Cleveland-Cliffs Rises 7.94% in Pre-Market Trading, Earnings Day Expectations of Narrowing Losses Boost Sentiment

Market Focus07-23 18:23

On July 23, cleveland-cliffs rose 7.94% in pre-market trading, trading at $10.29/share, with turnover of $20,200. The stock gained ahead of its quarterly earnings release as market consensus pointed to significant improvement in profitability metrics.

On the news front, the company is scheduled to report earnings on this date, with consensus estimates projecting revenue of approximately $5.198 billion, representing a 5.46% year-over-year increase. Adjusted loss per share is expected to narrow substantially to -$0.19, an improvement of 73.78% compared to the same period last year. EBIT is forecast at -$36 million, reflecting an 87.55% year-over-year improvement. The prior quarter saw revenue of $4.922 billion with a gross margin of -1.67% and adjusted EPS of -$0.42. The anticipated sharp narrowing of losses, combined with emerging steel price recovery and cost inflection signals, drove pre-market strength.

Among analyst actions, JPMorgan recently lowered its target price to $10 with a Neutral rating, while Wells Fargo raised its target to $14 with an Equal Weight rating, reflecting divided institutional views on the recovery trajectory.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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