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News Breaks
07:04 EDTCLF
theflyonthewall.com: Cliffs Natural to acquire Chromite Deposits
Cliffs Natural Resources announced it has entered into a definitive agreement to acquire the “Ring of Fire” chromite properties of Montreal-based Freewest Resources Canada. Under the terms of the agreement, Cliffs will acquire Freewest’s interests in the Ring of Fire properties, comprising three world-class chromite deposits: 100% of “Black Thor” and “Black Label,” and 50% of “Big Daddy”, an adjacent deposit held by a joint venture of Freewest, KWG Resources and Spider Resources. Freewest’s other assets will be spun off into a “new” Freewest. Following this spin-off transaction, the “new” Freewest would exist independently and its common stock would continue to trade on the TSX Venture Exchange. Freewest has provided additional information on the transaction’s structure in a press release issued today. :theflyonthewall.com



News For CLF From The Last 14 Days
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February 2, 2010
09:00 EDTCLF
theflyonthewall.com: On The Fly: Analysts Upgrade Summary

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06:20 EDTCLF
theflyonthewall.com: Alcoa upgraded to Buy from Hold at Citigroup

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06:19 EDTCLF
theflyonthewall.com: Freeport McMoRan upgraded to Buy from Hold at Citigroup

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February 1, 2010
16:29 EDTCLF
theflyonthewall.com: On The Fly: U.S. Market Wrap-Up for Monday 2/1
The futures were higher throughout the pre-market trading session, which led to a higher open for the broader averages. The positive move was solidified with a couple of in-line economic reports. However, shortly after the open, the market began to relinquish its gains. A better-than-expected manufacturing report reversed the weakness and the averages moved to session highs. The averages then drifted higher, with each of the major indices up as much as 1.0% on the day. The market then traded sideways as it tried its best to hold onto the session’s gains...The Dow rose 118.20 to 10,185.53, the S&P gained 15.31 to 1,089.18, and the Nasdaq added 23.85 to 2,171.20…Among the biggest gainers: Valassis Communications (VCI) surged 17.4% to $24.58 after settling a lawsuit against NewsCorp. (NWSA) for $500M. Cliffs Natural Resources (CLF) soared 7.8% to $43.07 after raising Q4 EPS estimates to 39c from 17c per share…The losers included: Central Pacific Financial (CPF) which slumped 13.6% to $1.40 after being cut to Sell from Neutral at B.Riley & Co. Gannett (GCI) dropped 7.0% to 15.02 after reporting disappointing Q4 results…CURRENCY: The dollar closed 0.43% higher on the yen at 90.62 and 0.47% higher on the euro at 0.7179…COMMODITIES: Crude oil closed up 2.03 to 74.92...Natural gas added 0.28 to 5.41...Gold was higher by 21.50 to 1,105.30…ECONOMIC DATA: The Commerce Department said personal income rose by 0.4% in December, while personal spending rose by 0.2%. Economists expected personal income to increase 0.3%. The core PCE price index, which excludes food and energy, rose 0.1% in December as compared to December 2008; including food and energy, the PCE was up 0.1% from November and 2.1% year-over-year. Construction spending for December fell 1.2% at a seasonally adjusted rate of $902.55B compared to the prior month. January's ISM Manufacturing Index came in at 58.4, above the consensus of 55.0. Tomorrow…Motor Vehicle Sales, ICSC Goldman Store Sales, Redbook Chain Store Sales, and Pending Home Sales Index are due…Notable companies reporting Tuesday before the opening bell include: Archer Daniels Midland Company (ADM), Automatic Data Processing (ADP), D.R. Horton (DHI), Emerson Electric (EMR), Lexmark (LXK), Pepsi Bottling Group (PBG), The Hershey Company (HSY), United Parcel Service (UPS), Wisconsin Energy (WEC), and Whirlpool (WHR). :theflyonthewall.com
07:01 EDTCLF
theflyonthewall.com: Cliffs Natural target raised to $54 from $41 at FBR Capital
FBR raised its estimates and price target for Cliffs Natural to reflect its increased iron ore forecast. The firm views the recent pullback in shares as providing an attractive entry point and maintains an Outperform rating o the stock. :theflyonthewall.com