Cleveland-Cliffs Set for Longest Weekly Win Streak in Years

AMZN is headed for its third straight weekly loss

by Karee Venema

Published on Feb 8, 2019 at 2:41 PM

The Dow is headed for its first weekly loss of 2019 on concerns over U.S.-China trade negotiations. Among individual names making notable moves are FAANG stock Amazon.com, Inc. (NASDAQ:AMZN), mining firm Cleveland-Cliffs Inc (NYSE:CLF), and SurveyMonkey founder SVMK Inc (NASDAQ:SVMK). Here's a quick look at what's moving the shares of AMZN, CLF, and SVMK.

Amazon Drops on Bezos, HQ2 Headlines

Amazon is making headlines today, after CEO Jeff Bezos accused the National Enquirer and its parent company, American Media, of blackmail and extortion. Additionally, the company is reconsidering building its second headquarters in New York amid backlash from local politicians and residents, as reported in the Bezos-owned Washington Post. In reaction, AMZN stock is down 2.1% at $1,578.61, pacing for its third straight weekly loss.

The equity has been stuck below its 200-day moving average for most of the past few months, but analysts are overwhelmingly bullish toward Amazon. While 25 of 27 covering analysts maintain a "buy" or better rating -- with not a single "sell" on the books -- the average 12-month price target of $2,074.58 is a 31.4% premium to AMZN's current price.

Wall Street is Cheering Cleveland-Cliffs Outlook

Cleveland-Cliffs stock is up 8.5% to trade at $11.83, after the mining firm reported a fourth-quarter profit beat and gave a positive outlook for iron ore and pellet premium. Plus, CLF said it is increasing HBI production, and CEO Lourenco Goncalves noted the expected profit boost from this is "at best under appreciated by outside investors ... at worst, not factored in at all in their evaluation models.

Today's upside puts the stock on track for not only its seventh straight weekly win, the longest such streak since early 2011, but also its biggest weekly advance since July, up 12.1% so far. One CLF option trader is calling a top, though. Amid accelerated volume -- the 125,567 contracts traded is six times what's typically seen, and nearing an annual high -- a 6,500-contract block of April 12 calls is apparently being sold to open. Earlier today, CLF hit an intraday peak of $12.25.

Sheryl Sandberg Takes Stake in SVMK

SVMK stock was up more than 7% earlier, but has since pared these gains to 1.5% to trade at $14.23. The equity is reacting to a Securities and Exchange Commission (SEC) filing that revealed Facebook Chief Operating Officer Sheryl Sandberg took an 8.2% stake in the company. Sandberg's late husband Dave Goldberg was CEO of SurveyMonkey at the time of his death in 2015.

Today's earlier rally ran into familiar resistance at $15, a region that has kept a tight lid on the shares since last October. Short sellers have been wagering on even more trouble for the stock that went public back in September. Short interest surged 41% in the two most recent reporting periods to a record-high 3.45 million shares.

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