Core Viewpoint - Cleveland-Cliffs (CLF) has seen a 25% decline in its share price over the last month, despite previous positive trade-policy news and expectations for a revival in automotive-steel demand [2][5]. Company-Specific Challenges - The decline in CLF's stock is attributed to a combination of company-specific challenges and broader economic headwinds, indicating a reassessment of risks rather than just opportunities [5]. - In Q3 2025, CLF reported revenues of approximately US$4.7 billion, down from US$4.9 billion in Q2, with an adjusted net loss of US$223 million, or US$0.45 per diluted share [9]. - The average net selling price per ton in the steel-making division was US$1,032 in Q3, a slight decline from US$1,045 a year prior, despite an increase in shipment volumes to 4.0 million net tons [9]. External Demand & Macroeconomic Risks - The steel industry is facing cyclical demand challenges across construction, manufacturing, and automotive sectors, along with competition from imports [9]. - Investor confidence is wavering due to the discrepancy between CLF's strategic vision and execution, as the company continues to operate at a loss and provides cautious guidance [9]. Strategic Initiatives - CLF is assessing the potential for rare-earth minerals at mining locations in Michigan and Minnesota and has a memorandum of understanding with a significant global steel producer, which could enhance growth if finalized [10]. - Approximately 30% of the steel-making revenues in Q3 came from the automotive sector, highlighting the importance of automotive recovery for CLF's performance [10]. Financial Stability & Liquidity Management - CLF concluded Q3 2025 with around US$3.1 billion in consolidated liquidity, which provides some safety amid ongoing losses and the cyclical nature of steel production [7][10]. - The company aims for cost reduction targets of approximately US$50 per ton compared to 2024, which are critical indicators to monitor for financial stability [10].

Core Insights - Duquesne Family Office, led by Stanley Druckenmiller, filed its third-quarter 13F, showcasing a dynamic and actively managed portfolio that emphasizes agile asset allocation [1][2] - The filing reflects Druckenmiller's ongoing pursuit of growth and value, with a notable increase in new positions while exiting others, consistent with the firm's nimble investment strategy [2] Holdings Summary - New significant positions include Amazon.com Inc. (437,070 shares), Cleveland-Cliffs Inc. (2,715,035 shares), Alphabet, Inc. (102,200 shares), Meta Platforms Inc. (76,100 shares), and StubHub Holdings, Inc. (4,259,516 shares) [5] - The firm closed several positions, including Microsoft Corp. (sold 200,930 shares), Eli Lilly & Co (sold 100,675 shares), Viking Therapeutics Inc. (sold 549,295 shares), Applovin Corp. (sold 76,100 shares), and Joby Aviation Inc. (sold 31,489 shares) [5] - As of September 30, 2025, the firm's top five holdings were Natera Inc. (13%), Insmed Inc. (8.6%), Teva Pharmaceutical Industries Ltd. (8.3%), Taiwan Semiconductor Manufacturing Company Ltd. (5.3%), and Woodward Inc. (3.9%) [5] Investment Strategy - Duquesne's aggressive repositioning in the third quarter reinforces its reputation for nimble action and readiness to capture growth opportunities, particularly in the healthcare and technology sectors [2]

Core Insights - Cleveland-Cliffs Inc. (NYSE:CLF) experienced a significant stock price increase of 8.14%, closing at $11.03, following the announcement of a new board member [1][3]. Group 1: Leadership Changes - Edilson Camara has been appointed to the Board of Directors of Cleveland-Cliffs, effective immediately, and will serve on the Compensation and Organization Committee [2]. - Camara is the CEO Emeritus of Egon Zehnder, a leading global executive search and leadership advisory firm, and brings extensive experience in senior leadership and talent frameworks [3][4]. - The Chairman, President, and CEO of Cleveland-Cliffs, Lourenco Goncalves, emphasized that Camara's global industrial perspective aligns well with the company's strategic priorities [3].

Core Viewpoint - Cleveland-Cliffs Inc. is focusing on optimizing operations in response to the evolving domestic steel market, with the potential for improved economics due to the continuation of 50% tariffs on imported steel and steel products [1] Group 1: Company Operations - Cleveland-Cliffs is adjusting its operations to align with the new dynamics of the domestic steel market [1] - The company anticipates that the ongoing tariffs on imported steel will enhance the profitability of its steelmaking business in the upcoming quarters [1] Group 2: Market Context - The steel industry is currently benefiting from protective tariffs, which may lead to a more favorable economic environment for domestic producers like Cleveland-Cliffs [1]

Group 1 - Investors have taken a bullish stance on Cleveland-Cliffs, with significant options trades indicating potential upcoming developments [1][2] - The overall sentiment among large traders is 55% bullish and 22% bearish, with a total of $395,533 in put options and $286,766 in call options [2] - The price target for Cleveland-Cliffs is projected between $5.0 and $16.0 based on recent options activity [3] Group 2 - An analysis of volume and open interest reveals key insights into the liquidity and interest levels for Cleveland-Cliffs's options within the $5.0 to $16.0 strike price range [4] - Significant options trades over the last 30 days include various call and put options, indicating diverse trading strategies among investors [10] Group 3 - Cleveland-Cliffs operates as a flat-rolled steel producer and iron ore pellet manufacturer in North America, primarily serving the automotive industry [11] - The company is organized into four operating segments but reports under one segment, Steelmaking, and has a vertically integrated structure [11] Group 4 - Analysts have set an average target price of $11.75 for Cleveland-Cliffs, with varying ratings from different firms [12][13] - Goldman Sachs maintains a Buy rating with a target price of $14, while Wells Fargo has downgraded its rating to Underweight with a target of $11 [13]

Group 1: Cleveland-Cliffs Inc. - Goldman Sachs analyst Mike Harris maintained a Buy rating on Cleveland-Cliffs and raised the price target from $14.5 to $16 [1] Group 2: Rocket Companies, Inc. - Rocket Companies reported better-than-expected third-quarter earnings of 7 cents per share, beating the Street estimate of 5 cents [2] - Quarterly revenue for Rocket Companies was $1.78 billion, surpassing the consensus estimate of $1.66 billion [2] - Rocket shares gained 4.5% to close at $16.66 [6] Group 3: Meta Platforms, Inc. - Meta reported quarterly diluted earnings per share of $1.05, which includes a one-time, non-cash income tax charge of $15.93 billion [3] - On an adjusted basis, Meta's earnings per share came in at $7.25 [3] - Meta shares fell 2.7% to close at $648.35 [6] Group 4: Bristol-Myers Squibb Company - Bristol-Myers Squibb reported third-quarter revenues of $12.22 billion, beating the consensus of $11.81 billion, representing a 3% increase year over year [4] - Bristol-Myers Squibb shares gained 1% to close at $46.07 [6]

Core Viewpoint - Cleveland-Cliffs Inc (NYSE:CLF) is experiencing significant discussion among investors, particularly due to its recent quarterly results and subsequent stock performance influenced by Wells Fargo's downgrade, which suggested an overreaction to rare earths enthusiasm [1]. Group 1: Investment Thesis - Jim Lebenthal, Chief Equity Strategist at Cerity Partners, is bullish on Cleveland-Cliffs Inc, emphasizing that the investment thesis is evolving beyond rare earths [2]. - The company has secured contracts with major OEMs at favorable prices for the next two to three years, indicating a positive outlook driven by increasing auto demand, which constitutes about one-third of its business [2]. - A memorandum of understanding has been signed with an international steel company to utilize idle assets and plants at Cleveland-Cliffs, further enhancing the investment narrative [2]. Group 2: Market Context - The stock initially surged following the quarterly results but faced a decline after Wells Fargo's downgrade, highlighting the volatility in market sentiment surrounding the company [1]. - The overall market context includes a rising auto production trend, which is expected to benefit Cleveland-Cliffs significantly due to its involvement in the automotive supply chain [2].

Company Overview - Cleveland-Cliffs Inc. is a significant player in the steel industry, focusing on the production of iron ore pellets and steel products, with a strong presence in North America and serving key sectors like automotive and manufacturing [1] Market Performance - Goldman Sachs has set a price target of $16 for CLF, indicating a potential price increase of approximately 29.45% from its current trading price of $12.36, reflecting confidence in the company's future performance [2][6] - CLF's shares have risen by 13.3% over the past month, outperforming the Zacks S&P 500 composite's increase of 3.6%, highlighting its strong performance within the Zacks Steel - Producers industry, which gained 11.8% [3][6] - The current stock price of CLF is $12.51, marking a 2% increase, with a daily fluctuation between $12.21 and $12.57. Over the past year, the stock has seen a high of $16.70 and a low of $5.63, indicating significant volatility [4] Financial Metrics - The company's market capitalization is approximately $6.19 billion, with a trading volume of 4,839,141 shares on the NYSE [4][6] Investment Considerations - Understanding the potential future direction of CLF is crucial for investors, emphasizing the importance of focusing on fundamental factors like earnings estimates rather than short-term media releases [5]

Core Insights - Cleveland-Cliffs Inc. has established a strategic partnership with POSCO, Korea's largest steelmaker and the world's third largest steelmaker outside of China [1] - The Memorandum of Understanding (MoU) between Cleveland-Cliffs and POSCO was executed on September 17, 2025 [1] - The recent completion of a new trade agreement between the U.S. and Korea is expected to enhance cooperation between the industrial sectors of both nations [1]

Core Viewpoint - Cleveland-Cliffs Inc. has announced a public offering of 75,000,000 common shares, aiming for gross proceeds of approximately $964 million before discounts and expenses, with a potential additional 11,250,000 shares available for purchase by the underwriter [1][2]. Group 1: Offering Details - The offering is expected to close on October 31, 2025, pending customary closing conditions [1]. - The net proceeds from the offering will primarily be used to repay borrowings under the company's asset-based credit facility, with any remaining funds allocated for general corporate purposes [2]. - UBS Securities LLC is acting as the underwriter for the offering, which will be available for sale on the New York Stock Exchange and other markets at prevailing market prices [3]. Group 2: Company Overview - Cleveland-Cliffs is a leading North American steel producer, focusing on value-added sheet products, particularly for the automotive industry [6]. - The company is vertically integrated, covering the entire process from iron ore mining to steelmaking and downstream processing [6]. - Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 30,000 people across its operations in the United States and Canada [6].