Why Cleveland-Cliffs (CLF) Outpaced the Stock Market Today

In the latest trading session, Cleveland-Cliffs (CLF) closed at $12.91, marking a +1.18% move from the previous day. This change outpaced the S&P 500's 0.16% gain on the day. Meanwhile, the Dow gained 0.17%, and the Nasdaq, a tech-heavy index, added 0.26%. Prior to today's trading, shares of the mining company had gained 0.39% lagged the Basic Materials sector's gain of 7.63% and the S&P 500's gain of 1.89%.The investment community will be closely monitoring the performance of Cleveland-Cliffs in its forthcoming earnings report. The company is forecasted to report an EPS of -$0.56, showcasing a 17.65% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.63 billion, up 6.99% from the year-ago period. In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$2.4 per share and a revenue of $18.91 billion, indicating changes of -228.77% and 0%, respectively, from the former year. Investors might also notice recent changes to analyst estimates for Cleveland-Cliffs. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits. Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model. The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 24.72% higher. Cleveland-Cliffs is currently sporting a Zacks Rank of #3 (Hold). The Steel - Producers industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 37, this industry ranks in the top 16% of all industries, numbering over 250. The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1. To follow CLF in the coming trading sessions, be sure to utilize Zacks.com. 5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the favorite stock to gain +100% or more in the months ahead. They includeStock #1: A Disruptive Force with Notable Growth and ResilienceStock #2: Bullish Signs Signaling to Buy the DipStock #3: One of the Most Compelling Investments in the MarketStock #4: Leader In a Red-Hot Industry Poised for GrowthStock #5: Modern Omni-Channel Platform Coiled to SpringMost of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. While not all picks can be winners, previous recommendations have soared +171%, +209% and +232%.Download Atomic Opportunity: Nuclear Energy's Comeback free today.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 ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks