I've traded
Cleveland Cliffs (CLF) for quite a few years, but somehow missed the fact it has coal exposure (it looks like this was a more recent foray); makes me even more interested now...
earnings were very good, but the stock is very extended and I'd like to see a nice pullback before beginning a position. I had considered adding this name on Jan 4th [
Two New Positions] around $95, but chose
US Steel (X) instead. So definitely made the wrong choice there.
- Mining company Cleveland-Cliffs Inc. said Thursday its fourth-quarter earnings rose 35 percent, led by domestic iron ore sales and revenue from recently acquired coal mines.
- The company earned $92.7 million, or $1.77 per share, compared with $68.6 million, or $1.33 per share, in the year-ago quarter.
- Revenue surged 43 percent to $782.5 million, from $549 million in the prior-year period.
- Analysts were expecting a profit of $1.66 per share on revenue of $768 million, according to a poll by Thomson Financial.
- The company said the quarter was driven by higher margins in its North American iron ore business, partially offset by higher costs and slumping North American coal margins. Sales were also boosted by several new coal mines acquired during the year, Cleveland-Cliffs said.
No position
