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

This story originally appeared on Zacks

Shares of Nucor (NUE) rose 4.8% in the last trading session to close at $122.72. The move was backed by strong trading volume with much more shares traded than in the regular session. This compares to stock gains of 2.7% over the past four weeks.

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NUE shares popped after being mentioned favorably on CNBC. NUE also received a boost after being added to the Investor’s Business Daily leaderboard portfolio.

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

While earnings and revenue growth expectations are important in assessing potential strength in a stock, empirical research shows a strong relationship between trends in earnings estimates reviews and near-term stock price movements.

For Nucor, the third-quarter consolidated EPS estimate was revised 3.8% higher over the past 30 days to the current level. A positive trend in revised earnings estimates usually translates into higher prices. So, be sure to keep an eye on NUE going forward to see if this latest leap can turn into more power down the road.

The stock currently has a Zacks rating of 1 (strong buy). You can see the full list of Zacks #1 ranked stocks (strong buy) here >>>>

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