Cleveland-Cliffs Jumps on Support From Meme Stock Traders
Shares of steelmaker Cleveland-Cliffs jumped more than 14% on nearly four times their normal daily trading volume on Wednesday.
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Shares of Cleveland-Cliffs Inc. (
CLF) - Get Report jumped more than 14% on Wednesday as the steelmaker was swept up in the meme-stock craze that has roiled markets in recent months.
Cleveland-Cliffs shares experienced more than four times their normal trading volume, rising 14.6% to $23.22 on Wednesday. Trading in the company's call options was five times the average, according to Bloomberg.
A forum on Reddit channel WallStreetBets claims the company is being shorted and that it is undervalued at a time when steel prices are rising and there are long wait times for big steel orders due to shortages.