What's Going On With Cleveland-Cliffs Stock Tuesday?
Portfolio Pulse from Adam Eckert
Cleveland-Cliffs Inc (NYSE:CLF) stock is trading lower after reporting Q4 financial results that fell short of expectations. The company missed revenue estimates with $5.11 billion against the expected $5.15 billion and reported an adjusted earnings loss of 5 cents per share, compared to the estimated loss of 4 cents per share. Despite the weak quarter, the company had a strong year with healthy steel demand and expects to reduce steel unit costs and increase shipment volumes in 2024. A conference call is scheduled to discuss the results.
January 30, 2024 | 1:44 pm
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Cleveland-Cliffs Inc reported lower than expected Q4 earnings, with a revenue miss and a greater loss per share than anticipated. The company remains positive about the future, expecting increased shipments and cost reductions in 2024.
The stock is trading lower due to the earnings miss, which is a significant driver of short-term stock price movements. The negative reaction is typical when a company fails to meet Wall Street expectations. However, the company's positive outlook for 2024 may mitigate some of the negative impact over time.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100