$0.62 vs $0.53 est and the worse of writedown is behind. So what you think here going forward? Should company be sold or salvaged? Why the board is not getting rid of this incompetent ceo?
No they weren't. Go read the financial.
Typical management. Notice most companies would post the 3 month earnings, and YTD results. They only posted the YTD, trying to bury this ugly quarter.
Not true. They said q-4 operating earnings were $0.62 . Go back and read again. It doesn't matter . its all like under water now.
Here are a couple of snippets.
"Cliffs lost $1.62 billion, or $11.36 per share, in the fourth quarter."
"Cliffs also took a charge of $541 million related to two deferred tax assets."
If you take the billion goodwill hit, and the $541 million tax accrual reversal, you still have a loss.
Mngmnt loves to twist reality
Look at ANR, they reported an actual loss, not a "paper loss" like CLF did. But ANR's stock is going up big today. CLF should have never gone down this big, but since it did, you are presented with a great buying opportunity.