Steelmakers Expect Record Earnings: How Investors Can Profit
The direction of cyclical stocks can be hard to predict, even when one knows the status of the underlying business. Other macroeconomic factors can drive stock prices, especially in commodity-oriented businesses. Investors in these types of companies try to look ahead, and many use them as trading vehicles, trying to beat the crowd in and out of the stocks.
But a confluence of events related to the pandemic and the ongoing global economic recovery from its effects has domestic steelmakers predicting record profits ahead. These first-quarter 2021 earnings announcements start next week.
Whether investors are seeking an entry point for a long-term holding, or a trading position within a portfolio, now is a good time to look at how upcoming earnings from domestic producers Nucor (NYSE: NUE), Steel Dynamics (NASDAQ: STLD), Cleveland-Cliffs (NYSE: CLF), and U.S. Steel (NYSE: X) may affect stock prices.
Source Fool.com
