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Cleveland-Cliffs NYSE: CLF shares rose by as much as 4.0% during Monday's trading session, which could have been taken as an optimistic expectation of better things to come. Some improving developments were coming up in the works as the company reported its second quarter 2023 earnings results, reiterating market opinions.
Commercial Metals (CMC) acquires EDSCO from MiddleGround Capital.
Analysts at UBS have initiated coverage on Commercial Metals Company (NYSE:CMC) (CMC) with a ‘Buy' rating on their belief that the steel and reinforcing bar (rebar) producer is well positioned to benefit from infrastructure investment growth. “Infrastructure projects will have a material impact on rebar consumption on the back of US$550 billion in new Federal investment from the Infrastructure Investment and Jobs Act (IIJA) in 2021 and about US$800 billion from the Inflation Reduction Act (IRA) and CHIPS in 2022,” the analysts wrote in a note to clients.
Vertically integrated steel and metal products manufacturer Commercial Metals Co. NYSE: CMC benefits from the infrastructure spending tailwinds. Commercial Metals operates four divisions under its roof.
Commercial Metals Company has seen peak profitability in 2022 only retreat in a modest fashion. I like the approach of the business, making continued investments (organic and inorganic) over time. With earnings power still being impressive and the outlook still looking sound, I am appealed to the non-demanding valuations here.
Two notable companies that were able to beat their quarterly earnings expectations this week were steel producer Commercial Metals Company (CMC) and global delivery services leader FedEx (FDX).
It is earnings season for many companies, and a few welcoming surprises have emerged as several have successfully beaten estimates.
Here is how Commercial Metals (CMC) and Gold Fields (GFI) have performed compared to their sector so far this year.
Commercial Metals NYSE: CMC stock price corrected over the past year due to falling prices and concerns over demand. The company's Q3 results belie that sentiment and have the market moving higher.
The automotive demand recovery, strength in non-residential construction and rebounding steel prices should enable the Zacks Steel Producers industry to thrive. CMC, TMST, ASTL and USAP are set to gain from favorable industry fundamentals.