Diamonds and Dogs

9/14/22

T-Mobile (TMUS) announces a huge share buyback. The largest US telecom provider by market cap is up 2% as the company gets a head start on their share buyback plan they announced last week while their bigger rivals based on sales continue to languish. T-Mobile authorized a $14 billion share buyback program that will run until next September. Management expects to deploy $3 billion of that by the end of the year. The company wants to return $60 billion to shareholders between 2023 and 2025.

Steel stocks are lower. Nucor (NUE) is down 8% after lowering guidance for the rest of the year. Management now expects the steel mills segment earnings to be considerably lower in the third quarter due to metal margin contraction and reduced shipping volumes particularly at our sheet and plate mills. Nucor still believes 2022 will be the most profitable year in the company's history.

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