We recently compiled a list of the Impressive Earnings, Fresh Deals Propel Prices of These 10 Firms. In this article, we are going to take a look at where ArcelorMittal SA (NYSE:MT) stands against the other stocks.
Wall Street’s main indices ended mixed on Thursday, with the Dow Jones the sole decliner, losing 0.28 percent.
In contrast, both the S&P 500 and the Nasdaq Composite registered gains, rising by 0.36 percent and 0.51 percent, respectively.
Amid the earnings season, 10 companies saw significant increases in their valuations, thanks to stronger-than-expected earnings reports. Additionally, several firms enjoyed rallies fueled by newly secured deals.
In this article, we detailed the reasons behind the 10 companies’ impressive performance.
To come up with Thursday’s biggest advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A close-up of industrial machinery used for steel production, the sparks flying off the sides.
ArcelorMittal SA (NYSE:MT)
Shares of ArcelorMittal SA resumed a three-day winning streak on Thursday, jumping 11.19 percent to close at $28.33 apiece, as investor sentiment was fueled by a strong performance in the full year 2024.
In its latest earnings release, ArcelorMittal said it achieved a 45.7-percent increase in attributable net income in the full year at $1.339 billion versus the $919 million registered in 2023, despite an 8-percent decline in revenues at $62.441 billion versus $68.275 billion.
The company, however, turned to a net loss of $390 million during the quarter, reversing a $287 million net profit in the same period a year ago on the back of lower operating income, higher foreign exchange losses, and financing costs.
For this year, ArcelorMittal said it expects stronger demand and restocking activity for its products, especially as it sees low inventory levels in its markets, particularly Europe.
To support this, ArcelorMittal budgeted between $4.5 billion to $5 billion to be used for strategic growth projects as well as those related to decarbonization.
Overall MT ranks 10th on our list of Thursday’s biggest advancers. While we acknowledge the potential of MT as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than MT but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.
Disclosure: None. This article is originally published at Insider Monkey.
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