Cliffs Natural Resources, Inc. (CLF Quick QuoteCLF - Free Report) was a big mover last session, as the company saw its shares rise over 39% on the day. The upside followed the news that JPMorgan upgraded the iron ore producer's shares to OVERWEIGHT from NEUTRAL and a new long-term iron ore supply agreement with ArcelorMittal USA LLC. This also led to far more shares changing hands than in a normal session. This breaks the trend for the company since May 4, as the stock is now trading above the volatile price range of $2.89 to $3.32.

In the last 30 days, the company has seen four positive estimate revisions and the Zacks Consensus Estimate also moved higher, suggesting more solid trading ahead. So make sure to keep an eye on this stock going forward to see if yesterday’s jump can turn into more strength down the road.

Cliffs Natural Resources currently has a Zacks Rank #1 (Strong Buy) while its Earnings ESP is 0.00%.

Another favorably ranked stock in the broader Basic Material sector is Asahi Kasei Corporation (AHKSY Quick QuoteAHKSY - Free Report) sporting a Zacks Rank #1.

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