Why Investors Were Fired up About Cleveland-Cliffs Stock Today

Market players are eager to lend Cleveland-Cliffs (NYSE: CLF) money, so much so that a planned debt issue was quickly and substantially upsized. That impressed the market enough to send the company's equity skyward, and in late-session action the large steel maker's stock was up by 9% in price. That performance was notably hotter than that of the S&P 500 index, which was rising by 0.6%.Tuesday morning before market open, Cleveland-Cliffs announced that it would float a fresh issue of senior unsecured guaranteed notes (a type of corporate bond). Then, very shortly after market close that day, it announced it had upsized the issue by nearly 40%. Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool