WOR - Worthington Industries, Inc. (NYSE Stock)

[BadThad]

WAY oversold! Positive earnings report, but not positive enough apparently. Could make for an awesome bottom play IMO.

Worthington Industries, Inc. - Google Finance

Current stock price: $14.27 (down 10%)

Metals processing company Worthington Industries, Inc. (WOR) said late Tuesday that its first quarter profit beat analyst expectations, helped by lower costs and higher demand for its steel.

The Columbus, Ohio-based company reported fiscal first quarter net income of $6.7 million, or 8 cents per share, down from $68.6 million, or 86 cents per share, in the year-ago period. Excluding one-time charges, adjusted profit was 11 cents per share.

Net sales plummeted more than 54% from last year, to $417.5 million.

On average, Wall Street analysts expected a much smaller profit of 4 cents per share, but on significantly higher revenue of $461.9 million.

Worthington shares fell 6 cents, or -0.4%, in premarket trading Wednesday.

The Bottom Line
We had removed shares of WOR from our “recommended” list back last July 15 when the stock was trading at $16.98. The company has a 2.53% dividend yield, based on last night’s closing stock price of $15.84. The stock has technical support in the $12.25-$13.00 price area. If the shares can continue its recent run, we see overhead resistance around the $16-$18 price levels. We would remain on the sidelines for now.

[BadThad]

$13.95, still searching for a bottom.

[BadThad]

May have found the bottom at $12.67, curling back up.