Cleveland-Cliffs (CLF) closed the most recent trading day at $12.25, moving -1.45% from the previous trading session. The stock's change was less than the S&P 500's daily loss of 0.19%. Elsewhere, the Dow lost 0.7%, while the tech-heavy Nasdaq added 0.04%.

The mining company's stock has dropped by 11.53% in the past month, falling short of the Basic Materials sector's gain of 3.7% and the S&P 500's gain of 1.95%.

Market participants will be closely following the financial results of Cleveland-Cliffs in its upcoming release. In that report, analysts expect Cleveland-Cliffs to post earnings of -$0.19 per share. This would mark a year-over-year decline of 135.19%. Meanwhile, our latest consensus estimate is calling for revenue of $4.84 billion, down 13.6% from the prior-year quarter.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.03 per share and revenue of $20.15 billion, indicating changes of -102.8% and -8.4%, respectively, compared to the previous year.

Investors might also notice recent changes to analyst estimates for Cleveland-Cliffs. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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, the Zacks Consensus EPS estimate has shifted 155.17% downward. Cleveland-Cliffs is currently a Zacks Rank #3 (Hold).

The Mining - Miscellaneous industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 163, placing it within the bottom 36% of over 250 industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

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