Why Cleveland-Cliffs Stock Plunged After Earnings
Steel is a cyclical business, and right now, business isn't great.
Cleveland-Cliffs (NYSE: CLF) stock reported a loss last night that was much worse than anticipated, sending its stock tumbling in early trading Thursday, down 16.2% through 10:35 a.m. ET.
Analysts expected the steelmaker to lose $0.83 per share, but Cleveland-Cliffs actually lost $0.92. Operating revenue was $4.5 billion, not the $4.6 billion Wall Street wanted.
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