Never. The bottom was tested last week with the 68 million share trading day and they clearly could not break support with 74% institutional holders.
Market and economy has nothing to with it. Central banks have sold off the entire CME even with iron ore at it's peak because banks need funds as most are illiquid and relying on the Fed to stay afloat who is giving then 100 Billion a day through repos which will not last.
Lorenco knows the banks are in trouble and is going to hit them right between the eyes when they least expect it as CLF has become an ATM for longs with free cash flow building at an extreme rate.
Lorenco clearly stated on the last call, that he is done buying back when the 300mm he set aside was used up and he would not seek any more investments going forward and instead will return the free cash flow to investors.
It won't be long and we will be saying good by to bottom dwelling banks ripping this stock off. With the EPS going up with a share count reduction, this stock should be trading between $30 and $40 with the dividend reinstated.
The dividend reinstatement and adding 4 cents making it a dime was just a beginning for what is in store for longs.
Mark my word, with the Free Cash Flow, Lorenco is going to come out swinging as he himself is the largest personal shareholder and he made it crystal clear on the call that the next round of FCF is going directly to investors. The employee purchase plan will be looked at more closely just the same.
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