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The European Commission is advocating for reduced US tariffs as trade discussions commence, following President Trump's proposal to double import duties on steel and aluminum to 50%. European Trade Commissioner Maros Sefcovic will meet US Trade Representative Jamieson Greer in Paris, while technical teams will engage in talks in Washington.The proposed tariff increase has already led to a surge in US steel manufacturer stocks, but has negatively impacted automakers and construction companies due to rising input costs. Historical patterns indicate that such tariffs often benefit specific producers while imposing broader economic costs, potentially leading to retaliatory measures from the EU affecting up to €95 billion of US imports.
Cleveland-Cliffs Inc. (NYSE: CLF) saw a 0.8% increase in stock price, opening at $7.57, with a market cap of $3.74 billion. The company reported a quarterly loss of ($0.92) EPS, missing estimates, and insiders acquired 23,500 shares valued at $243,095, representing 1.71% ownership. Analysts maintain a "Moderate Buy" rating, with an average price target of $15.02.
Cleveland-Cliffs Inc. (NYSE: CLF) reported a quarterly EPS of ($0.68), missing estimates, with revenue of $4.33 billion. Insiders purchased 23,500 shares worth $243,095 recently, while institutional ownership stands at 67.68%. Analysts maintain a "Moderate Buy" rating with an average target price of $15.49.
Cleveland-Cliffs Inc. reported a quarterly EPS of ($0.68), missing estimates, with revenue of $4.33 billion. The stock, currently trading at $9.58, has a market cap of $4.73 billion and a PE ratio of -9.87. Insider transactions included significant purchases by executives, reflecting confidence in the company.
U.S. equities rebounded at midday, buoyed by optimism for nuclear energy and Tesla's recovery from disappointing delivery numbers. Vistra, NRG Energy, and Constellation Energy surged due to rising electricity demand for AI data centers, while U.S. Steel shares fell after President Biden blocked Nippon Steel's takeover on national security grounds. Alcohol stocks declined following health warnings about drinking and cancer.
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