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The latest trading session saw Cleveland-Cliffs (CLF) ending at $9.40, denoting a +1.08% adjustment from its last day's close. The stock exceeded the S&P 500, which registered a loss of 0.43% for the day. Elsewhere, the Dow saw a downswing of 0.07%, while the tech-heavy Nasdaq depreciated by 0.9%.
The mining company's shares have seen a decrease of 27.51% over the last month, not keeping up with the Basic Materials sector's loss of 10.12% and the S&P 500's loss of 1.98%.
Investors will be eagerly watching for the performance of Cleveland-Cliffs in its upcoming earnings disclosure. The company's upcoming EPS is projected at -$0.50, signifying a 900% drop compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $4.41 billion, indicating a 13.71% downward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$0.52 per share and a revenue of $19.52 billion, representing changes of -148.6% and -11.24%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Cleveland-Cliffs. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 15.44% lower. Cleveland-Cliffs currently has a Zacks Rank of #5 (Strong Sell).
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 156, which puts it in the bottom 38% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.