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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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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 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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July 14, 2014
08:15 EDTCLFCliffs Natural recommends voting WHITE proxy card
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July 10, 2014
12:23 EDTCLFCasblanca Capital condemns Cliffs Natural's compensation practices in letter
Casablanca Capital LP, the beneficial owner of approximately 5.2% of Cliffs Natural Resources, issued a letter to shareholders in connection with Casablanca’s campaign for fundamental change at Cliffs and its nomination of six director candidates for election to the Board of Directors at the company’s upcoming 2014 Annual Meeting of Shareholders on July 29. In the letter, Casablanca details escalating management compensation while shareholder returns have plummeted, the opaque nature of the management bonus and review process, and the ways in which bonus compensation metrics have changed from year to year in an apparent effort by the Cliffs Board to justify management bonuses despite severe underperformance. Casablanca reiterates that, in contrast to the current 0.3% of Cliffs shares that the current Board and management team owns, Casablanca has economically aligned itself with the interests of fellow shareholders, with Casablanca owning 5.2% of Cliffs shares and with Lourenco Goncalves’ personal investment of $1.5M in Cliffs’ shares. Donald Drapkin, Chairman of Casablanca said, “The Cliffs Board and management team have been pursuing their own personal agendas and enrichment at the expense of shareholders for far too long. It is time for the gravy train to end and for the Board to be held accountable. We are confident that on July 29 Cliffs’ shareholders will vote to support a slate of new directors who will reverse the outrageous value destruction and stop the pattern of excessive compensation and self-dealing at Cliffs.”
08:35 EDTCLFBofA/Merrill steel analysts hold an analyst/industry conference call
Global Steel Analysts review market conditions in Asia, Europe and the U.S. and discuss recent price moves in iron ore, met coal and global steel on an Analyst/Industry conference call. Covered companies AKS, ATI, CLF, CMC, GGB, MTL, NUE, RS, SCHN, SID, STLD, TX and X may be discussed on the Analyst/Industry conference call to be held on July 14 at 10 am.

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