Chemours (CC) Surges 9.4%: Is This an Indication of Further Gains?
Chemours (CC) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions...
Chemours (CC) shares rallied 9.4% in the last trading session to close at $29.88. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 21.3% loss over the past four weeks.
Optimism over a revival in demand across all end markets and regions on the global macroeconomic recovery is driving the stock higher. The company is benefiting from increasing adoption of the Opteon platform. It is seeing strong demand for Opteon in mobile and stationary applications. Improved demand on the back of continued economic recovery is also driving pricing.
This chemical company is expected to post quarterly earnings of $0.97 per share in its upcoming report, which represents a year-over-year change of +106.4%. Revenues are expected to be $1.64 billion, up 32.9% 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 Chemours, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CC going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank 2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
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