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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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August 28, 2014
16:00 EDTCLFOptions Update; August 28, 2014
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09:57 EDTCLFCliffs Natural falls, levels to watch
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August 25, 2014
18:07 EDTCLFCliffs Natural CEO supports sale of non-core assets 'at right price,' WSJ says
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11:31 EDTCLFCliffs Natural announces $200M share repurchase plan
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August 22, 2014
10:34 EDTCLFStocks with call strike movement; UAL CLF
United Continental (UAL) September 55 call option implied volatility decreased 6% to 39, Cliffs Natural (CLF) September 18 call option implied volatility increased 3% to 41 according to IVolatility.

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