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. Author: 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.