Latest news with #CLF
Yahoo
4 days ago
- Business
- Yahoo
Cleveland-Cliffs shares slide after GLJ Research double-downgrades stock to Sell
-- Shares in Cleveland-Cliffs (NYSE:CLF) slid roughly 1.5% in premarket trading Wednesday after GLJ Research double-downgraded the stock to Sell from Buy and cut the price target to $3.91. The downgrade marks a stark reversal in analyst Gordon Johnson's stance, who acknowledged a "horrible/terrible call to buy CLF's stock' in January at $9.90 per share. According to GLJ's note, the rating cut reflects deepening concerns over CLF's operational and financial health. First-quarter EBIT came in at negative $538 million, significantly below consensus expectations of negative $385 million. Johnson described it as 'the worst showing ever (yes, you heard that right),' while first-quarter EBITDA, at negative $174 million, marked the weakest performance since the COVID-era second quarter of 2020. CLF has guided Q2 steel prices up $40 per ton quarter-over-quarter, yet analysts still project EBIT to remain in the red, with consensus estimates forecasting a loss of $227 million. 'The company is unable to turn a profit in a quarter when prices are rising,' the analyst stressed. Debt levels also raised red flags. Total debt surged to a record $7.6 billion, pushing leverage to roughly 40 times total assets. Johnson wrote that 'CLF's fate appears to be based on the preservation of protectionist measures from President Trump on steel imports as well as the reshoring of U.S. auto manufacturing,' adding that this creates 'large risks to the company, depending on 'what side of the bed' President Trump wakes up on regarding his tariff policy.' The analyst identified four key reasons to short the stock despite its 32% decline year-to-date and relatively high short interest of 13.9%. Applying an '(very) generous 8.5x EV/EBITDA multiple' to his 2029 estimate, Johnson arrived at the revised $3.91 price target. While the company is attempting to restructure operations and focus on the automotive sector, Johnson sees these efforts as insufficient in the current macro and industry backdrop. 'With the fundamentals around the U.S. steel industry in free-fall (and particularly so for CLF), as well as our view that consensus estimates remain too high, we now see CLF as a core short position in any Metals & Mining portfolio,' he concluded. Related articles Cleveland-Cliffs shares slide after GLJ Research double-downgrades stock to Sell This is what matters most for today's Nvidia earnings print: Mizuho Deutsche Bank cuts PDD Holdings rating following 45% earnings decline
Wall Street Journal
07-05-2025
- Business
- Wall Street Journal
Cleveland-Cliffs to Pause Operations at Several Plants After Wider Loss, Lower Revenue
Cleveland-Cliffs posted a loss of $495 million, compared with a loss of $67 million a year earlier. Photo: Luke Sharrett/Bloomberg News Cleveland-Cliffs CLF -1.39%decrease; red down pointing triangle will pause or slow operations at plants after logging a wider loss and lower revenue in the first quarter. The steelmaker on Wednesday said it is fully or partially idling six facilities between March and May, and cited the need to optimize its footprint and shift away from loss-making operations.
New York Times
14-04-2025
- Health
- New York Times
Former NHLer Chris Simon had ‘severe' CTE when he died
Chris Simon, a two-time NHL All-Star who won a Stanley Cup with the Colorado Avalanche in 1996, had stage 3 chronic traumatic encephalopathy (CTE) when he died by suicide in 2024, according to a post-mortem brain tissue analysis released by his family and the Concussion Legacy Foundation (CLF) on Monday. Advertisement Simon played for seven franchises during his 15 seasons in the NHL. He went on to play in 174 games in the KHL before retiring from professional hockey in 2013. 'Mr. Simon had severe CTE pathology in areas of the brain involved with cognition and mood regulation, and it is likely CTE contributed to his memory problems, depression, and apathy,' Dr. Ann McKee, chief of neuropathology for the VA Boston Healthcare System, said. A gritty left winger, Simon fought more than 100 times and accumulated 1,824 penalty minutes as a professional. Immediately following his death in 2024, Simon's family attributed his suicide to CTE. While it is not possible to diagnose individuals with the neurodegenerative condition while they are alive, symptoms such as emotional volatility and memory loss can help doctors identify potential cases. 'Chris was suffering tremendously from CTE. We saw him declining but did not know where to turn to for help,' Simon's parents and sister said in the statement. 'Chris' short-term memory issues were ongoing for many years. We also learned that he had lost most of his hearing, had daily headaches, light sensitivity, paranoia, was easily frustrated with tasks, had extreme anxiety, difficulty navigating in a vehicle, apathy- lack of feeling and emotion, impulsivity, distancing himself from those who meant the most to him, had executive dysfunction – meaning he couldn't plan or problem solve and he had suicidal thoughts at times.' According to his family, Simon had 'distanced himself from his family and friends the last three years of his life.' They said the CLF diagnosis will help bring his loved ones some closure. 'The Chris we knew had been gone for quite some time. Looking back, we now realize that Chris likely started suffering from CTE in his late 20s to early 30s,' they said. 'Our entire family suffered for many years as we saw our son, brother, father, husband slip away from us and we couldn't do anything to help him.' Advertisement During his NHL career, Simon scored 161 goals and added 168 assists. He competed in 75 playoff games, including the Avalanche's first Stanley Cup run, and returned to the Stanley Cup Finals with the Washington Capitals in 1998 and the Calgary Flames in 2004. A player known for delivering hard hits and often initiating altercations, the NHL suspended Simon eight times over his career. He missed a total of 65 games due to suspensions, including a 30-game suspension in 2007 that ranks among the longest in league history. In that incident, Simon pulled the Pittsburgh Penguins' Jarkko Ruutu to the ice and stomped on his leg with his skate. Simon, who was playing for the New York Islanders, subsequently took an indefinite leave from the team to seek counseling. 'I have enjoyed a long career achieving my dream of being a player in the National Hockey League and I'm proud of my accomplishments,' Simon said in a statement apologizing to Ruutu at the time. 'But I acknowledge that time and assistance is needed before I return to the game.' Simon filed for bankruptcy in 2017, saying he could not work due to CTE and other injuries he sustained during his playing career. He began collecting disability payments earlier that year and also joined a class-action lawsuit over the NHL's handling of head trauma. The lawsuit was settled in 2018 for $18.9 million, though it's unclear how much of that money Simon received. In their statement announcing his CTE diagnosis, Simon's family lamented 'the negligence of a professional league turning a blind eye to CTE and other significant brain injuries sustained in the sport of hockey.' The statement specifically pointed to NHL Commissioner Gary Bateman's history of disputing the connection between CTE and hockey. 'We listen to the medical opinions on CTE, and I don't believe there has been any documented study that suggests that elements of our game result in CTE. There have been isolated cases of players who have played the game [who] have had CTE. But it doesn't mean that it necessarily came from playing in the NHL,' Bettman told NPR in 2023. Advertisement The CLF said 19 of 20 NHL players' brains studied at Boston University's CTE Center, including Simon, have tested positive for CTE. It noted the diagnoses of former players Bobby Hull, Ralph Backstrom, Stan Mikita, Bob Probert and Derek Boogaard were included in a 2024 study by the university that 'found the odds of developing CTE increased by 34 (percent) for each year of hockey played.' A request for comment from the NHL was not immediately returned. If you or someone you know is having thoughts of suicide, call or text 988 for the Suicide and Crisis Lifeline, or contact the Crisis Text Line by texting TALK to 741741.
Nahar Net
04-04-2025
- Entertainment
- Nahar Net
Rihanna's expanding Clara Lionel Foundation: A model for celebrity philanthropy
by Naharnet Newsdesk 04 April 2025, 15:54 Rihanna is accustomed to defying convention. The nine-time Grammy winner has turned her wide-ranging string of hits, including "Umbrella" and "Work," into a business empire worth an estimated $1.4 billion, placing her high on last year's Forbes list of the richest "self-made" American women. The Barbados native stunned entertainment's biggest stage with a pregnancy reveal during her solo 2023 Super Bowl halftime show. And her successful Fenty Beauty cosmetics brand revolutionized the makeup industry with its inclusive shades. But it is not the megastar-turned-mogul's long-awaited follow-up to 2016's "Anti" album set to make waves this year. It's her philanthropy. Named after Rihanna's grandparents and funded partially through her brands, the Clara Lionel Foundation is coming off a "refresh" that is poised to direct more funds toward climate solutions and women's entrepreneurship in the under-invested regions of East Africa, the Caribbean and the U.S. South. After 13 years of relative anonymity, the nonprofit is ready for more visibility. "Our founder is a woman from a small island nation who's got global reach. She's an entrepreneur. She's a mom. She's a creative," said Executive Director Jessie Schutt-Aine. "So, we want an organization that reflects that spirit and that energy. She's bold and she's ambitious. She's innovative. She always does things different. She's a game changer." Experts say it's rare to see such intentionality among famous philanthropists. Clara Lionel Foundation has also garnered praise for its embrace of "trust-based" giving, which empowers recipients with unrestricted funding. NDN Collective founder Nick Tilsen said CLF lets his Indigenous power-building nonprofit "do the work on our terms" — and that other funders should take notes. "They're not a foundation that's all up in your business, either," Tilsen said. "They support. They see the work. They allow us to do what we need to do." Clara Lionel Foundation's personal roots Rihanna started the foundation with a $516,000 contribution after her grandmother died of cancer complications in 2012. That year, the musician established an oncology center at Barbados' main hospital to expand cancer screening and treatment. And the young foundation focused on healthcare and Barbados for much of last decade. By 2019, though, CLF had begun prioritizing emergency preparedness. Grantmaking jumped to more than $33 million in 2020 as the nonprofit provided much-needed pandemic relief and backed racial justice efforts. Post-pandemic spending slowdowns coincided with its internal transition, according to tax filings. A revamped team and refined priorities now match its broader ambitions. A new director for women's entrepreneurship, based in South Carolina, will build out that pillar's programs. Black Feminist Fund co-founder Amina Doherty now oversees programs and impact. Rounding out its five new pillars are climate solutions, arts and culture, health access and equity, and future generations. The youth focus was commended by Ashley Lashley, a 25-year-old whose foundation has worked with CLF to address environmental challenges in her native Barbados. She often hears leaders say that 'youth are the future,' she said, but those statements rarely translate into actual support. "Rihanna's foundation is a prime example of how women in power can help contribute to work that is being done at the community level," Lashley said. Rihanna told The Associated Press she hopes CLF will continue to be a force for "global inclusion in philanthropy." She reflected on the foundation's 13-year transformation in a statement: "Today we have global reach, but that notion of love for community and for our roots runs deep in the DNA of the foundation." Finding partners — big and small The latest example of that evolution is a partnership with The Andrew W. Mellon Foundation. Barbados' "invaluable history" as "an essential chapter in the broader story of the African diaspora" is threatened by climate change, according to a Mellon press release. Together, the two foundations announced, they will fund "artist-led initiatives" to protect that culture "while inspiring new narratives and opportunities internationally." Schutt-Aine views the partnership with Mellon — the largest philanthropic supporter of the arts in the U.S. — as a milestone for CLF. Justin Garrett Moore, the director of the Mellon's Humanities in Place program, said the nonprofit's name arose when his team asked contacts to recommend partners. "We think there is an incredible platform that Clara Lionel Foundation has, with their founder, to bring this type of work into a legibility and visibility for the organizations that will be supported," Moore said. "Also, just generally in the society, to help amplify the power of the arts." Among those grantees is a developmental performance arts program that also provides free social services to students in the nation's capital of Bridgetown. Operation Triple Threat founder Janelle Headley said Clara Lionel Foundation helped the nonprofit afford a warehouse outfitted with acoustics panels, sound equipment and a dance floor. The relationship began with a microgrant for scholarships. Operation Triple Threat now receives general operating support — a "revolutionary" investment, Headley said, because charitable donations are usually earmarked for specific causes. That flexibility proved especially helpful during the pandemic when rapidly changing circumstances created new needs like iPads for remote learning. "It's uncommon, to be honest, to have someone give a sizable donation unrestricted and say, 'We trust you, your vision,'" Headley said. "That is very forward-thinking of them." A unique model for celebrity philanthropy The approach is unique, according to Mary Beth Collins, the executive director of the Center for Community and Nonprofit Studies at the University of Wisconsin-Madison. She finds that celebrities typically engage in philanthropy only when necessary. But Collins said CLF appears to think long-term about its partners and deliberately in its bottom-up funding. The strategies align with her own recommendations to engage expert professionals, address root causes, select focus areas important to founders and lift up leaders living those issues. "We want to see funds and resources from the more endowed people in the world going to those leaders on the ground that really know the place and the experience and the issues best," Collins said. CLF used that model late last year when it provided additional funding to a clean energy nonprofit partner impacted by Hurricane Helene. Melanie Allen, co-director of The Hive Fund for Climate and Gender Justice, said they suddenly received around $60,000 to quickly distribute among vetted partners in devastated communities. The contribution came amid an increasingly hostile environment for nonprofits like hers supporting women of color, which has prompted some philanthropists to reduce giving. Allen said she is excited about CLF's "deep commitment to the South going forward." As others reduce resources, CLF wants to bring more philanthropic partners to the table. They're planning a summer convening for grantees to expand networks. The message, CLF's Doherty said, is "We will stick with you." "Some people might say times look bleak," Doherty said. "But this is a moment of possibility." The importance of remaining grounded in communities you serve is a lesson Schutt-Aine learned throughout a 25-year global health career. Most recently the Chief of Equity, Gender and Cultural Diversity at the Pan American Health Organization, Schutt-Aine has treated the world's deadliest infections of tuberculosis, malaria and HIV/AIDS. "If you're going to work on malaria," she said, "you need to have lived with the mosquito."
Yahoo
04-04-2025
- Business
- Yahoo
Why Cleveland-Cliffs Inc. (CLF) Went Up On Wednesday?
We recently published a list of . In this article, we are going to take a look at where Cleveland-Cliffs Inc. (NYSE:CLF) stands against other top performing stocks on Wednesday. Wall Street's three major indices finished in the green territory on Wednesday as investors continued to digest news of President Donald Trump's tariff rollout on imports. The tech-heavy Nasdaq finished the day strongest, adding 0.87 percent. The S&P 500 grew 0.67 percent, while the Dow Jones was up 0.56 percent. Ten individual stocks mirrored a broader market optimism, closing the day in the green amid a series of corporate developments that sparked buying appetite. In this article, we named Wednesday's top performers and detailed the reasons behind their gains. To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in trading volume. A quantum computer on a countertop in an engineering laboratory with a technician at work. Cleveland-Cliffs snapped a three-day losing streak on Wednesday, jumping 7.78 percent to finish at $8.73 apiece as investors resorted to safe haven stocks amid the ongoing trade tensions globally. As a stalwart import tariff supporter, CLF CEO Lourenco Goncalves earlier said that President Donald Trump's imposition of tariffs on imports can make a 'long-term positive impact' in making 'America a manufacturing superpower once again.' His statement sparked hopes for CLF, a US-based steel company, as widening the import taxes to all countries could further lead to lower competition for US steelmakers, such as CLF, and make prices cheaper to consumers. In a recent speech to CLF employees, Goncalves discussed the importance of domestic steel operations, underscoring how 120 vehicles, including those from General Motors and Toyota, use significant amounts of CLF steel. 'This idea that we can just ship our industrial base overseas, have China make our steel, have Japan make our cars, have Mexico make other products, and we're just going to be a consumer society. Does that make any sense to any of you?' Goncalves underscored. Overall, CLF ranks 9th on our list of top performing stocks on Wednesday. While we acknowledge the potential of CLF as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as CLF but trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.
