In a stunning move, shares of Cleveland-Cliffs (NYSE: CLF) popped 50.7% in the month of March, according to data provided by S&P Global market Intelligence . The rally was even more remarkable given that the stock dropped by double digits in February. Clearly, the big announcement that the steelmaker made last month was enough to send the market into a tizzy, especially as it came close on the heels of expectations of President Biden unveiling his infrastructure plan.
Cleveland-Cliffs shares shot through the roof in the last couple of days in March after the company announced guidance for 2021. Although industry leader Nucor recently forecast a record first quarter backed by strong demand and price of steel, expectations for Cleveland-Cliffs were muted after the company's fourth-quarter numbers released in late February missed estimates.
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2 Big Reasons This Infrastructure Stock Rallied 50.7% in March