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U.S. Steel (X) Surges 6.1%: Is This an Indication of Further Gains?
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United States Steel (X - Free Report) shares ended the last trading session 6.1% higher at $38.59. 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 5.8% gain over the past four weeks.
U.S. Steel’s stock popped on CNBC reports that it has received several acquisition bids above $40 per share including a bid from Cleveland-Cliffs.
This steel maker is expected to post quarterly earnings of $0.19 per share in its upcoming report, which represents a year-over-year change of -78.2%. Revenues are expected to be $3.87 billion, down 10.7% 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 U.S. Steel, the consensus EPS estimate for the quarter has been revised 19.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on X going forward to see if this recent jump can turn into more strength down the road.
U.S. Steel is part of the Zacks Steel - Producers industry. Commercial Metals (CMC - Free Report) , another stock in the same industry, closed the last trading session 2.6% higher at $47.28. CMC has returned -0.2% in the past month.
For Commercial Metals, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.52. This represents a change of -32.1% from what the company reported a year ago. Commercial Metals currently has a Zacks Rank of #3 (Hold).
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U.S. Steel (X) Surges 6.1%: Is This an Indication of Further Gains?
United States Steel (X - Free Report) shares ended the last trading session 6.1% higher at $38.59. 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 5.8% gain over the past four weeks.
U.S. Steel’s stock popped on CNBC reports that it has received several acquisition bids above $40 per share including a bid from Cleveland-Cliffs.
This steel maker is expected to post quarterly earnings of $0.19 per share in its upcoming report, which represents a year-over-year change of -78.2%. Revenues are expected to be $3.87 billion, down 10.7% 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 U.S. Steel, the consensus EPS estimate for the quarter has been revised 19.6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on X going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
U.S. Steel is part of the Zacks Steel - Producers industry. Commercial Metals (CMC - Free Report) , another stock in the same industry, closed the last trading session 2.6% higher at $47.28. CMC has returned -0.2% in the past month.
For Commercial Metals, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.52. This represents a change of -32.1% from what the company reported a year ago. Commercial Metals currently has a Zacks Rank of #3 (Hold).