Why This Iron Ore Miner's Stock Fell 16.6% in October
Shares of Cleveland-Cliffs Inc (NYSE: CLF) fell a painful 16.6% last month. Although there were declines across the entire month, the biggest drop came after the iron ore miner reported earnings on Oct. 20. From that day to the end of the month Cleveland-Cliffs' stock fell 15.1%.
The headline number earnings wise wasn't bad, with Cleveland-Cliffs reporting earnings of $0.18 a share in the third quarter, up from a loss of $0.12 in the year earlier period. That was driven largely by improved prices and volume for iron ore in its domestic business. Sales margin per ton more than doubled in this segment, year over year. The miner also continued to pay down debt in the quarter, further shoring up a balance sheet that, at one time, had investors worried about the company's solvency.
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Source: Fool.com
