Cleveland Cliffs (NYSE: CLF) NewsBite - Cleveland-Cliffs Higher on Financial Statement

Wednesday, August 27, 2008 3:21 PM EDT

Cleveland Cliffs (CLF) opened at $99.52. So far today, the stock has hit a low of $96.94 and a high of $99.65. CLF is now trading at $99.14, up $1.69 (1.73%). The stock hit its 52-Week high of $121.95 in June and set its 52-Week low of $34.94 in August. Shares of Cleveland-Cliffs have been rallying after the company released this morning its financial statement. Technical indicators for the stock are bearish and S&P does not currently have a STARS rating for CLF. If you are looking for a hedged play on CLF the stock seems like it could be a candidate for a September out-of-the-money bull-put credit spread below the 80 range. [ABR-Seven Summits Strategic Investments NewsBite]

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