I posted a chart on my investment in CLF prior to this chart.
The good news today is the announcement that the company used free cash to retire the series B preferred stock related to the ArcelorMittal deal thus effectively reducing proforma share count by 10%. This is a positive earnings driver for the share price upward over the next two quarters.
The $22 strike, 2023 leap puts I sold are in the money.
This is a move which is more than twice the 20 day average true range.
To follow the trend, additional investment of an additional 2% of total account value is required.
I like my chances.
all the best
The good news today is the announcement that the company used free cash to retire the series B preferred stock related to the ArcelorMittal deal thus effectively reducing proforma share count by 10%. This is a positive earnings driver for the share price upward over the next two quarters.
The $22 strike, 2023 leap puts I sold are in the money.
This is a move which is more than twice the 20 day average true range.
To follow the trend, additional investment of an additional 2% of total account value is required.
I like my chances.
all the best
Trade active:
Continuing to invest in CLF. I sold the November 23/19 strangle this moring for a nice net credit of 38 cents. I will own CLF sub 19. A buyout offer above $23 hurts me but CLF has been a consolidator and not a target in this industry.
Comment:
time will tell. But I also have a leap position that will mitigate a buyout offer if it were to occur.