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News Breaks
January 24, 2013
08:11 EDTCLFCliffs Natural to include non-cash impairment charges in Q4 results
Cliffs Natural announced that as a result of its goodwill impairment test conducted in the fourth quarter of 2012, the company has determined that approximately $1B of goodwill related to Cliffs' 2011 acquisition of Consolidated Thompson Iron Mines Limited is impaired. The goodwill impairment charge will be recorded as a non-cash expense for the year ended Dec. 31, 2012. The impairment is primarily driven by the project's anticipated lower long-term volumes and higher capital and operating costs. The previously announced delay of the Phase II expansion of the Bloom Lake mine also contributed to the impairment. Cliffs also indicated it expects to incur $100M-$150M of other charges related to its Eastern Canadian Iron Ore business segment.
News For CLF From The Last 14 Days
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October 28, 2014
11:16 EDTCLFCliffs Natural CEO says dividend built into projections
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11:09 EDTCLFCliffs Natural rises amid discussion about Bloom Lake project options
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11:02 EDTCLFCliffs Natural jumps 13.9% as earnings conference call continues
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October 27, 2014
16:37 EDTCLFCliffs Natural expects FY15 U.S. iron ore sales 22M tons
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16:36 EDTCLFCliffs Natural reaffirms FY14 U.S. iron ore sales of 22M tons
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16:33 EDTCLFCliffs Natural reports Q3 adjusted EPS 21c, may not compare to consensus (3c)
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16:00 EDTCLFOptions Update; October 27, 2014
iPath S&P 500 VIX Short-Term Futures down 52c to 32.66. Option volume leaders: AAPL TSLA TWTR AMZN FB NFLX GILD CLF PBR according to Track Data.
15:34 EDTCLFNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Amgen (AMGN), consensus $2.11; General Growth Properties (GGP), consensus 31c; Avalonbay (AVB), consensus $2.00; Hartford Financial (HIG), consensus 83c; Universal Health Services (UHS), consensus $1.36; XL Group (XL), consensus 63c; Masco (MAS), consensus 32c; Plum Creek Timber (PCL), consensus 30c; T-Mobile US (TMUS), consensus 2c; Cliffs Natural (CLF), consensus (3c); Twitter (TWTR), consensus 1c; American Capital Agency (AGNC), consensus 73c; DDR Corp. (DDR), consensus 30c; PartnerRe (PRE), consensus $3.66; Owens & Minor (OMI), consensus 47c; Manitowoc (MTW), consensus 42c; Compass Minerals (CMP), consensus 78c; Allison Transmission (ALSN), consensus 30c; Regal Entertainment (RGC), consensus 17c.
13:06 EDTCLFCliffs Natural volatility elevated into Q3 and outlook
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11:30 EDTCLFCliffs Natural turnaround hampered by low iron ore prices, Bloomberg says
Lower iron ore prices are derailing Cliffs Natural's turnaround plans, says Bloomberg. Activist investor Casablanca Capital has been urging Cliffs Natural Resources to spin off or sell foreign mines and return more cash to investors but with iron ore prices at such a low level it may be difficult to sell mines at a satisfactory price or even maintain its current payout, added Bloomberg. Reference Link
October 24, 2014
06:15 EDTCLFCliffs Natural implied volatility of 106 at upper end of index mean range
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October 22, 2014
16:00 EDTCLFOptions Update; October 23, 2014
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14:30 EDTCLFCliffs Natural volatility elevated on wide price movement into Q3 and outlook
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08:04 EDTCLFCliffs Natural short side risks have increased, says Credit Suisse
Credit Suisse said risks to the short trade in Cliffs Natural have increased. The analyst rates shares an Underperform with a $10 price target but is bullish into next weeks earnings report given the size of cost cutting efforts, that could be worth $300M in EBITDA, and likely to surprise investors. Longer-term, the Credit Suisse remains cautious on shares.
October 20, 2014
09:22 EDTCLFOn The Fly: Pre-market Movers
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06:15 EDTCLFCliffs Natural downgraded to Sell from Neutral at Citigroup
Citigroup downgraded Cliffs Natural to Sell saying the covenant breach and asset writedowns could force the company to cut or eliminate its dividend and stock buyback program. Citi also believes iron ore prices are unlikely to average well above $80/tonne over the next couple of years. The firm lowered its price target for Cliffs shares to $5 from $16.
October 17, 2014
16:01 EDTCLFOptions Update; October 17, 2014
iPath S&P 500 VIX Short-Term Futures down 1.75 to 38.58 Option volume leaders: AAPL TSLA TWTR AMZN FB NFLX GILD CLF PBR according to Track Data.
09:17 EDTCLFOn The Fly: Pre-market Movers
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08:48 EDTCLFBofA/Merrill global steel analysts hold analyst/industry conference call
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06:09 EDTCLFCliffs Natural expects to record non-cash impairment of about $6B in Q3
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