Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Cliffs Natural Resources (CLF 4.44%) jumped 17% today after the company released earnings.
So what: Revenue fell 6%, to $1.14 billion, and net income dropped 74%, to $97.1 million, or $0.60 per share after adjusting for one-time items. Analysts expected earnings of $0.32 per share, so the company did far better than expected, which is why the stock jumped.
Now what: Cliff's may have beaten estimates, but the industry trends still aren't working in its favor. Global iron ore volumes fell 10% in the quarter and prices are down, which is why profit was so low. I'm not betting on an industry in decline and would sell the bump today.
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