Cleveland-Cliffs (CLF) Dips More Than Broader Market: What You Should Know

Cleveland-Cliffs (CLF) closed at $11.89 in the latest trading session, marking a -3.18% move from the prior day. This change lagged the S&P 500's daily loss of 0.37%. At the same time, the Dow added 0.29%, and the tech-heavy Nasdaq lost 1.33%. The stock of mining company has risen by 9.35% in the past month, leading the Basic Materials sector's gain of 3.31% and the S&P 500's gain of 2.02%.Analysts and investors alike will be keeping a close eye on the performance of Cleveland-Cliffs in its upcoming earnings disclosure. In that report, analysts expect Cleveland-Cliffs to post earnings of -$0.13 per share. This would mark year-over-year growth of 74%. Simultaneously, our latest consensus estimate expects the revenue to be $5.21 billion, showing a 5.57% escalation compared to the year-ago quarter. For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.39 per share and a revenue of $20.44 billion, signifying shifts of +84.27% and +9.85%, respectively, from the last year. It's also important for investors to be aware of any recent modifications to analyst estimates for Cleveland-Cliffs. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits. Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational 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. The Zacks Consensus EPS estimate has moved 13.79% higher within the past month. As of now, Cleveland-Cliffs holds a Zacks Rank of #3 (Hold). The Steel - Producers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 40, putting it in the top 17% of all 250+ industries. 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. Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com. Radical New Technology Could Hand Investors Huge GainsQuantum Computing is the next technological revolution, and it could be even more advanced than AI.While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power.Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.See Top Quantum Stocks Now >>This article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks