If you're looking for stocks that are setting up in a base ahead of their next quarterly report, here's one that fits the bill: Steel Dynamics stock. It's expected to report on Oct. 19 and is trading about 11% shy of an 88.72 buy point. The current formation is a second-stage consolidation.
Understand that buying a stock just ahead of earnings involves risk since you typically don't have enough time to establish a profit cushion before the latest quarterly numbers come out. Be sure to follow sound buy and sell rules to minimize your exposure.
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Steel Dynamics Notches Top, Bottom Line Growth
The steel producer reported 98% earnings-per-share growth in its most recent report, while sales growth came in at 39%.
Analysts are looking for earnings growth of 2% for the quarter, and 32% growth for the full year.
Steel Dynamics stock has a 91 Composite Rating and earns the No. 1 rank among its peers in the Steel-Producers industry group. Tenaris and Nucor are also among the group's highest-rated stocks.
Note: Dates for earnings reports are subject to change. Check the company's website for any updates.
