Cleveland-Cliffs Slides 7.88% as Major Indexes Also Fall

Cleveland-Cliffs shares fell 7.88% to $11.22 in the latest trading session. The decline outpaced the S&P 500's 0.77% drop.

The Dow fell 0.67% and the Nasdaq lost 0.92%. Despite the day's decline, Cleveland-Cliffs shares gained 4.82% over the previous month, compared with a 9.1% loss for the Basic Materials sector and a 0.96% gain for the S&P 500.

Analysts expect the company's upcoming report to show earnings of $0.24 per share, up 153.33% from a year earlier. Zacks consensus estimates put revenue at $5.6 billion, an 18.25% increase.

For the full year, Zacks consensus forecasts a loss of $0.04 per share and revenue of $21.1 billion. The consensus earnings-per-share estimate has risen 7.69% over the past 30 days.