Why Cleveland-Cliffs Stock Sank Today
Cliffs(CLF) The Motley Fool·2024-11-06 00:40
The auto sector is hurting Cleveland-Cliffs right now.Cleveland-Cliffs (CLF -9.23%) stock is getting tossed into the scrap pile today. The steelmaker reported third-quarter earnings last night, and results came up short of expectations. Analysts expected the company to report a loss, but its adjusted loss of $0.33 per share was worse than expected.Revenue also came up short, and investors knocked the stock lower by 9% as of 11:10 a.m. ET. Cliffs also announced that it closed the acquisition of Canadian stee ...