Insteel Beats the Street

Earnings season is getting off to a good start for my Quantum Growth Buy List. I like selected steel stocks in Quantum despite the tough environment for the industry. For the best steel stocks, the outlook isn’t nearly as dire as some folks think.

A great example is InSteel Industries (IIIN) which just reported a loss of eight cents a share. A loss is never good but Wall Street was expecting a loss of 26 cents a share. Revenue came in at $61.8 million which was 14% better than the Street’s estimate.

The company said that President-Elect Obama’s plans for greater infrastructure spending could be a big help. The shares are doing very well today and the stock is well above its lows from two months ago.

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