Nucor (NUE - Free Report) shares soared 4.8% in the last trading session to close at $122.72. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 2.7% gain over the past four weeks.
NUE’s shares popped after it was mentioned positively on CNBC. NUE also received a boost after it was added to Investor’s Business Daily's Leaderboard portfolio.
This steel company is expected to post quarterly earnings of $7.68 per share in its upcoming report, which represents a year-over-year change of +473.1%. Revenues are expected to be $10.45 billion, up 98.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Nucor, the consensus EPS estimate for the quarter has been revised 3.8% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on NUE going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
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Nucor (NUE - Free Report) shares soared 4.8% in the last trading session to close at $122.72. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 2.7% gain over the past four weeks.
NUE’s shares popped after it was mentioned positively on CNBC. NUE also received a boost after it was added to Investor’s Business Daily's Leaderboard portfolio.
This steel company is expected to post quarterly earnings of $7.68 per share in its upcoming report, which represents a year-over-year change of +473.1%. Revenues are expected to be $10.45 billion, up 98.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Nucor, the consensus EPS estimate for the quarter has been revised 3.8% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on NUE going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Just Released: Zacks Top 10 Stocks for 2024
Hurry – you can still get in early on our 10 top tickers for 2024. Hand-picked by Zacks Director of Research, Sheraz Mian, this portfolio has been stunningly and consistently successful. From inception in 2012 through November, 2023, the Zacks Top 10 Stocks gained +974.1%, nearly TRIPLING the S&P 500’s +340.1%. Sheraz has combed through 4,400 companies covered by the Zacks Rank and handpicked the best 10 to buy and hold in 2024. You can still be among the first to see these just-released stocks with enormous potential.
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