Schnitzer Steel Industries

Schnitzer Steel Industries (SCHN - Snapshot Report) shares have been on a roll since originally being featured as a momentum stock on Apr 10, climbing to over $92 from $78, a very impressive short-term return of more than 17%. This Zacks #1 Rank Stock is benefiting from a very favorable domestic environment because international producers are keeping their supplies at home to support infrastructure and avoid negative currency translations. Estimates continue to rise, with the current-year estimate gaining 20 cents in just the last seven days and advancing to its current projection of $5.74 per share. Read Apr 10 Analysis.

Updates to Previous Momentum Zacks Rank Buy Stocks

Central European Distribution Co. (CEDC - Snapshot Report) shares have been rallying on the heels of the company's very strong first-quarter results, reported on Apr 30. Sales were up 37% to $313.6 million. Net income grew to $12.7 million from $7.8 million in the same period last year. CEDC also raised its full-year earnings guidance to $2.30-$2.45 from $2.25-$2.40. Read Apr 22 Analysis.

Last Week's Momentum Zacks Rank Buy Stocks

Cimarex Energy Co. (XEC - Snapshot Report) just posted another great quarter in which its profit more than doubled from the same period last year. The company's excellent results were driven by higher production and a significant increase in the average selling prices of both gas and oil. Moving forward, Cimarex says its plan to invest $1.1 to $1.3 billion in 2008 in development and production projects, which should lead to a production increase between 8% and 12% on the year. Higher volumes, higher prices, this looks like a virtual formula for another great quarter.Read Full Article.

Superior Essex, Inc. (SPSX) shares have been on a fierce rally over the last week, jumping from just above $31 to their current location of over $39; a very impressive short-term return of over 30%. This price spike comes on the heels of the company's first-quarter results, reported on May 1, in which adjusted earnings per share were up close to 50% from the same period last year. Read Full Article.

Fording Canadian Coal Trust (FDG) reported disappointing first-quarter results on Apr 21, but the company quelled investor concerns by providing a very bullish forecast for the rest of the year. With a substantial number of its contracts for 2008 negotiated, Fording is expecting its average selling price for coal to be more than twice the level from 2007. Current-year earnings estimates have almost doubled in just the last 30 days. Read Full Article.

Genco Shipping and Trading Ltd. (GNK - Snapshot Report) is enjoying the benefits of increased demand and strong pricing power, which helped the company produce excellent first quarter results in which both revenue and net income were up significantly. Estimates continue to rise, and the company's share price has responded accordingly, breaking out from just over $65 only two weeks ago and advancing to their current location of over $77. Read Full Article.