Nucor (NYSE: NUE - option chain) shares are rising today after iron-ore miner Rio Tinto (NYSE: RTP) agreed to cut its iron ore prices for Japan's Nippon Steel Corp by more than 30%. The steelmakers have already been driven lower as demand for their product has slowed, but now they are less likely to be charged boom-time prices for their raw materials on top of that. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on NUE.NUE opened this morning at $39.44. So far today the stock has hit a low of $39.14 and a high of $41.41. As of 11:35, NUE is trading at $41.25 up 1.16 (2.9%). The chart for NUE looks bearish and S&P gives NUE a negative 2 STARS (out of 5) sell ranking.
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