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Cleveland-Cliffs (CLF) Laps the Stock Market: Here's Why

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In the latest trading session, Cleveland-Cliffs (CLF - Free Report) closed at $12.85, marking a +1.1% move from the previous day. This move outpaced the S&P 500's daily gain of 0.71%. Meanwhile, the Dow experienced a rise of 1.03%, and the technology-dominated Nasdaq saw an increase of 0.6%.

The mining company's stock has climbed by 16.5% in the past month, exceeding the Basic Materials sector's gain of 5.75% and the S&P 500's gain of 6.41%.

The investment community will be paying close attention to the earnings performance of Cleveland-Cliffs in its upcoming release. The company is forecasted to report an EPS of -$0.28, showcasing a 151.85% downward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.77 billion, down 14.84% from the year-ago period.

For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.23 per share and a revenue of $20.07 billion, signifying shifts of -121.5% and -8.75%, respectively, from the last year.

It's also important for investors to be aware of any recent modifications to 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 company's business and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 691.3% lower. Cleveland-Cliffs is currently sporting a Zacks Rank of #3 (Hold).

The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 199, finds itself in the bottom 22% echelons of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the 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.


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