Market News

Insider Buy At AXIS Capital; Cleveland-Cliffs Gets Downgraded; Newmont Confirms 5-Year Deal And More Financial Moves & Market Buzz: Insider Trading, Analyst Downgrade, and Corporate Partnerships

Top Stories for Feb. 8, 2024:

1. AXIS Capital Holdings Limited AXS director Stanley A. Galanski made an insider purchase, acquiring 7,000 shares at an average price of $58.45, for a total of roughly $409,150.

2. Analyst Downgrade: Cleveland-Cliffs CLF was downgraded from Buy to Hold by Argus Research analyst David Coleman, citing a downturn in earnings due to pricing.

3. ArcelorMittal’s Financials: Following a significant performance impact from an accident at the Kostenko mine, ArcelorMittal reported $7.6 billion in EBITDA, $2.9 billion in free cash flow, and an adjusted net income of $4.9 billion while maintaining net debt of $2.9 billion and $13.2 billion in liquidity.

The company aggressively repurchased shares, proposed a higher annual dividend of $0.50 per share, and plans to enhance EBITDA by $1.8 billion by 2026 through strategic investments and decarbonization efforts.

4. Newmont Corporation Partnership: NEM and Project C.U.R.E. announced a five-year agreement to deliver medical supplies and life-saving training for healthcare providers in developing countries and communities near Newmont mining operations.

Newmont is committing to an annual contribution of $200,000 over the next five years, for a total of $1 million. Since 2005, Newmont has distributed more than $42 million in medical supplies and equipment with Project C.U.R.E.

Newmont’s Chief Safety and Sustainability Officer Suzy Retallack expressed pride in the impact on millions of people globally through the partnership with Project C.U.R.E., and the ongoing support to host communities near operations worldwide.

Now Read: Feb. 7 Column – Freeport-McMoRan Announces New President, CEO; US Gold Chairman Discusses CK Gold Project In Wyoming; Ridgeline Royalties Announces Two Appointments; ATI CFO To Speak At Cowen Aerospace & Defense Conference

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