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ArcelorMittal (MT) shares ended the last trading session 14.9% higher at $26.97. 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 26.8% loss over the past four weeks.
MT's rally follows a spike in material stocks after President Trump declared a 90-day pause of reciprocal tariffs for most nations.
This company is expected to post quarterly earnings of $0.73 per share in its upcoming report, which represents a year-over-year change of -37.1%. Revenues are expected to be $14.62 billion, down 10.2% 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 ArcelorMittal, 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 MT going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
ArcelorMittal is a member of the Zacks Steel - Producers industry. One other stock in the same industry, L.B. Foster (FSTR), finished the last trading session 11.4% higher at $20.03. FSTR has returned -9.4% over the past month.
L.B. Foster's consensus EPS estimate for the upcoming report has changed +47.4% over the past month to $0.01. Compared to the company's year-ago EPS, this represents a change of -87.5%. L.B. Foster currently boasts a Zacks Rank of #4 (Sell).
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This article originally published on Zacks Investment Research (zacks.com).