "Skydance"2. WALL STREET CALLS:Edison Internationaldowngraded to Underperform from Hold at JefferiesKeyBanc upgraded Airbnbto Overweight, says growth increasingly durableAST SpaceMobiledowngraded to Neutral from Buy at B. RileyDaiwa upgrade HPEto Outperform after "bullish" networking eventNorthrop Grummandowngraded to Sector Perform from Outperform at RBC Capital3. AROUND THE WEB:SoftBankhas completed its final $10B investment in its $30B commitment to OpenAI's latest funding round, while Nvidiaalso completed its final $10B investment, The Information reportsAmazonis looking to offload $8B of Nvidiachips to external customers via a new vehicle meant to strengthen its balance sheet, FT saysGoldman Sachshas purchased shares worth $220M in Shein following the retailer's stock market debut last month, FT reportsBroadcom'sWall Street syndicate has begun gathering $60B of fresh AI chip financing, which will benefit Anthropic and others in the sector, Bloomberg saysJapan's Financial Services Agency is preparing to issue a three-month partial business suspension order against Prudential Life Insurance, Nikkei reports4. MOVERS:Sable Offshoregains after JPMorgan initiated coverage of the stock with an Overweight ratingNNincreases after announcing a $50M private placement of stockApplied Digitalhigher after achieving its Ready for Service for the second phase of Building 2 at its Polaris Forge 1 campusTarget Hospitalityfalls after announcing an 11M share Block TradeRivianlower after producing 19,751 vehicles in Q35. EARNINGS/GUIDANCE:Taylor Devicesreported Q1 results, with EPS and revenue lower year-over-yearIntegra LifeSciencesreported preliminary Q3 results and cut its guidance for FY26Ruanyun Edai Technologyreported preliminary results for 1HPhillips Edisonbacked its guidance for FY26Algoma Steelprovided its outlook for Q3INDEXES:Near midday, the Dow was up 163.16, or 0.32%, to 51,089.72, the Nasdaq was up 292.38, or 1.09%, to 27,163.98, and the S&P 500 was up 50.11, or 0.65%, to 7,716.56.

Algoma Steel Expects Q3 Steel Shipments of Approximately 145,000 Tons

Algoma Steel expects total steel shipments for Q3 to be approximately 145,000 tons and Adjusted EBITDA to be in the range of negative $10M to negative $20M. Note that the guidance for Adjusted EBITDA includes the benefit of an expected capacity utilization adjustment of approximately $50M-$55M.