Cleveland-Cliffs (CLF) shares ended the last trading session 17.9% higher at $11.84. 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 1.4% gain over the past four weeks.
CLF’s shares surged after President Trump signed executive orders imposing 25% tariffs on all steel and aluminum imports into the United States. The rally reflects optimism that the hefty tariffs would boost U.S. steel prices and protect U.S. steel manufacturers from unfair competition.
This mining company is expected to post quarterly loss of $0.56 per share in its upcoming report, which represents a year-over-year change of -1020%. Revenues are expected to be $4.31 billion, down 15.6% 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 Cleveland-Cliffs, the consensus EPS estimate for the quarter has been revised 12.1% 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 CLF 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 >>>>
Cleveland-Cliffs is part of the Zacks Mining - Miscellaneous industry. Globe Specialty Metals (GSM), another stock in the same industry, closed the last trading session 5.5% higher at $4.02. GSM has returned -2.8% in the past month.
Globe Specialty Metals' consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.01. Compared to the company's year-ago EPS, this represents a change of -111.1%. Globe Specialty Metals currently boasts a Zacks Rank of #3 (Hold).
Only $1 to See All Zacks' Buys and Sells
We're not kidding.
Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent.
Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators,and more, that closed 256 positions with double- and triple-digit gains in 2024 alone.
See Stocks Now >>Cleveland-Cliffs Inc. (CLF) : Free Stock Analysis Report
Ferroglobe PLC (GSM) : Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
