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Stock Market & Financial Investment News

News Breaks
January 3, 2013
18:44 EDTCLF, AAUKYCliffs Natural, Anglo American to sell stakes in Brazilian joint venture
According to an SEC filing, on December 27, the board of directors of Cliffs Natural Resources (CLF) authorized the sale of the company’s 30% interest in the Amapá joint venture located in Brazil. Anglo American (AAUKY) currently owns the remaining 70% of Amapá. Both the company and Anglo American will be selling their respective interests in a 100% sale transaction to a single entity. Based on the results of the broad auction process and the terms of the pending sale, management of the company made a determination on December 27, that the value of its Amapá Interest recorded in the financial records of the company needs to be adjusted to reflect the fair value of our investment. Accordingly, the Company will record a pretax impairment charge of approximately $380M to $420M, all of which is non-cash, in the company’s financial statements as of December 31, 2012. The company does not expect that the sale of the Amapá Interest will result in material future cash expenditures.
News For CLF;AAUKY From The Last 14 Days
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July 28, 2014
10:02 EDTAAUKYOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AcelRx (ACRX) downgraded to Hold from Buy at Canaccord... Anglo American (AAUKY) downgraded to Neutral from Buy at UBS... Aon plc (AON) downgraded to Hold from Buy at Sandler ONeill... Cabot Oil & Gas (COG) downgraded at Oppenheimer... Cisco (CSCO) downgraded to Sector Perform from Outperform at Pacific Crest... Coeur Mining (CDE) downgraded to Market Perform from Outperform at Raymond James... DSW (DSW) downgraded at Sterne Agee... DuPont Fabros (DFT) downgraded to Neutral from Buy at Citigroup... El Paso Electric (EE) downgraded to Hold from Buy at Jefferies... Enphase Energy (ENPH) downgraded to Hold from Buy at Deutsche Bank... GlaxoSmithKline (GSK) downgraded to Neutral from Buy at BofA/Merrill... Horizon Technology (HRZN) downgraded to Hold from Buy at Wunderlich... Lear (LEA) downgraded to Hold from Buy at Deutsche Bank... Life Time Fitness (LTM) downgraded at Wedbush... Monster Beverage (MNST) downgraded to Neutral from Buy at UBS... NRG Energy (NRG) downgraded to Buy from Conviction Buy at Goldman... PG&E (PCG) downgraded to Sell from Neutral at Goldman... Pfizer (PFE) downgraded at BMO Capital... Post Properties (PPS) downgraded to Neutral from Buy at Citigroup... Publicis (PUBGY) downgraded to Sell from Neutral at Citigroup... Selmer Scientific (SMLR) downgraded to Hold from Buy at Aegis... TransCanada (TRP) downgraded to Neutral from Outperform at Credit Suisse... Travelers (TRV) downgraded to Hold from Buy at Sandler O'Neill... Zurich Insurance (ZURVY) downgraded to Underperform from Market Perform at Bernstein.
10:02 EDTCLFOn The Fly: Analyst Upgrade Summary
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09:50 EDTCLFActive equity options trading on open
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09:19 EDTAAUKYAnglo American downgraded to Neutral from Buy at UBS
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09:12 EDTCLFCliffs Natural upgraded to Neutral from Underperform at Macquarie
Macquarie upgraded Cliffs Natural based on a better earnings outlook and a potential positive resolution either way to the proxy battle. Price target raised to $17 from $10.
July 24, 2014
10:30 EDTCLFCliffs Natural backs FY CapEx view $275M-$325M
Says recommendations of proxy firms "clear and unanimous" that Casablanca nominees "should not constitute majority of Cliffs board." Says now is not the time to liquidate assets. Lowering FY CapEx spending about 65% from 2013 levels. Says will continue reviewing opportunities to further reduce CapEx spending without compromising production or safety. Says coal market conditions remain challenging. Says idling Pinnacle Mine "increasingly likely" given current market conditions. Sees cash tax rate 24% for FY. Sees cost cutting, asset optimization plans continuing. Comments made on the Q2 earnings conference call.
09:24 EDTCLFCliffs Natural notes revied Glass Lewis recommendation
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08:24 EDTCLFCasablance urges Cliffs investors to disregard Glass Lewis's recommendation
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July 23, 2014
18:53 EDTAAUKYBHP Billiton, Anglo seek buyers for manganese assets, WSJ reports
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18:34 EDTCLFOn The Fly: After Hours Movers
UP AFTER EARNINGS: Fortinet (FTNT), up 7.8%... Hanesbrands (HBI), up 5.4%... 8x8 (EGHT), up 5.1%... Infinera (INFN), up 4.9%... Facebook (FB), reverses and is now trading up 5.1% following second quarter earnings conference call. NOTABLE: Twitter (TWTR), up 1.7%, LinkedIn (LNKD), up marginally, and Yelp (YELP), up 1.6% after Facebook reports second quarter results. ALSO HIGHER: Spectranetics (SPNC), up 7.1% after receiving FDA clearance for atherectomy products, Turbo-Tandem and Turbo Elite... Ariad Pharmaceuticals (ARIA), up 7.1%... Jamba (JMBA), up 3.8% after Engaged Capital reports stake in the company and announced that they had discussions with management. DOWN AFTER EARNINGS: AT&T (T), down 1.2%... Angie's List (ANGI), down 16.4%... Tripadvisor (TRIP), down 11.5%... Orchids Paper (TIS), down 7.4%... Cirrus Logic (CRUS), down 6.6%... Cliffs Natural (CLF), down 1.2%... Teradyne (TER), down 4%. ALSO LOWER: Kandi Technologies (KNDI), down 3.8% after being mentioned negatively in a Seeking Alpha blog post.
16:44 EDTCLFCliffs Natural lowers U.S. iron ore production view to low end of prior outlook
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16:39 EDTCLFCliffs Natural reports Q2 EPS (1c), consensus (6c)
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July 21, 2014
14:18 EDTCLFCliffs Natural July weekly volatility increases into Q2
Cleveland Cliffs July weekly call option implied volatility is at 83, August is at 58, September is at 57, January is at 43; compared to its 26-week average of 46 according to Track Data, suggesting larger near term price movement into the expected release of Q2 results on July 24.
12:11 EDTCLFStocks with call strike movement; PBR CLF
Petrobras (PBR) October 20 call option implied volatility increased 3% to 44, Cliffs Natural (CLF) October 17 call option implied volatility increased 7% to 48 according to IVolatility
08:07 EDTCLFCliffs Natural urges vote in favor of seven Cliffs nominees
Cliffs Natural Resources issued an open letter to shareholders in connection with its upcoming 2014 Annual Meeting of Shareholders, stating in part: "Cliffs' July 29 Annual Meeting of Shareholders is right around the corner and you have an important and strategic choice to make regarding the composition of the Cliffs Board and the future direction of your company. Last week, Cliffs announced that we reduced our slate from nine to seven candidates in order to provide shareholders with a clear path to vote consistently with the recommendations of Institutional Shareholder Services and Glass Lewis & Co without inadvertently providing Casablanca Capital with a majority of the Board of Directors as a result of Cliffs' cumulative voting provision... Surrendering a majority of the Board will enable Casablanca to enact what we believe is a value-destructive plan, including a "fire sale" of Cliffs' assets at the bottom of the commodity cycle."
July 20, 2014
12:56 EDTAAUKYAnglo American plans to sell South African platinum mines, Sunday Times says
Anglo American plans to sell off its legacy South African platinum mines and according to the Sunday Times, will make the announcement tomorrow in a move that will reduce headcount by 20,000. Reference Link
July 18, 2014
10:05 EDTCLFCasablanca calls Cliffs Natural revised proxy 'desperate ploy'
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08:15 EDTCLFCliffs Natural announces revised proxy with ISS, Glass Lewis recommendations
Cliffs Natural announced that it has revised its WHITE proxy card to provide shareholders with a clear path to vote consistently with the recommendations of Institutional Shareholder Services, or ISS, and Glass Lewis without inadvertently providing Casablanca Capital with a majority of the board as a result of Cliffs' cumulative voting provision. While both proxy solicitation firms have recommended shareholders support four Casablanca nominees, they have recommended that Cliffs' nominees should remain as the majority of Cliffs' board. As such, Cliffs' board has reduced its slate of directors to be elected at the 2014 Annual Meeting from nine to seven candidates, with Barry J. Eldridge and Stephen M. Johnson no longer standing for re-election. With this change, shareholders can vote the company's WHITE proxy card in order to elect four of Casablanca's nominees and seven of Cliffs' nominees, which is in line with both ISS' and Glass Lewis' recommendations. In addition, Cliffs' board is offering to include Lourenco Goncalves, Joseph Rutkowski, Gabriel Stoliar, and Douglas Taylor on Cliffs' WHITE proxy card, subject to such individuals providing Cliffs with their consent to include their names on Cliffs' proxy card.
July 17, 2014
09:50 EDTCLFEgan-Jones recommends Cliffs Natural investors vote for director nominees
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05:13 EDTCLFISS, Glass Lewis recommend Cliffs Natural holders vote GOLD proxy card
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