CLF is trading 5.2% down today at $11.28 following a rating cut from Morgan Stanley and a sharp multi-day pullback from its spring rally.
- Morgan Stanley downgraded the stock to Equalweight from Overweight, noting that much of the steel-price upside is likely already priced in after a 50% climb since April.
- Shares are continuing to slide as investors reassess valuations and broader market sentiment toward the steel sector.