NYSE Stocks To Track This Week: CLF, ZWS, IONQ, ACHR, NEU

There are some stock exchanges that attract millions of investors every day due to their sheer size and one of those is the New York Stock Exchange, one of the biggest stock exchanges in the world. Every day thousands of stocks make big moves on the exchange. Here is a quick look at five stocks on the exchange which made notable moves recently.

Cleveland-Cliffs (NYSE:CLF) was one of the notable gainers in the previous session as the stock went up 6.50% following robust quarterly earnings.

– The iron mining and steel-producing firm Cleveland-Cliffs Inc announced strong financial results for the second fiscal quarter yesterday. The company announced that it had generated net income of $356 million for the quarter and that reflected a remarkable rebound from the $42 million loss it suffered in the previous quarter. That being said, the net income was still down from the $601 million recorded in the prior-year quarter. Having shipped 4.2 million tons net in steel shipments, the revenues came in at $6 billion. However, that was down from the $6.3 billion in revenues in the prior year quarter.

The adjusted earnings per share stood at 69 cents and it was down from the $1.31 adjusted earnings per share in the prior year period. However, it did beat the Zacks Consensus Estimate for earnings.  The company ended the second fiscal quarter with cash and cash equivalents of $34 million and that reflected a decline of 27.6% year on year.

Zurn Elkay Water Solutions Corporation (NYSE:ZWS) – went up 7.53% to close at $29.14, less than 10% away from its 52-week.

The company was in prime focus on July 24 after it announced its financial results for the second fiscal quarter. The net sales in the quarter shot up by as much as 42% year on year to hit $403 million. In the prior year period, the net sales stood at $284 million. The net income from continuing operations, however, went down to $33 million in the quarter from $36 million in the corresponding quarter a year ago.

As of June 30, 2023, the net debt leverage was 1.5x for Zurn Elkay Water Solutions Corporation. Additionally, the company also deployed $500 million for the purpose of re-purchasing 2.3 million shares of its common stock during the second quarter. The company’s Chairman and Chief Executive Officer Todd A Adams noted that everyone at the company was pleased with the performance in the quarter given it surpassed projections. He went on to add that the company had also progressed on some of its strategic moves in the first half of 2023.

IonQ (NYSE IONQ) stock is one of the biggest gainers this year with a jump of 340% so far this year. On Tuesday, the stock surged 5.77% to $15.22.

 The company is a leading player in the quantum computing industry. On June 29, IonQ announced that it had signed a memorandum of understanding with the Ministry of Science and Information and Communications Technology (ICT) of South Korea. Through this agreement, the company would be involved in educating quantum science and technology professionals and also help with promoting the creation of a local quantum ecosystem in South Korea.

The minister of Science and ICT Lee Jung Ho and co-founder and Chief Technology Officer of the company Jungsang Kim, signed the Memorandum of Understanding at the Quantum Korea event on June 27. The event had been hosted by the ministry. Some of the leading players in worldwide quantum innovations were in attendance at the event. IonQ showcased its achievements and technologies at the event. It also showcased IonQ Forte, its best-performing quantum computer.

Archer Aviation Inc (NYSE:ACHR) – Last week the company announced that it appointed Nikhil Goel as its Chief Commercial Officer. Archer Aviation Inc announced that Goel would be responsible for heading the efforts to execute the company’s worldwide commercialization goal. Currently, the company is making preparations to bring its product Midnight to the United States market in 2025 through a partnership with United Airlines. Goel possesses deep knowledge of the industry having been a co-founder of Uber Elevate, the air taxi division of Uber Inc.

He had jointly authored the white paper for Uber Elevate which is widely regarded for laying down the blueprint for the commercial eVTOL aircraft space. As part of the commercialization strategy, Goel would head the efforts to bring the lucrative markets of New York, Miami, Los Angeles, and San Francisco online as the initial domestic markets. He would also work on capturing international demand by working on partnerships in many key markets including the Middle East.

ACHR stock gained 4.73% in the previous session and is up 148% so far this year.

Nucor Corporation (NYSE:NEU) – On July 24 the company announced that the net earnings that was attributable to the Nucor Corporation shareholders stood at $1.46 billion for the second quarter. That worked out to $5.81 per diluted share. In the previous quarter, the net earnings had been $1.14 billion, or earnings of $4.45 per diluted share.

However, in the prior year period, the earnings had been $2.56 billion, which worked out to earnings of $9.67 per diluted share. In the first six months of the year, the net earnings attributable to the company’s shareholders was $2.60 billion, which translated to $10.26 per diluted share. In the six-month period in 2022, it was $4.66 billion and the earnings per diluted share was $17.30.

NEU stock has been trending up since the beginning of this year with a jump of 36.50%. The stock made a new 52-week high of $443.69 on Tuesday.