Having made the streets safe for Truth, Justice, and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio.
When a single tweet from Elon Musk can send the value of either cryptocurrency swinging violently, there’s too much uncertainty and risk involved.
What’s attracted the Reddit crowd to an otherwise stodgy name in the old-line market like steel is the heavy short interest built up in its stock.
Even so, it looks like meme stock traders could have picked the right shares to climb aboard for the wrong reason.
Its purchase of AK Steel in March followed by its absorption of ArcelorMittal in December made Cleveland-Cliffs the largest producer of flat-rolled steel in North America, giving it combined revenue of $5.35 billion in 2020, more than double the $2 billion it produced in 2019.
Autos are the steelmaker’s primary focus, and both internal-combustion and electric vehicles have incorporated steel into their development.
Steelmakers in general have seen tremendous growth this year, with Nucor gaining 80%, Steel Dynamics up 63%, and U.S.