Nucor (NUE) shares soared 4.8% in the last trading session to close at $122.72. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 2.7% gain over the past four weeks.

Pixabay

NUE’s shares popped after it was mentioned positively on CNBC. NUE also received a boost after it was added to Investor’s Business Daily's Leaderboard portfolio.

This steel company is expected to post quarterly earnings of $7.68 per share in its upcoming report, which represents a year-over-year change of +473.1%. Revenues are expected to be $10.45 billion, up 98.8% 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.

The stock currently carries a Zacks Rank 1 (Strong Buy).