Cliffs stock dips as CEO rips Wall Street analysts

21 Octobre, 2018, 09:36 | Auteur: Auguste Feret
  • Cleveland-Cliffs

Not content to blast the profession as a whole, Goncalves singled out Goldman Sachs senior analyst Matthew Korn for writing in a report on Friday that Cleveland-Cliffs had "modestly missed estimates", according to one published account.

"We are going to screw these guys so badly that I don't believe that they will be able to only resign".

"You guys should resign for your lack of knowledge of things", said Lourenco Goncalves, the CEO of Cleveland-Cliffs Inc. "They will have to commit suicide". He vowed to catch up with the analyst at a Goldman Sachs conference, and suggested that the analyst bring an unidentified colleague who studies commodities.

The rant earned Goncalves an invitation to appear later on CNBC, but Cleveland-Cliffs shares sank almost 8 percent in afternoon trading.

Cliffs reported consolidated revenues of $742 million - up from $597 million in the third quarter of 2017.

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The harsh words are reminiscent of a confrontational performance in May by Elon Musk, when the Tesla CEO blasted what he call "boring, bonehead" questions about the electric vehicle maker during a conference call with stock analysts.

"Matthew Korn, if you are in the call, it is still 10:42, why you don't ask a freaking question", Goncalves had said early in the call.

The iron-ore mining company said that excluding discontinued operations it earned 64 cents per share in the third quarter. That fell short of Korn's prediction of 68 cents per share and the consensus forecasts of analysts surveyed by Reuters and Zacks Investment Research - both of which came in at 66 cents per share.

Goncalves later said on CNBC that Goldman Sachs had used the wrong share count - 303 million instead of 310 million - in calculating estimated earnings per share.

Reps from Goldman Sachs declined to comment. "I don't believe I berated anyone", he said. The stock price peaked above $100 in 2011, crashed to under $2 by the end of 2015, then rallied.

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