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March 7, 2014
06:45 EDTCLFCliffs Natural postpones annual meeting of holders, Casablanca rejects offer
Cliffs Natural Resources announced that, in an attempt to avoid a costly and distracting proxy contest, the company has attempted in good faith to reach a settlement with Casablanca Capital that it believes would be in the best interests of all Cliffs shareholders. Casablanca has requested that Cliffs postpone the record date for its annual meeting of shareholders. In order to accommodate this request and to continue to pursue a potential settlement, Cliffs has determined to postpone the record date for its annual meeting of shareholders, originally scheduled to be held on May 13. The new record date will be announced in a future press release. Cliffs proactively offered to permit Casablanca to appoint two new independent directors to the Cliffs' board and a third mutually agreed upon director to be named at a later date. However, Casablanca rejected the company's settlement offer and stated that they plan to continue their effort to seek full control of the Cliffs' board and to replace Cliffs' CEO through a proxy contest, representation that is entirely disproportionate to Casablanca's recently acquired stake in the company and that does not offer Cliffs' shareholders a control premium.
News For CLF From The Last 14 Days
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May 5, 2015
18:10 EDTCLFOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street were lower for the day. The market began the session in negative territory and remained there throughout the day, taking cues from similar losses in European indexes. ECONOMIC EVENTS: In the U.S., the trade balance deficit grew 43% to $51.4B., significantly higher than analyst expectations for a move to $41.2B. Markit's services PMI declined to 57.4 for April, missing forecasts of 57.8. The Institute for Supply Management's non-manufacturing April PMI was 57.8, beating the anticipated 56.2 reading. WTI crude oil settled up 1.86, or 3.16%, at $60.79 per barrel. In China, the Shanghai Composite Index fell 4.1% on reports of increased margin requirements. COMPANY NEWS: Shares of Salesforce (CRM) advanced 5.92% to $75.84 and were halted near 3:00 pm ET after reports that Microsoft (MSFT) was considering placing a bid for the company, though those rumors were downplayed as the afternoon continued... Disney (DIS) stock rose roughly 1% before finishing the session down fractionally after the company's second quarter results beat analyst expectations. During a CNBC interview, CEO Bob Iger remarked that the company's movie studio business currently has "no holes to fill" after "Avengers: Age Of Ultron" topped box office charts for its opening weekend. MAJOR MOVERS: Among the notable gainers was Cliffs Natural (CLF), which rose 12.29% after reports that Quebec province is prepared to buy a rail line, certain port facilities, and 20% of Bloom Lake mine from the company. Also higher were shares of Netflix (NFLX), advancing 1.92% for the day to finish at $565.55 after BofA/Merrill upgraded the company by a full two ratings to Buy. The firm raised its price target to $722 from $350, citing strong original content and "enormous" international opportunities. Among the noteworthy losers was Avon (AVP), falling 11.87% after the New York Post reported that Coty (COTY) and certain private equity firms may have lost interest in acquiring the company due to financing difficulties. Also lower were multiple companies in the containerboard market, with International Paper (IP), KapStone Paper (KS), Packaging Corp. (PKG), RockTenn (RKT) and MeadWestvaco (MWV) all declining 2%-5% after the IRS proposed rules which analysts believe could exclude papermakers from master limited partnerships. INDEXES: The Dow was down 142.20, or 0.79%, to 17,928.20, the Nasdaq was down 77.60, or 1.55%, to 4,939.33, and the S&P 500 was down 25.03, or 1.18%, 2,089.46.
12:49 EDTCLFQuebec prepared to buy rail line, port facilities from Cliffs, Bloomberg reports
Jacques Daoust, Quebec's Economy Minister, says the province would be open to buying a rail line and port facilities that serve an iron ore mine that has been closed by Cliffs Natural, Bloomberg reports. Daoust says the government is also prepared to buy 20% of the Bloom Lake mine to ensure survival of the mine. Production at Bloom Lake was suspended by Cliffs in January, which sought credit protection for the operation. Reference Link
April 29, 2015
11:20 EDTCLFStocks with call strike movement; VXX CLF
iPath S&P 500 VIX Short-Term Futures (VXX) September 26 call option implied volatility increased 2% to 70, Cliffs Natural (CLF) October 6 call option implied volatility decreased 1% to 69 according to IVolatility.
10:23 EDTCLFCliffs Natural says 'confident' company will manage through current cycle
Says "confident" company will manage through current cycle. Says will methodically allocate capital, take costs out of business in response to current environment. Says met coal prices "under pressure," says cost discipline "must remain a priority." Says North American coal business considered non-core asset, but says not shutting down these operations during sale process. Says further reduced corporate headcount in Q1 by 25%. Says seeking to keep Asia Pacific iron ore asset cash flow positive in low near-term pricing environment. Says has long-term contracts in place that substantially protect company from pricing volatility. Says expects to continue to reduce net debt by increasing available cash balances. Says sees stronger business for clients in 2H. Comments made on the Q1 earnings conference call. Cliffs Natural is down 2.39% to $5.73 in morning trading.
09:26 EDTCLFOn The Fly: Pre-market Movers
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April 28, 2015
19:10 EDTCLFOn The Fly: After Hours Movers
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16:33 EDTCLFCliffs Natural cuts FY15 capex view to $100M-$125M
Cliffs is lowering its FY15 capital expenditures budget to a range of $100M-$125M, from its previous expectation of $125M-$150M. This reduction reflects a continued focus on reducing expenditures. The spending range includes outflows related to North American Coal and assumes no additional asset divestitures.
16:32 EDTCLFCliffs Natural lowers FY15 sales and production volume view to 20.5M tons
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16:31 EDTCLFCliffs Natural reports Q1 adjusted EPS 2c, consensus (19c)
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15:06 EDTCLFNotable companies reporting after market close
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10:49 EDTCLFCliffs Natural announces increase in sales price for Chromite assets
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