Cleveland-Cliffs (CLF) Sees a More Significant Dip Than Broader Market: Some Facts to Know

In the latest trading session, Cleveland-Cliffs (CLF) closed at $12.41, marking a -2.44% move from the previous day. The stock fell short of the S&P 500, which registered a loss of 1.62% for the day. Meanwhile, the Dow lost 1.87%, and the Nasdaq, a tech-heavy index, lost 1.98%. Shares of the mining company have appreciated by 17.89% over the course of the past month, outperforming the Basic Materials sector's loss of 5.57%, and the S&P 500's loss of 0.03%.Analysts and investors alike will be keeping a close eye on the performance of Cleveland-Cliffs in its upcoming earnings disclosure. The company is expected to report EPS of -$0.14, up 72% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $5.21 billion, indicating a 5.49% upward movement from the same quarter last year. For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.46 per share and revenue of $20.38 billion, which would represent changes of +81.45% and +9.53%, respectively, from the prior year. Investors might also notice recent changes to analyst estimates for Cleveland-Cliffs. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential. Our research shows that these estimate changes are directly correlated with near-term stock prices. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system. The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Currently, Cleveland-Cliffs is carrying a Zacks Rank of #4 (Sell). The Steel - Producers industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 95, finds itself in the top 39% echelons 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. You can find more information on all of these metrics, and much more, on Zacks.com. Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.Free: See Our Top Stock And 4 Runners UpThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks