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Bull of the Day: Olympic Steel (ZEUS)
Markets are rejoicing as inflationary data finally cools. It has yet to cool enough to calm down the Fed, but at least they have stepped down some of their hawkish rhetoric. It can make it seem like the dartboard approach to picking stocks is going to work again into the end of the year. Let’s not get too excited out there folks. But you can be excited about the fact that stocks seem to have bottomed.
One way to make sure you don’t get caught on the wrong side when the market retreats a bit is by finding stocks with the strongest earnings trends. As easy way is by scrubbing names with the Zacks Rank. Stocks in the good graces of our Zacks Rank have the best earnings trends.
Image Source: Zacks Investment Research
One such stock is today’s Bull of the Day, Olympic Steel (ZEUS - Free Report) . Olympic Steel, Inc. processes, distributes, and storage metal products in the United States and internationally. It operates in three segments: Carbon Flat Products; Specialty Metals Flat Products; and Tubular and Pipe Products.
The stock is currently a Zacks Rank #1 (Strong Buy) in the Steel – Producers industry. The current year has been an absolute monster of a year for the stock. Our Zacks Consensus Estimate is calling for $7.45 EPS for the stock for 2022. That’s up from $7.32 sixty days ago. It’s this recent upside move in estimates that has the stock in the good graces of our Zacks Rank. Next year’s number is up from $1.80 to $1.96. Note the large contraction year-over-year. That is less of a condemnation of next year than it is an incredible year this year.