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Stock Market & Financial Investment News

News Breaks
June 30, 2014
15:35 EDTCLFCliffs Natural gets unanimous support from lenders to amend credit facility
Earlier today, Cliffs Natural Resources announced that it has entered into an agreement to amend its existing $1.75B unsecured revolving credit facility with its syndicate of banking partners. The amendment agreement replaces the existing leverage covenant ratio with a Debt-to-Capitalization ratio for the life of the facility in order to provide the company a more consistent source of liquidity. This amended facility retains substantial financial flexibility for management to continue making prudent business decisions during this period of pricing volatility. Unlike the prior amendment completed in the first quarter of 2013, this amendment addresses the leverage covenant for the life of the facility, while also retaining the full $1.75B facility size and the existing maturity date of Oct. 16, 2017. The new amended terms are effective June 30 and received the unanimous support of the entire lender group, despite requiring only greater than 50% approval. Cliffs further stated that it has undertaken proactive measures to manage its debt and liquidity profile in order to further strengthen its balance sheet as iron ore and met coal prices continue to be volatile. The company's management team continues to take the necessary steps to ensure the organization can operate efficiently and maintain consistent access to liquidity through an industry-wide cyclical downturn. The completion of the amendment is further evidence of management's commitment to its balance sheet and liquidity management objectives. Cliffs Natural is higher by 2.73% in late afternoon trading.
News For CLF From The Last 14 Days
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October 28, 2014
11:16 EDTCLFCliffs Natural CEO says dividend built into projections
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11:09 EDTCLFCliffs Natural rises amid discussion about Bloom Lake project options
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11:02 EDTCLFCliffs Natural jumps 13.9% as earnings conference call continues
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October 27, 2014
16:37 EDTCLFCliffs Natural expects FY15 U.S. iron ore sales 22M tons
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16:36 EDTCLFCliffs Natural reaffirms FY14 U.S. iron ore sales of 22M tons
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16:33 EDTCLFCliffs Natural reports Q3 adjusted EPS 21c, may not compare to consensus (3c)
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16:00 EDTCLFOptions Update; October 27, 2014
iPath S&P 500 VIX Short-Term Futures down 52c to 32.66. Option volume leaders: AAPL TSLA TWTR AMZN FB NFLX GILD CLF PBR according to Track Data.
15:34 EDTCLFNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Amgen (AMGN), consensus $2.11; General Growth Properties (GGP), consensus 31c; Avalonbay (AVB), consensus $2.00; Hartford Financial (HIG), consensus 83c; Universal Health Services (UHS), consensus $1.36; XL Group (XL), consensus 63c; Masco (MAS), consensus 32c; Plum Creek Timber (PCL), consensus 30c; T-Mobile US (TMUS), consensus 2c; Cliffs Natural (CLF), consensus (3c); Twitter (TWTR), consensus 1c; American Capital Agency (AGNC), consensus 73c; DDR Corp. (DDR), consensus 30c; PartnerRe (PRE), consensus $3.66; Owens & Minor (OMI), consensus 47c; Manitowoc (MTW), consensus 42c; Compass Minerals (CMP), consensus 78c; Allison Transmission (ALSN), consensus 30c; Regal Entertainment (RGC), consensus 17c.
13:06 EDTCLFCliffs Natural volatility elevated into Q3 and outlook
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11:30 EDTCLFCliffs Natural turnaround hampered by low iron ore prices, Bloomberg says
Lower iron ore prices are derailing Cliffs Natural's turnaround plans, says Bloomberg. Activist investor Casablanca Capital has been urging Cliffs Natural Resources to spin off or sell foreign mines and return more cash to investors but with iron ore prices at such a low level it may be difficult to sell mines at a satisfactory price or even maintain its current payout, added Bloomberg. Reference Link
October 24, 2014
06:15 EDTCLFCliffs Natural implied volatility of 106 at upper end of index mean range
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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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