Worthington Steel Inc

Webull shares tumbled 20% after CNBC reported that a congressional panel found the brokerage's ties to the Chinese government create a national security risk. Banks also fell as longer-dated Treasury yields rose to levels not seen in 24 years, with Citigroup, Wells Fargo and Goldman Sachs each down nearly 2%, while JPMorgan Chase, Bank of America and Morgan Stanley each slipped around 1%. Worthington Steel dropped 10% after first-quarter adjusted earnings of 57 cents per share came in sharply below the 77 cents a share reported a year earlier, results that reflect the impact of its acquisition of a majority interest in Klöckner & Co. Penguin Solutions jumped 15% on fourth-quarter adjusted earnings of $1 per share and revenue of $566.7 million, beating the 77 cents per share and $521 million analysts polled by FactSet expected. Constellation Brands added 2% on better-than-expected fiscal second-quarter results, earning $3.74 per share on revenue of $2.63 billion versus FactSet consensus of $3.55 per share and $2.54 billion, while Micron rose 3% after D.A. Davidson said it expects the chipmaker to triple, and NetApp gained 3% on an Evercore ISI upgrade to outperform from in line.

Worthington Steel reported first-quarter fiscal 2027 adjusted earnings per share of $0.57, missing the analyst consensus of $0.68 by $0.11, sending shares down 1.5% after hours on Wednesday. Revenue surged 212% year over year to $2.73 billion from $872.9 million, driven primarily by the inclusion of Kloeckner & Co following the company's majority acquisition completed on June 3, 2026; Kloeckner contributed $1.77 billion to net sales in the quarter. Excluding Kloeckner's impact, revenue increased 9% compared to the prior year quarter on higher direct volumes and improved pricing, with direct tons sold up 3% and direct selling prices up 6%. Adjusted EBIT reached $78.5 million, up from $55.5 million a year earlier, but the company reported a net loss attributable to controlling interest of $7.0 million, or -$0.14 per diluted share, compared to net earnings of $36.8 million, or $0.73 per share, in the prior year quarter, impacted by approximately $43 million in inventory fair value step-up costs related to the Kloeckner acquisition. Worthington Steel ended the quarter with total debt of $2.20 billion and cash of $248.2 million, resulting in net debt of $1.95 billion, and declared a quarterly dividend of $0.16 per share payable December 28, 2026.