You may be right. SP tanked over5% today at $6.35. I think this stock will not move up until it gets closer to the Q-3 EARNINGS DATE.
Moody's reviewing CLF's finances for a possible upgrade. If this happens soon, the SP will certainly rise at least by a Point.
But its up today and all my other stocks up big too. CLF needs to digest some gains in the light of the Secondary
Why would they shut down? MNGT can put up TWTR for sale and it can fetch $25-$28/sh plus from GOOGL or MSFT or any other foreign company. If Yahoo can get super price from VZ and still retain a lot for their own, TWTR can do even better as its a worldwide known name. Its just that this MNGT of Jck Dorsey doesn't know the head from hole and so F* incompetent.
CLF at P/E of only 10.5 and 2016 E. est $1.13 and 2017 E.est $0.41. Damage to SP is way overdone. Hope LG realize this .All talk in this country even from Hillary is now to bring back MFG here and that includes STEEL. Hope SP can get in $7 next week.
CLF down 25% in a week. due to Secondary ..wrong time to offer more shares and cause dilution. .Mkt Cap about the same as it was a week ago even with 51 mil more shares.
Fri..... 8/5 close ..$8.11
Mon... 8/8 close $8.07( high $8.42)
Tues ..8/9 close $7.70
Wed.....8/10 close $7.07
Thurs..8/11 close $6.62
Fri...... .8/12..so far $6.35 at 2.30 pm
Even with increasing share numbers by 51 plus millions(44.4mil +6.7 mil), the Mkt Cap will remain the same as a result of 25% loss in the SP. Only plus is that LG will get his hands onto the $345mil cash and hopefully he uses it to reduce debt by at least $300 mil. to around $2.0 B. Go Longs!!
I was hoping to see a rebound in the price after huge loss over the last 4 days, but it doesn't look like it will happen as the Broad market is down today.
Shorts are driving down the price as more shares become available to Short thru Credit Suisse, GS , MS, Deut. bank and others.. wonderful!! Down almost 25% from High of $8.45 to now $6.40 now in the light of the Secondary.