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Chemours (CC) Stock Jumps 7.4%: Will It Continue to Soar?

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Chemours (CC - Free Report) shares ended the last trading session 7.4% higher at $31.56. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 31.9% loss over the past four weeks.

Optimism over a revival in demand across all end markets and regions on the global macroeconomic recovery is driving the stock higher. The company is benefiting from increasing adoption of the Opteon platform. It is seeing strong demand for Opteon in mobile and stationary applications. Strong market demand is contributing to higher volumes and improved pricing.

This chemical company is expected to post quarterly earnings of $1.42 per share in its upcoming report, which represents a year-over-year change of +18.3%. Revenues are expected to be $1.82 billion, up 9.8% 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 Chemours, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CC 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 >>>>

Chemours is part of the Zacks Chemical - Diversified industry. Methanex (MEOH - Free Report) , another stock in the same industry, closed the last trading session 6.6% higher at $40.16. MEOH has returned -23.2% in the past month.

Methanex's consensus EPS estimate for the upcoming report has changed -2.5% over the past month to $1.85. Compared to the company's year-ago EPS, this represents a change of +49.2%. Methanex currently boasts a Zacks Rank of #3 (Hold).


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