Why AK Steel Stock Collapsed 15% Today

Shares of steelmaker AK Steel Holding Corporation (NYSE: AKS) are down 13% as of 11:20 a.m. EDT, after earlier falling as much as 15.2% in response to the company reporting a modest third-quarter loss. AK Steel earned two cents per share "adjusted" for one-time items in the quarter, but Wall Street had predicted the company would earn $0.03 -- also adjusted.

Is AK Steel stock hot ... or not? Image source: Getty Images.

That's the good news. The bad news is that, as calculated under GAAP (generally accepted accounting principles), AK Steel actually didn't earn any profit, but lost $0.02 per share. The company's quarterly revenues of $1.49 billion likewise fell slightly short of analyst estimates.

Source: Fool.com