What's Going On With Cleveland-Cliffs Shares Today?
Portfolio Pulse from Lekha Gupta
Cleveland-Cliffs Inc. (NYSE:CLF) shares are trading higher after reporting Q2 financial results. Despite missing revenue estimates, the company beat earnings expectations and lowered its full-year 2024 capital expenditures. Additionally, Cleveland-Cliffs announced an acquisition of Stelco Holdings Inc. (OTC:STZHF), expected to boost EPS for 2024 and 2025. Investors can gain exposure via SPDR S&P Metals & Mining ETF (NYSE:XME) and VanEck Steel ETF (NYSE:SLX).
July 23, 2024 | 6:47 pm
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POSITIVE IMPACT
Cleveland-Cliffs shares are up 4% after reporting Q2 results. The company missed revenue estimates but beat earnings expectations and lowered its 2024 capital expenditures. The acquisition of Stelco Holdings is expected to boost EPS for 2024 and 2025.
The positive market reaction to the earnings beat and the strategic acquisition of Stelco Holdings, which is expected to enhance future earnings, suggests a favorable short-term impact on CLF's stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
VanEck Steel ETF (SLX) may experience a positive impact due to the rise in Cleveland-Cliffs shares, which is a component of the ETF.
Given that Cleveland-Cliffs is a component of the SLX ETF, the positive movement in CLF shares is expected to benefit the ETF.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
SPDR S&P Metals & Mining ETF (XME) may see a positive impact due to the rise in Cleveland-Cliffs shares, which is a component of the ETF.
As Cleveland-Cliffs is a component of the XME ETF, the positive performance of CLF shares is likely to have a favorable impact on the ETF.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50