Nucor (NUE) Moves 4.8% Higher: Will This Strength Last?

This story originally appeared on Zacks

Nucor (NUE) shares soared 4.8% in the last trading session to close at $122.72. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock’s 2.7% gain over the past four weeks.

– Zacks

NUE’s shares popped after it was mentioned positively on CNBC. NUE also received a boost after it was added to Investor’s Business Daily’s Leaderboard portfolio.

This steel company is expected to post quarterly earnings of $7.68 per share in its upcoming report, which represents a year-over-year change of +473.1%. Revenues are expected to be $10.45 billion, up 98.8% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Nucor, the consensus EPS estimate for the quarter has been revised 3.8% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on NUE going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 1 (Strong Buy). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here >>>>

Zacks Top 10 Stocks for 2022

In addition to the investment ideas discussed above, would you like to know about our 10 top picks for the entirety of 2022?

From inception in 2012 through November, the Zacks Top 10 Stocks gained an impressive +962.5% versus the S&P 500’s +329.4%. Now our Director of Research is combing through 4,000 companies covered by the Zacks Rank to handpick the best 10 tickers to buy and hold. Don’t miss your chance to get in on these stocks when they’re released on January 3.

Be First To New Top 10 Stocks >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Nucor Corporation (NUE): Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research

Schreibe einen Kommentar

Deine E-Mail-Adresse wird nicht veröffentlicht. Erforderliche Felder sind mit * markiert.