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Stock Market & Financial Investment News

News Breaks
April 25, 2014
10:30 EDTCLFCliffs Natural says keeping FY14 outlook intact
Says welcomes open communication with shareholders, committed to acting in best interests of shareholders. Says will not comment on Casablanca Capital situation. Says company must strive for continuous improvement in lowering cost profile. Says maintaining FY14 sales volume and cash cost per ton guidance. Says continue to look for opportunities to reduce overhead. Says company experienced 70 days of minus 30 degree Fahrenheit weather this winter. Expect tightness in the pellet market to continue into Q2. The company is maintaining U.S. iron ore sales volume expectation of 22M-23M tons. Says maintains 14 North American Coal expected sales and production volumes of 7-8M tons. Says near term target is to reduce debt profile. Sees FY14 CapEx approximately $375M-$425M. Expected effective tax rate 24% for FY14. Sees SG&A expenses $200M excluding severance related costs. Comments made during the company's Q1 earnings conference call
News For CLF From The Last 14 Days
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July 28, 2014
10:02 EDTCLFOn The Fly: Analyst Upgrade Summary
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09:50 EDTCLFActive equity options trading on open
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09:12 EDTCLFCliffs Natural upgraded to Neutral from Underperform at Macquarie
Macquarie upgraded Cliffs Natural based on a better earnings outlook and a potential positive resolution either way to the proxy battle. Price target raised to $17 from $10.
July 24, 2014
10:30 EDTCLFCliffs Natural backs FY CapEx view $275M-$325M
Says recommendations of proxy firms "clear and unanimous" that Casablanca nominees "should not constitute majority of Cliffs board." Says now is not the time to liquidate assets. Lowering FY CapEx spending about 65% from 2013 levels. Says will continue reviewing opportunities to further reduce CapEx spending without compromising production or safety. Says coal market conditions remain challenging. Says idling Pinnacle Mine "increasingly likely" given current market conditions. Sees cash tax rate 24% for FY. Sees cost cutting, asset optimization plans continuing. Comments made on the Q2 earnings conference call.
09:24 EDTCLFCliffs Natural notes revied Glass Lewis recommendation
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08:24 EDTCLFCasablance urges Cliffs investors to disregard Glass Lewis's recommendation
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July 23, 2014
18:34 EDTCLFOn The Fly: After Hours Movers
UP AFTER EARNINGS: Fortinet (FTNT), up 7.8%... Hanesbrands (HBI), up 5.4%... 8x8 (EGHT), up 5.1%... Infinera (INFN), up 4.9%... Facebook (FB), reverses and is now trading up 5.1% following second quarter earnings conference call. NOTABLE: Twitter (TWTR), up 1.7%, LinkedIn (LNKD), up marginally, and Yelp (YELP), up 1.6% after Facebook reports second quarter results. ALSO HIGHER: Spectranetics (SPNC), up 7.1% after receiving FDA clearance for atherectomy products, Turbo-Tandem and Turbo Elite... Ariad Pharmaceuticals (ARIA), up 7.1%... Jamba (JMBA), up 3.8% after Engaged Capital reports stake in the company and announced that they had discussions with management. DOWN AFTER EARNINGS: AT&T (T), down 1.2%... Angie's List (ANGI), down 16.4%... Tripadvisor (TRIP), down 11.5%... Orchids Paper (TIS), down 7.4%... Cirrus Logic (CRUS), down 6.6%... Cliffs Natural (CLF), down 1.2%... Teradyne (TER), down 4%. ALSO LOWER: Kandi Technologies (KNDI), down 3.8% after being mentioned negatively in a Seeking Alpha blog post.
16:44 EDTCLFCliffs Natural lowers U.S. iron ore production view to low end of prior outlook
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16:39 EDTCLFCliffs Natural reports Q2 EPS (1c), consensus (6c)
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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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