No I don't think Boeing really has very much to do with it really. All the metal stocks have been hammered hard. Its part of Alcoa (sort of) and its in a lot of indexes and ETF's so its gonna move with the sector. I wouldn't go long, but I wouldn't short it down here either. It'll certainly bounce on any good news. If history is any guide, and you like the sector, I'd probably watch the copper futures for a good uptick. They usually lead the way for metals. Dr Copper or whatever they call it. HG is the contract symbol.
Now Cleveland-Cliffs ($CLF) might be a good one. I've been watching it. They have a lot of debt however, and they just acquired AK Steel in an all stock deal. Personally, I don't think Trump or Biden (he's a big steel guy too) will let them go under. National security. But they picked a bad time for a merger. Of course they'll save a bunch refinancing their debt down here I'd imagine.
It's not a bad company. Tbh... I'd pick it over Arconic. Especially if this infrastructure bill gets legs, which it probably will regardless of who wins in November. It hit a low of about $3.10, its at $3.80 now. Tough call, it could certainly retest those lows, but if we get any rays of hope, it should bounce pretty well. With a 6% dividend, it might be worth buying some for the long haul. They'll surely get a big chunk of this current stimulus. And you can bet we won't be buying any steel from f'ing China anytime in our lifetimes now. F'rs.
