Cleveland-Cliffs Options Market Braces for 11% Post-Earnings Swing

Cleveland-Cliffs Inc. (NYSE: CLF) is scheduled to report earnings on July 23, and options data indicates traders are anticipating a significant stock price reaction. The market is currently pricing in a potential 11% move in either direction for the steel manufacturer's shares following the pre-market release.

Options Market Expectations

The 11% implied move is derived from the pricing of options contracts and reflects investors' collective expectation for volatility surrounding the earnings event. This figure, compiled by Bloomberg, serves as a key benchmark for traders gauging potential risk and reward.

Historically, Cleveland-Cliffs' stock has often moved more than the options market predicted. The company’s shares have exceeded the implied move in five of the last eight earnings announcements, signaling a tendency for outsized reactions.

A History of Volatility

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Past earnings reports have triggered substantial price swings, highlighting the stock's sensitivity to its financial results and outlook. Notable recent reactions include:

• October 20, 2025: Shares jumped 22.8%, dramatically surpassing the 6.9% implied move.
• May 7, 2025: The stock fell 15%, a larger drop than the 9.3% move priced in by options.
• February 9, 2026: A 10.5% decline in the share price narrowly exceeded the 9.9% implied volatility.

In its most recent report on April 20, the stock's reaction was more muted, with shares rising 7.6%—less than the 9.3% move traders had anticipated.