Why Cleveland-Cliffs Plunged on Tuesday
Shares of steelmaker Cleveland-Cliffs (NYSE: CLF) were falling hard in Tuesday trading, down 9.7% as of 2:10 p.m. ET.
Investors apparently took exception with Cliffs missing on revenues and earnings per share in its first-quarter results, which were reported last night. However, the miss appears to be due to an unusual issue with one of Cliffs' customer segments, which appears to have been resolved at the end of the quarter. With the company ramping up share repurchases, investors may want to investigate buying the dip.
At first glance, first-quarter earnings weren't great. Revenue of $5.2 billion came in $130 million short of analyst estimates, and the $0.18 in adjusted (non-GAAP [generally accepted accounting principles]) earnings per share came in $0.04 short.
Source Fool.com
