Founded in 1902, Minnesota Mining and Manufacturing (MMM) started as five businessmen set out to min...
03/30/2017 2:50 am EST
Ah, there’s nothing like taking a chance on a “Trump idea” — and then “getting Trumped” shortly after making the recommendation!
I am talking about our new recommendation for Cliffs Natural Resources (CLF), which has dropped by over 20% in just four weeks.
One reason for the decline is almost certainly the “surprise” that Trumps comments that pipelines were required to be built with American steel, changed in the final document to only require the use of American steel in “new” pipelines.
This, in turn, is causing folks to second guess whether American steel will be mandated or not for other infrastructure projects that have been talked about.
As it stands, I still do believe that there is a solid turnaround story underway at Cliffs Natural, and so my recommendation to own the stock has not changed.
I remain hopeful that at least a portion of the steel used to rebuild our infrastructure will, in fact, come from the U.S. regardless of whether Trump insists on it or not.
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