Quick Win by the Algorithm: David Einhorn Acquires Stake in X

Quick Win by the Algorithm

On November 8, 2016, the I Know First algorithm had predicted a bullish forecast for United States Steel Corporation (X). X had a signal of 144.53 and a predictability of 0.44. In accordance with the algorithm, the company reported long-position capital gains of 56.51% experiencing a quick win by the algorithm.

Quick Win by the Algorithm

United States Steel Corporation, headquartered in Pittsburgh, Pa., is an integrated steel producer with major production operations in North America and Central Europe and an annual raw steelmaking capability of 24.4 million net tons. The company manufactures a wide range of value-added steel sheet and tubular products for the automotive, appliance, container, industrial machinery, construction, and oil and gas industries.

X closed yesterday at $33.06 per share compared to $32.20 the previous day, a $0.86 gain. David Einhorn, a top hedge fund manager, set his sights on X, acquiring a stake in the company. Because of his expertise and notoriety, this makes the acquisition particularly decisive. It also highlights that X is an investment worth considering. Einhorn’s stake reflects how the steel industry is growing and tells us that it will continue growing.

After the United States election, where Donald Trump, now President-Elect, triumphed. One of Trump’s notable policies is increasing tariffs on Chinese companies, which includes the Chinese Steel industry. This means that companies within the United States are going to benefit, which has sent X and other Steel companies soaring. The best time to buy X and other steel manufacturer shares is now, before Trump’s policy is enacted.

This bullish forecast on X was sent to current I Know First subscribers on November 8, 2016. 

Before making any trading decisions, consult the latest forecast as the algorithm constantly updates predictions daily. While the algorithm can be used for intra-day trading the predictability tends to become stronger with forecasts over longer time-horizons such as the 1-month, 3-month and 1-year forecasts.

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