Deliberate manipulation. New lows day by day. If you think it's bottom and buy on any day, then you will suffer losses the next when new lows come. It may not go up untill all bottom seekers leave.
They are preferred shares, not common shares. Importantly, one depsoitory can NOT converted to ONE common share. There is a converting ratio. It's 0.71-0.82 depends on market situation. Many assume the converting ratio is one. Maybe this is the reason why it is heading to $25.
I just read it. Same rumor came when it was at around $40 last year. Since CLF stock has been supressed extemely now, maybe this time the rumor will come to fruition.
The designated market maker of CLF is Goldman Sachs, who last November set the target price at $25. Yesterday the lowest was $25.20. They made it, though not exactly.
here coms my opinion: GS and JPMorgan are rivals. JPMorgan and BoAgot the issuing business from CLF. So it's no surprise that CLF dropped under $29 instantly when the issuing at $29 was announced, and it has kept sliding lower and lower away from $29. Wondering how JPM and BoA could sell the shares.
the 9 million shares were priced at $29, now the market is $25.50. So JPM or JPM's clients stand to lose $3.50 per share. Any possibility of repricing? Or JPM just swallows it?
CLF short interest 28%, the highest in the sector. The market maker Goldman Sachs has been walking down the stock price so that shorts can cover at low prices.As the real value of CLF stands way more over $30, longs should hold tightly, and in the end of the day shorts will have to cover at high.
You are misleading people here. Regarding your reasons:
1. The preferred shares are not being exercised now, and the exercise prices will be at least $29 depends on market situation, and the maximum dilution over 3-5 years by these shares is around 15%, which is just several percentage points annually.
2. The share issuing certainly improves balance sheet.
3. Even the iron ore prices fall down under $100, CLF still can make money. CLF's major profts come from its America iron ore, whose costs per ton is as low as around $70 per ton.
4. The CHinese steel maker WISCO is partner of CLF's Bloom Lake project. The increase in demand from WISCO certainly can offset the decrease from MT.
5-7. No comments on your nonsense.