Why Cleveland-Cliffs Stock Is Red-Hot Today

Investors are putting a bright face on an objectively terrible quarter.Shares of Cleveland-Cliffs (CLF 12.66%), one of the nation's biggest steelmakers, soared 13.7% through 1:20 p.m. ET Monday after beating on earnings this morning.Analysts had forecast a rough quarter for Cleveland-Cliffs, with $0.63 per share in losses expected on sales of $4.9 billion. The company nailed the revenue target, and beat on earnings with a loss of "only" $0.50 per share. Cleveland-Cliffs' Q2 earningsCleveland-Cliffs set a n ...