Why Cleveland-Cliffs Fell 20.9% in April
Shares of Cleveland-Cliffs (NYSE: CLF) fell 20.9% in April, according to data from S&P Global Market Intelligence.
You can't really fault Cleveland-Cliffs and its operating performance; the company handily beat earnings estimates and raised guidance for 2022 steel prices during the month.
So what was the problem? The market had largely expected good performance, since the company had already risen so much heading into April. With surging inflation and fears of an economic downturn next year, Cleveland-Cliffs wound up falling along with most other cyclical stocks.
Source Fool.com
