McEwen (MUX) Soars 14.5%: Is Further Upside Left in the Stock?

McEwen (MUX) shares ended the last trading session 14.5% higher at $11. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 11.5% gain over the past four weeks.McEwen shares have gained in tandem with gold prices. Gold is currently above $3,330 per ounce, supported by ongoing weakness in the U.S. dollar amid fiscal concerns and trade uncertainty.This gold and silver mining company is expected to post quarterly earnings of $0.05 per share in its upcoming report, which represents a year-over-year change of +119.2%. Revenues are expected to be $51.4 million, up 8.3% 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 McEwen, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on MUX 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 >>>>McEwen belongs to the Zacks Mining - Miscellaneous industry. Another stock from the same industry, Reliance (RS), closed the last trading session 2.4% higher at $321.33. Over the past month, RS has returned 4%.For Reliance, the consensus EPS estimate for the upcoming report has changed +0.1% over the past month to $4.63. This represents a change of -0.4% from what the company reported a year ago. Reliance currently has a Zacks Rank of #3 (Hold).Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.Free: See Our Top Stock And 4 Runners UpWant 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 McEwen Mining Inc. (MUX): Free Stock Analysis Report Reliance, Inc. (RS): 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