Shares of Cleveland-Cliffs (CLF) stock are up big Wednesday as iron ore prices spike following the Vale dam disaster, which left 84 dead and hundreds still missing. Shares of Vale (VALE) stock have plummeted since the unfortunate event. Vale is one of the world’s largest producers of iron ore and nickel, so the company’s plans to cut production and decommission similarly structured dams are causing disruption to global supply. This disruption to supply is causing iron or prices to spike, boosting iron ore producing competitors in the process.
Cleveland-Cliffs stock is trading at $10.73 as of 11:14 AM on Wednesday, Jan 30, a rise of $1.54, or 16.76% from the previous closing price of $9.19. The stock has traded between $9.77 and $10.87 so far today. Volume today is high. So far 15,150,847 shares have traded compared to average volume of 7,895,833 shares.
Stock Score Report, InvestorsObserver’s proprietary scoring system gives CLF stock a score of 66 out of a possible 100. That score is based on three component scores. A fundamental score of 19, a long-term technical score of 82 and a short-term technical score of 95. CLF stock holds an analyst average recommendation of Moderate Buy, with a median target price of $11.88. Our proprietary system combines short and long-term technical factors, Wall Street’s opinion, and other fundamental factors into an overall score that measures a stock’s suitability for investment.
Meanwhile, the major indices are rising. The Dow Jones Industrial Average has risen 1.34% to 24,910.40. The NASDAQ is up 0.95% to 7,095.21. The S&P 500 has gained 0.52% to 2,653.72.