The most recent trading session ended with Cleveland-Cliffs (CLF) standing at $12.98, reflecting a -1.59% shift from the previouse trading day's closing. The stock's change was more than the S&P 500's daily loss of 1.86%. Meanwhile, the Dow lost 0.9%, and the Nasdaq, a tech-heavy index, lost 2.76%.

Heading into today, shares of the mining company had gained 1.77% over the past month, outpacing the Basic Materials sector's loss of 1.71% and the S&P 500's gain of 1.01% in that time.

Market participants will be closely following the financial results of Cleveland-Cliffs in its upcoming release. The company plans to announce its earnings on November 4, 2024. It is anticipated that the company will report an EPS of -$0.30, marking a 155.56% fall compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.76 billion, down 15.02% from the year-ago period.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$0.28 per share and a revenue of $19.99 billion, indicating changes of -126.17% and -9.14%, respectively, from the former year.

Investors should also take note of any recent adjustments to analyst estimates for Cleveland-Cliffs. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational 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. Within the past 30 days, our consensus EPS projection has moved 247.92% lower. Currently, Cleveland-Cliffs is carrying a Zacks Rank of #3 (Hold).

The Mining - Miscellaneous industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 182, this industry ranks in the bottom 28% of all industries, numbering over 250.

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.