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Stock Market & Financial Investment News

News Breaks
February 14, 2014
08:08 EDTCLFCliffs Natural says 'disappointed' Casablanca intent on waging public campaign
Cliffs Natural Resources issued an open letter to all shareholders, stating in part: "As we do with any significant investor, Cliffs' Board of Directors and management team have attempted to maintain a constructive dialogue with Casablanca. In fact, Cliffs' Chairman along with senior management has met with Casablanca in person twice in addition to a number of telephone calls and emails. Also, one of the Company's financial advisors, along with members of senior management, participated in a discussion with Casablanca regarding its proposal and analysis of Cliffs. We are disappointed that Casablanca seems intent on waging a public campaign rather than continuing its private engagement with our Chairman and management to address our doubts and concerns relating to Casablanca's proposal...It is important to point out that Casablanca's letter, dated January 27, 2014, includes a number of incorrect assumptions and omissions that need to be corrected...When establishing the valuation of our assets, Casablanca has used companies with non-comparable business models to attempt to establish a market value for "Cliffs International." In fact, half of Casablanca's comparable set includes companies with different minerals, growth outlooks and production profiles...We believe that Cliffs' dividend should be increased only to the extent that it is sustainable and will not put the Company's operations at risk. Casablanca fails to demonstrate that either is the case in their proposal...The idea of an MLP structure of the U.S. assets is not new. In fact, the Company has been studying the feasibility of a potential MLP structure with its advisors for a number of months. The specific characteristics of the Company's U.S. Iron Ore business make implementing such a structure complex, with significant tax implications...We are confident that our plan will improve long-term financial and operating performance to create value for all shareholders. To the extent that Casablanca offers additional ideas that would enhance shareholder value, we stand ready and willing to continue to engage with them on a private basis."
News For CLF From The Last 14 Days
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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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October 15, 2014
08:59 EDTCLFCliffs Natural price target lowered to $4 from $8 at BofA/Merrill
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October 14, 2014
17:56 EDTCLFCliffs Natural looks to sell Bloom Lake mine, Globe and Mail says
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07:21 EDTCLFCliffs Natural in pact with Casablanca on certain standstill, voting obligations
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October 13, 2014
10:08 EDTCLFOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Bankrate (RATE) downgraded to Equal Weight from Overweight at Stephens... CME Group (CME) downgraded to Market Perform from Outperform at Wells Fargo... Cliffs Natural (CLF) downgraded to Neutral from Overweight at JPMorgan... Dana Holding (DAN) downgraded to Sector Perform from Outperform at RBC Capital... Darden (DRI) downgraded to Neutral from Overweight at Piper Jaffray... Dover (DOV) downgraded to Neutral at RW Baird... DryShips (DRYS) downgraded to Underperform from Outperform at Imperial Capital... Infineon (IFNNY) downgraded to Neutral from Overweight at JPMorgan... J.C. Penney (JCP) downgraded to Sell from Neutral at UBS... Johnson Controls (JCI) downgraded to Outperform from Top Pick at RBC Capital... Juniper (JNPR) downgraded to Hold from Buy at Argus... Kennametal (KMT) downgraded to Market Perform from Outperform at Wells Fargo... Masco (MAS) downgraded to Equal Weight from Overweight at Barclays... New Gold (NGD) downgraded to Neutral from Overweight at JPMorgan... ON Semiconductor (ONNN) downgraded to Sector Perform from Outperform at Pacific Crest... PBF Energy (PBF) downgraded to Underweight from Equal Weight at Barclays... Parker-Hannifin (PH) downgraded to Market Perform from Outperform at Wells Fargo... STMicroelectronics (STM) downgraded to Neutral from Overweight at JPMorgan... Silicon Laboratories (SLAB) downgraded to Sector Perform at Pacific Crest... VOXX International (VOXX) downgraded to Market Perform from Outperform at Cowen.
09:39 EDTCLFActive equity options trading on open
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06:49 EDTCLFCliffs Natural downgraded to Neutral from Overweight at JPMorgan
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October 10, 2014
15:27 EDTCLFCliffs held preliminary talks on iron ore assets with Glencore, WSJ says
Glencore had talks that were described as "very preliminary" with Cliffs Natural Resources about its Australian iron ore assets, according to The Wall Street Journal, citing people familiar with the matter. Shares of Cliffs spiked higher following the first headlines from the report, but are now down about 1% in late afternoon trading. Reference Link
15:16 EDTCLFCliffs Natural held preliminary talks on iron ore assets with Glencore, DJ says

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