Why Cleveland-Cliffs Stock Crashed 10% Friday
Shares of steelmaker Cleveland-Cliffs (NYSE: CLF) -- once best known for iron and coal mining but now the proud owner of the U.S. steelmaking operations that used to belong to AK Steel and ArcelorMittal -- plummeted in Friday trading after the company announced fourth-quarter sales and earnings results that fell well short of expectations. As of 3:25 p.m. ET, Cleveland-Cliffs shares were down 10.1%.
Analysts had predicted that Cleveland-Cliffs would earn $2.12 per share on sales of more than $5.7 billion in the fourth quarter of 2021. But this morning, the company disabused them of that notion, reporting it earned only $1.69 per share on sales of only $5.3 billion, sparking the sell-off.
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Source Fool.com
