Here's Why United States Steel Corporation Erupted 15.8% After Earnings

Shares of steelmaking giant United States Steel Corporation (NYSE: X) erupted for nearly 16% gains soon after the market opened today, in response to the company's third-quarter 2017 earnings report, which crushed Wall Street expectations. Adjusted EPS for the most recent three-month period came in at $0.92, which was $0.21 higher than the average analyst estimate compiled by Yahoo! Finance. It was $0.11 higher than even the most bullish analyst's expectation.

United States Steel Corporation also reported a 21% jump in revenue compared to the year-ago period, topping the average analyst estimate by $188 million. The news was enough to lift shares as they continue a relatively steady climb that began in May. Even so, recent stock prices still haven't surpassed the high-water mark set in February. (Shares fell sharply following a disastrous company update at the end of April.)

As of 12:34 p.m. EDT, the stock had settled to a 7.6% gain.

Source: Fool.com