Cleveland-Cliffs Rallies 20% In A Week: Here's Why The Stock Might Be Headed Even Higher

Cleveland-Cliffs Inc CLF is up nearly 40% over the last month amid geopolitical tensions and the "buy American" push from U.S. President Joe Biden.

Longtime Cleveland-Cliffs bull Jim Lebenthal doesn't see anything that can knock the stock off its upward trajectory anytime soon.

"There are factories being built all over this country that require steel," Lebenthal stressed Friday on CNBC's "Fast Money Halftime Report."

There are many other things being built that demand steel, he added: "I could go on and on."

Steel prices are headed back up and volume remains strong. Despite the strong move in Cleveland-Cliffs over the last month, "this is a great company to own right now," Lebenthal said.

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Follow The Money: Market Rebellion co-founder Jon Najarian told CNBC he's been seeing unusual call buying volumes in Cleveland-Cliffs. On Friday, someone bought 6,000 call options expiring March 26 after strong call buying last week. "They just keep rolling up and up and up," he said.

Najarian noted that he bought more upside calls in Cleveland-Cliffs Friday morning.

Cleveland-Cliffs is a flat-rolled steel producer and a manufacturer of iron ore pellets in North America.

CLF Price Action: Cleveland-Cliffs has jumped about 20% over the last five trading days.

The stock was up 2.13% at $25.96 at time of publication.

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Posted In: Long IdeasOptionsMarketsMediaTrading IdeasCNBCJim LebenthalJoe BidenJon Najarian
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