Why Cliffs Natural Resources Stock Was Up 11.5% in July
Shares of iron-ore miner Cliffs Natural Resources (NYSE: CLF) moved up and down in July, sometimes in dramatic fashion. For example, toward the end of the month the stock was up 12.5%, before falling to a monthly gain of around 2.5%, before earnings news pushed the miner's shares up to a monthly gain of 11.5%.
Volatile price swings for miners are nothing new. But clearly investors saw something they liked in the earnings that were released on July 27. For example, revenues were up 15% year over year; earnings of $0.10 per share were higher than the second-quarter 2016 figure of $0.07. Those earnings numbers, however, include a $0.02-per-share loss on the extinguishment of debt in the 2017 second quarter, and a gain of around a penny a share in the year-ago period. So the improvement was more material than it might at first seem.
Image source: Getty Images.
Source: Fool.com
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