5.16 0.00 (0.00%)
After hours: 7:06PM EDT
|Bid||5.17 x 2200|
|Ask||5.15 x 3000|
|Day's Range||5.09 - 5.58|
|52 Week Range||2.63 - 11.61|
|Beta (5Y Monthly)||1.92|
|PE Ratio (TTM)||5.59|
|Earnings Date||Jul 17, 2020 - Jul 21, 2020|
|Forward Dividend & Yield||0.24 (4.83%)|
|Ex-Dividend Date||Apr 02, 2020|
|1y Target Est||4.81|
The U.S. death toll from the coronavirus that causes COVID-19 edged closer to 100,000 on Friday, as the news emerged that the Centers for Disease Control and Prevention has been combining the results of two different types of tests for the illness in a move that has been sharply criticized by health experts.
Cleveland-Cliffs (CLF) implements a minimum $40 per ton price hike for all carbon flat-rolled steel products.
Cleveland-Cliffs Inc. said Thursday that its AK Steel subsidiary is increasing spot market base prices for all carbon flat-rolled steel products by a minimum of $40 per ton, effective immediately. That suggests prices are rising by at least 4%, as the iron ore mining company said the average net selling price per net ton of flat-rolled steel during the first quarter was $997. The stock, which was up 0.4% in afternoon trading, has lost 33.7% over the past three months, while the S&P 500 has declined 11.7%.
Cleveland-Cliffs announced that its AK Steel subsidiary is increasing current spot market base prices for all carbon flat-rolled steel.
While the overall stock market has bounced back surprisingly strongly from the outbreak of COVID-19 around the world, many stocks in hard-hit sectors remain far, far below their prior highs. Actually, many such stocks are down by 50% or more, whereas many technology companies that benefit from the stay-at-home economy have nearly fully recovered, or have even gone higher, shockingly, than before the outbreak hit. While none of the following three stocks are appropriate for the risk-off investor, each is very well-managed, and each has also recently gotten a boost of confidence from the capital markets, raising debt and equity to bridge them through 2020 at least.
Moody's Investors Service, ("Moody's") has withdrawn the ratings on AK Steel Corporation's (AK Steel) 7.625% notes due 2021, the 7.5% notes due 2023, the 6.375% notes due 2025, the 7% notes due 2027 and the IRB's. The ratings were withdrawn due to insufficient information to maintain the Credit Rating. Moody's has decided to withdraw the ratings because of inadequate information to monitor the ratings, due to the issuer's decision to cease participation in the rating process.
Cleveland-Cliffs (CLF) delivered earnings and revenue surprises of 122.22% and -2.37%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
Shares of Cleveland-Cliffs (NYSE:CLF) fell 1.5% in pre-market trading after the company reported Q1 results.Quarterly Results Earnings per share were up 150.00% over the past year to $0.04, which beat the estimate of ($0.16).Revenue of $359.00 million missed estimates of $366.23 million.Outlook Cleveland-Cliffs hasn't issued any earnings guidance for the time being.Cleveland-Cliffs hasn't issued any revenue guidance for the time being.Details Of The Call Date: May 11, 2020View more earnings on CLFWebcast URL: https://event.on24.com/eventRegistration/EventLobbyServlet?target=reg20.jsp&referrer=http%3A%2F%2Fwww.clevelandcliffs.com%2FEnglish%2Finvestors%2Fevents-and-presentations%2Fdefault.aspx&eventid=2156848&sessionid=1&key=0EA1AA527FF6A7B7F4BE2CACEE3C97AD®Tag=&sourcepage=registerPrice Action 52-week high: $11.6152-week low: $2.63Price action over last quarter: down 34.41%Company Description Cleveland-Cliffs Inc is an independent iron ore mining company in the United States and is a supplier of iron ore pellets to the North American steel industry from its mines and processing facilities located in Michigan and Minnesota. It is also engaged in the production of Hot-Briquetted Iron in the Great Lakes region with the development of a production plant in Toledo, Ohio.See more from Benzinga * 20 Basic Materials Stocks Moving In Friday's Pre-Market Session * 7 Basic Materials Stocks Moving In Monday's Pre-Market Session(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The U.S. Commerce Department on Monday said it launched another "Section 232" national security investigation that could lead to new U.S. tariffs on imports of key electrical steel components of power transformers and related goods. The investigation into the imports of transformer laminations and wound cores is partially aimed at protecting the last U.S. manufacturer of grain-oriented electrical steel, AK Steel, a unit of Cleveland-Cliffs, which has argued for tariff relief. "An assured domestic supply of these products enables the United States to respond to large power disruptions affecting civilian populations, critical infrastructure, and U.S. defense industrial production capabilities," Commerce said in a statement.
Cleveland-Cliffs Inc. (NYSE: CLF) today praised the U.S. Department of Commerce’s self-initiation of an urgent Section 232 investigation covering laminations for stacked transformer cores, stacked and wound transformer cores, electrical transformers, and transformer regulators. The outcome of this investigation will be critical to addressing circumvention of existing national security tariffs covering Grain Oriented Electrical Steel (GOES) using laminations and cores cut in Mexico and in Canada as means for tariff evasion. Cleveland-Cliffs’ wholly-owned subsidiary AK Steel is the last remaining producer of GOES in North America. This blatant circumvention activity has degraded the domestic electrical steel market and now threatens the viability of Cleveland-Cliffs continuing to produce GOES, a critical element to the security of America’s electric grid.
CLEVELAND--(BUSINESS WIRE)--Cleveland-Cliffs Inc. (NYSE: CLF) announced today it will be reporting first-quarter 2020 financial results before the U.S.-market open on Monday, May 11, 2020.
Impacts of lower iron ore prices due to weak demand amid coronavirus-induced lockdowns are expected to get reflected in Cleveland-Cliffs' (CLF) Q1 performance.
Cleveland-Cliffs Inc. (NYSE: CLF) ("Cliffs") today announced that it has offered and priced an additional $555.2 million aggregate principal amount of Senior Secured Notes due 2025 (the "Additional Notes") at a price of 99% of their principal amount in an offering (the "Additional Notes Offering") that is exempt from the registration requirements of the Securities Act of 1933 (the "Securities Act"). The Additional Notes will be an issuance of Cliffs’ existing 9.875% Senior Secured Notes due 2025 and will be issued as additional notes under the indenture dated as of April 17, 2020 (as supplemented, the "Indenture") pursuant to which Cliffs previously issued $400 million aggregate principal amount of 9.875% Senior Secured Notes due 2025 (the "Initial Notes"). The Additional Notes will be of the same class and series as, and otherwise identical to, the Initial Notes other than with respect to the date of issuance and issue price.
Gainers • Cleveland-Cliffs, Inc. (NYSE:CLF) shares moved upwards by 7.23% to $3.78 during Friday's pre-market session. According to the most recent rating by Credit Suisse, on Apr 15, the current rating is at Neutral.• ArcelorMittal, Inc. (NYSE:MT) stock rose 5.93% to $9.64. The most recent rating by KeyBanc, on Mar 24, is at Overweight, with a price target of $13.• Alcoa, Inc. (NYSE:AA) stock rose 5.89% to $7.37. The most recent rating by Citigroup, on Apr 7, is at Neutral, with a price target of $7.• Teck Resources, Inc. (NYSE:TECK) stock increased by 5.74% to $8.29. The most recent rating by B of A Securities, on Mar 31, is at Neutral, with a price target of $8.• Freeport-McMoRan, Inc. (NYSE:FCX) shares rose 5.28% to $7.98. According to the most recent rating by Barclays, on Apr 16, the current rating is at Overweight.• BHP Group, Inc. (NYSE:BHP) stock increased by 5.08% to $40.57. According to the most recent rating by Argus Research, on Mar 3, the current rating is at Hold.• United States Steel, Inc. (NYSE:X) stock moved upwards by 4.75% to $6.83. The most recent rating by GLJ Research, on Apr 15, is at Sell, with a price target of $3.• Rio Tinto, Inc. (NYSE:RIO) shares moved upwards by 4.67% to $48.66. According to the most recent rating by BMO Capital, on Apr 1, the current rating is at Outperform.• BHP Gr, Inc. (NYSE:BBL) stock moved upwards by 4.19% to $33.07.• Mosaic, Inc. (NYSE:MOS) stock rose 3.97% to $11.26. The most recent rating by Susquehanna, on Apr 9, is at Positive, with a price target of $15. Losers • Gulf Resources, Inc. (NASDAQ:GURE) stock fell 21.82% to $3.01 during Friday's pre-market session.• Yamana Gold, Inc. (NYSE:AUY) shares declined 6.29% to $4.10. According to the most recent rating by Stifel, on Feb 11, the current rating is at Buy.• Endeavour Silver, Inc. (NYSE:EXK) stock fell 5.66% to $1.50. The most recent rating by H.C. Wainwright, on Apr 13, is at Buy, with a price target of $3.• Gold Fields, Inc. (NYSE:GFI) stock decreased by 5.37% to $6.34.• Coeur Mining, Inc. (NYSE:CDE) stock decreased by 5.24% to $4.07. The most recent rating by B. Riley FBR, on Apr 14, is at Buy, with a price target of $13.• DRDGold, Inc. (NYSE:DRD) shares decreased by 4.70% to $8.32. The most recent rating by H.C. Wainwright, on Feb 14, is at Buy, with a price target of $9.• Barrick Gold, Inc. (NYSE:GOLD) shares fell 4.56% to $23.86. The most recent rating by Deutsche Bank, on Mar 26, is at Buy, with a price target of $25.• Anglogold Ashanti, Inc. (NYSE:AU) stock declined 4.46% to $21.87. According to the most recent rating by UBS, on Feb 6, the current rating is at Neutral.• Newmont, Inc. (NYSE:NEM) stock decreased by 4.40% to $57.30. The most recent rating by Barclays, on Apr 16, is at Equal-Weight, with a price target of $58.• Kinross Gold, Inc. (NYSE:KGC) shares fell 4.31% to $5.88. The most recent rating by Credit Suisse, on Jan 23, is at Neutral, with a price target of $5.See more from Benzinga * Stocks That Hit 52-Week Highs On Thursday * 7 Basic Materials Stocks Gaining In Thursday's Pre-Market Session * 10 Basic Materials Stocks Moving In Wednesday's Pre-Market Session(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Cleveland-Cliffs (CLF) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Cleveland-Cliffs Inc. (NYSE: CLF) ("Cliffs") announced today that it has priced $400 million aggregate principal amount of Senior Secured Notes due 2025 (the "Notes") in an offering (the "Notes Offering") that is exempt from the registration requirements of the Securities Act of 1933 (the "Securities Act"). The Notes will bear interest at an annual rate of 9.875% and will be issued at a price of 94.500% of their principal amount.
Moody's Investors Service, ("Moody's") assigned a Ba3 rating to Cleveland Cliffs (Cliffs) $400 million guaranteed senior secured note issue. All other ratings remain unchanged including the SGL-2 speculative grade liquidity rating. Proceeds will be used to enhance liquidity and for general corporate purposes, including repayment of amounts drawn under the asset-based revolver to partially fund the acquisition of AK Steel.