Cliffs Natural Resources Falls Hard After Mixed Q1 Report

Cliffs Natural Resources Inc CLF shares are trading lower by $0.68 (10 percent) at $6.51 in Thursday's session. Before the open, the company reported inline Q1 EPS at $0.16 along with a revenue beat of $42 million.

Despite the decent report, the stock is trading in the red in today's session. That may be attributed to the carnage in another stock in the steel sector, US Steel X, which shed 25 percent Wednesday and is continuing lower in today's session.

After a lower open, Cliffs managed only a $0.03 bounce to $6.83 before continuing its move lower. The follow through on the decline has taken the stock beyond its former low for the move ($6.66) to $6.45 and continues to make lows for the session.

In order to fill the void in price created from the Trump victory and reach the upper-end of its November 8 range, it would need to reach $6.33.