Buy U.S. Steel On Weakness (X)

U.S. Steel X reported earnings this morning before the bell, reporting a loss of 17 cents a share. Estimates called for a gain of $0.63. U.S. Steel reported revenues of $4.68 billion versus estimates of $4.63 billion. These results were much improved over last year, when they reported a loss of $2.92 a share on revenues of $2.13 billion. U.S. Steel expects to make a profit next quarter as the U.S. and European economies go through a gradual recovery. So U.S. Steel missed estimates, so why am I telling you to buy shares? Although they missed estimates, a majority of the miss was on a one time foreign currency hit which severely impaired their quarter. Additionally, steel prices are rising in the spot market and the charts of the other steel makers are incredibly strong and I would expect U.S. Steel to gain back most of today's hit in a few days. Disclosure: Long X