Cleveland-Cliffs (CLF) Surges 5.3%: Is This an Indication of Further Gains?

Cleveland-Cliffs (CLF) shares soared 5.3% in the last trading session to close at $7.56. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 17.2% loss over the past four weeks.CLF's shares rallied as steel stocks climbed, triggered by President Donald Trump’s announcement that he plans to double tariffs on steel imports to 50% in a move to protect American jobs and lead more companies to source from domestic steelmakers.This mining company is expected to post quarterly loss of $0.39 per share in its upcoming report, which represents a year-over-year change of -454.6%. Revenues are expected to be $5.04 billion, down 1% from the year-ago quarter.Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.For Cleveland-Cliffs, the consensus EPS estimate for the quarter has been revised 97.5% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on CLF going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Cleveland-Cliffs is part of the Zacks Steel - Producers industry. Nucor (NUE), another stock in the same industry, closed the last trading session 1.6% higher at $122.32. NUE has returned -0.1% in the past month.Nucor's consensus EPS estimate for the upcoming report has changed +1% over the past month to $2.21. Compared to the company's year-ago EPS, this represents a change of -17.5%. Nucor currently boasts a Zacks Rank of #3 (Hold).5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cleveland-Cliffs Inc. (CLF): Free Stock Analysis Report Nucor Corporation (NUE): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks