U.S. Steel shares jump 4.6% premarket after guidance that is less bad than feared

United States Steel Corp. shares rose 4.6% in premarket trade Thursday, after the company issued guidance for the third quarter that was less bad than feared. The company said it expects it let loss to range from $94 million to $84 million, or 55 cents a share to 49 cents a share. The company expects its adjusted loss per share to range from 26 cents to 20 cents, narrower than the 28 cent loss consensus of FactSet analysts. "Stronger shipments and better than expected manufacturing performance in our Flat-rolled segment, as well as a contingency gain from recovered claims arising out of the bankruptcy of a supplier drove better than expected results," the company said in a statement. The company is expecting third-quarter sales of $3.040 billion to $3.075 billion, ahead of the $3.020 billion FactSet consensus. Shares have fallen 45% in 2019, while the S&P 500 has gained 16%.

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