Cliffs Natural Resources Inc (NYSE: CLF)
Cliffs Natural Resources is having an incredibly strong day in the market today. When the opening bell rang, the stock was slightly in the green. Since then, we’ve seen an incredible run toward the top as the trading session has continued. Below, we’ll talk about what we’re seeing, why, and what we’ll be watching for with regard to CLF ahead.
What We’re Seeing From CLF
As mentioned above, Cliffs Natural Resources is having a relatively strong day in the market today. When the market opened, the stock was already slightly in the green. However, as the day has progressed, the stock has continued heading upward, leading to impressive gains. At the moment (11:12), CLF is trading at $9.24 per share after a gain of $0.47 per share (5.30%) thus far today.
Why The Stock Is Climbing Upward
As usual, our partners at Trade Ideas were the first to inform us of the run on CLF. As soon as they did, the CNA Finance team started digging to see exactly what was causing the movement. It didn’t take long to uncover the story. While there has been no fundamental news released by or about the company, the movement is coming from chatter in social media.
At the moment, there’s quite a bit of social chatter surrounding Cliffs Natural Resources, and it’s based on two rumors. The first rumor is a very vague rumor that the company is going to be taken over soon. The rumor includes no buyer, no price, and no other details. The second rumor is that the company has hired advisors to explore options. Along the same lines, but a bit different. Once again, this is all unconfirmed at the moment.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on CLF. In particular, we’ll be watching to see if either of these rumors is true. After all, either could be great news for investors. We’ll keep an eye on the news and update you as it breaks!
Update – We are hearing through the grapevine that CLF is denying these rumors.
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[Image Courtesy of Wikimedia]