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Here's Why Cleveland-Cliffs (CLF) Fell More Than Broader Market
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In the latest trading session, Cleveland-Cliffs (CLF - Free Report) closed at $8.46, marking a -5.16% move from the previous day. This change lagged the S&P 500's 0.61% loss on the day. Elsewhere, the Dow saw a downswing of 0.26%, while the tech-heavy Nasdaq depreciated by 0.93%.
Shares of the mining company have depreciated by 17.1% over the course of the past month, underperforming the Basic Materials sector's loss of 3.27%, and the S&P 500's loss of 2.25%.
Market participants will be closely following the financial results of Cleveland-Cliffs in its upcoming release. The company is expected to report EPS of -$0.31, up 66.3% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $4.93 billion, indicating a 6.45% upward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.38 per share and revenue of $20.57 billion, indicating changes of +84.68% and +10.53%, respectively, compared to the previous year.
Investors should also note any recent changes to analyst estimates for Cleveland-Cliffs. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been a 100.76% fall in the Zacks Consensus EPS estimate. Cleveland-Cliffs presently features a Zacks Rank of #4 (Sell).
The Steel - Producers industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 196, finds itself in the bottom 20% echelons of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Here's Why Cleveland-Cliffs (CLF) Fell More Than Broader Market
In the latest trading session, Cleveland-Cliffs (CLF - Free Report) closed at $8.46, marking a -5.16% move from the previous day. This change lagged the S&P 500's 0.61% loss on the day. Elsewhere, the Dow saw a downswing of 0.26%, while the tech-heavy Nasdaq depreciated by 0.93%.
Shares of the mining company have depreciated by 17.1% over the course of the past month, underperforming the Basic Materials sector's loss of 3.27%, and the S&P 500's loss of 2.25%.
Market participants will be closely following the financial results of Cleveland-Cliffs in its upcoming release. The company is expected to report EPS of -$0.31, up 66.3% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $4.93 billion, indicating a 6.45% upward movement from the same quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.38 per share and revenue of $20.57 billion, indicating changes of +84.68% and +10.53%, respectively, compared to the previous year.
Investors should also note any recent changes to analyst estimates for Cleveland-Cliffs. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been a 100.76% fall in the Zacks Consensus EPS estimate. Cleveland-Cliffs presently features a Zacks Rank of #4 (Sell).
The Steel - Producers industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 196, finds itself in the bottom 20% echelons of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.