Cleveland-Cliffs Inc CLF is trading lower after announcing worse-than-expected fourth-quarter financial results, but one investor said the market is getting it wrong.
What Happened: Cleveland-Cliffs reported quarterly revenue of $5.35 billion Friday, which came in below the $5.73 billion estimate. The company reported adjusted earnings of $1.78 per share, which came in below the estimate of $2.12 per share.
Cleveland-Cliffs reported record full-year revenue, net income, adjusted EBITDA and operating cash flow.
Related Link: Cleveland-Cliffs: Q4 Earnings Insights
Lebenthal's Take: Cerity Partners' Jim Lebenthal said that anyone who actually read the report should recognize how well the company is doing.
"This company is on fire," Lebenthal said Friday on CNBC's "Fast Money Halftime Report."
With the stock trading lower following the report, he said it's a great opportunity to buy. He told CNBC he is doing just that after selling Marathon Petroleum Corp MPC to finance the purchase.
"As the Fed raises interest rates ... individual stock volatility crops up and gives us these opportunities," Lebenthal said.
CLF Price Action: Cleveland-Cliffs has traded as low as $12.77 and as high as $26.51 over a 52-week period.
The stock was down 7.73% at $19.35 Friday afternoon.
Photo: xusenru from Pixabay.
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