Pre-Market Movers: Steel, Energy, and Medical Stocks Surge on Earnings and M&A Activity
Steel producer Cleveland-Cliffs surged over 10% after exceeding EBITDA estimates. Liberty Energy extended its rally despite a revenue miss, while Hologic jumped on reported acquisition interest. Rare earth stocks also climbed on geopolitical supply news.
Steel and Mining Stocks Lead Pre-Market Gains
Shares of Cleveland-Cliffs jumped 10.5% in pre-market trading after the steel company released its third-quarter results. According to the analysis, the company reported adjusted EBITDA of $143 million, which reportedly topped estimates from FactSet. The report states that Cleveland-Cliffs also issued revised capital expenditures guidance of approximately $525 million for the year, lower than its previous forecast of $600 million.
