Why Cleveland-Cliffs (CLF) Dipped More Than Broader Market Today

In the latest close session, Cleveland-Cliffs (CLF) was down 6.14% at $11.16. This move lagged the S&P 500's daily loss of 1.44%. On the other hand, the Dow registered a loss of 0.09%, and the technology-centric Nasdaq decreased by 2.22%. Heading into today, shares of the mining company had gained 5.88% over the past month, outpacing the Basic Materials sector's loss of 0.5% and the S&P 500's gain of 0.08%.Market participants will be closely following the financial results of Cleveland-Cliffs in its upcoming release. The company's earnings per share (EPS) are projected to be -$0.17, reflecting a 66% increase from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $5.21 billion, showing a 5.57% escalation compared to the year-ago quarter. CLF's full-year Zacks Consensus Estimates are calling for earnings of -$0.41 per share and revenue of $20.44 billion. These results would represent year-over-year changes of +83.47% and +9.85%, respectively. Investors should also pay attention to any latest changes in analyst estimates for Cleveland-Cliffs. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability. Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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. Over the past month, there's been a 15.23% rise in the Zacks Consensus EPS estimate. Right now, Cleveland-Cliffs possesses a Zacks Rank of #3 (Hold). The Steel - Producers industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 38, positioning it in the top 16% of all 250+ industries. The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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. Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.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