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Cleveland-Cliffs (CLF) Rises As Market Takes a Dip: Key Facts

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Cleveland-Cliffs (CLF - Free Report) closed the latest trading day at $12.99, indicating a +1.72% change from the previous session's end. The stock's performance was ahead of the S&P 500's daily loss of 0.93%. At the same time, the Dow lost 0.41%, and the tech-heavy Nasdaq lost 1.53%.

Shares of the mining company have depreciated by 2.22% over the course of the past month, underperforming the Basic Materials sector's gain of 4.73% and the S&P 500's gain of 2.17%.

Investors will be eagerly watching for the performance of Cleveland-Cliffs in its upcoming earnings disclosure. The company is forecasted to report an EPS of -$0.25, showcasing a 146.3% downward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $4.77 billion, indicating a 14.84% decline compared to the corresponding quarter of the prior year.

For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.08 per share and revenue of $20.07 billion, which would represent changes of -107.48% and -8.75%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for Cleveland-Cliffs. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, there's been a 308.7% fall in the Zacks Consensus EPS estimate. Cleveland-Cliffs is currently a Zacks Rank #3 (Hold).

The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 173, finds itself in the bottom 32% 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.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.


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