Steel Stocks Reverse Course (AKS, X, MT)

After starting out in the red, steel names AK Steel Holding AKS, US Steel X, and Arcelor Mittal MT have reversed course and turned positive in the first thirty minutes of trading. AK Steel AKS is the strongest of the group surging 4.5% in early trading to $16.31, perhaps in part to yesterdays revelation that hedge fund magnate Steven Cohen reported a 4.8% stake in the company. US Steel X traded up 1.8% to $56.41 looking to break yesterday's intraday high of $56.72. Arcelor Mittal MT is up 0.47% to $36.07, inching toward its 5-day high of $36.44.