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Cleveland-Cliffs (CLF) Stock Sinks As Market Gains: Here's Why
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Cleveland-Cliffs (CLF - Free Report) closed the most recent trading day at $12.07, moving -3.44% from the previous trading session. This change lagged the S&P 500's 1.49% gain on the day. At the same time, the Dow added 0.71%, and the tech-heavy Nasdaq gained 2.26%.
Heading into today, shares of the mining company had gained 10.91% over the past month, outpacing the Basic Materials sector's gain of 0.21% and the S&P 500's gain of 0.1%.
Analysts and investors alike will be keeping a close eye on the performance of Cleveland-Cliffs in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $0.24, reflecting a 153.33% increase from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $5.6 billion, indicating a 18.25% increase compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.11 per share and revenue of $21.1 billion, which would represent changes of +95.56% and +13.4%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Cleveland-Cliffs. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 2.17% higher. As of now, Cleveland-Cliffs holds a Zacks Rank of #3 (Hold).
The Steel - Producers industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 86, this industry ranks in the top 35% of all industries, numbering over 250.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
View the Zacks #1 Rank List
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Cleveland-Cliffs (CLF) Stock Sinks As Market Gains: Here's Why
Cleveland-Cliffs (CLF - Free Report) closed the most recent trading day at $12.07, moving -3.44% from the previous trading session. This change lagged the S&P 500's 1.49% gain on the day. At the same time, the Dow added 0.71%, and the tech-heavy Nasdaq gained 2.26%.
Heading into today, shares of the mining company had gained 10.91% over the past month, outpacing the Basic Materials sector's gain of 0.21% and the S&P 500's gain of 0.1%.
Analysts and investors alike will be keeping a close eye on the performance of Cleveland-Cliffs in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $0.24, reflecting a 153.33% increase from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $5.6 billion, indicating a 18.25% increase compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.11 per share and revenue of $21.1 billion, which would represent changes of +95.56% and +13.4%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Cleveland-Cliffs. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 2.17% higher. As of now, Cleveland-Cliffs holds a Zacks Rank of #3 (Hold).
The Steel - Producers industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 86, this industry ranks in the top 35% of all industries, numbering over 250.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.