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Stock Market & Financial Investment News

News Breaks
July 1, 2014
18:50 EDTCLFCliffs Natural recommends shareholders support current board
Cliffs Natural Resources issued the following statement, "This late addition to the Casablanca Capital slate removes any doubt that Casablanca continues to try to acquire control of the Cliffs board of directors. Cliffs believes in shareholder representation on the board, but believes that handing over control of the board to a single minority shareholder with a short-term and value destructive agenda would put the company and all other shareholders at significant risk. We recommend that shareholders support Cliffs’ nine highly qualified and experienced director nominees, who are already executing a plan to enhance value for all shareholders."
News For CLF From The Last 14 Days
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January 27, 2015
13:14 EDTCLFCliffs Natural seeks CCAA protection for Bloom Lake mine
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13:12 EDTCLFCliffs Natural seeks CCAA protection for Bloom Lake mine
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12:55 EDTCLFCliffs Natural trading halted, pending news
06:01 EDTCLFCliffs Natural implied volatility of 109 at upper end of index mean range
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January 26, 2015
07:06 EDTCLFCliffs Natural announces debt reduction and elimination of quarterly dividend
Cliffs Natural Resources announced that during the Q4 of FY14 and the beginning of January 2015, the Company reduced its net debt balance by more than $400M. This accelerated debt reduction was achieved through the repayment of short-term debt as well as the repurchase of more than $200M aggregate principal amount of senior notes in the open market at an average discount of 34% to par, capturing a total discount of approximately $70M. The sources of funds to execute the accelerated debt reduction program were cash from operations generated during the Q4 of 2014 and net proceeds from the sale of Cliffs Logan County Coal. In addition, the Cliffs' Board of Directors has decided to eliminate the quarterly dividend of 15c per share on Cliffs' common shares. The decision is applicable to the Q1 and all subsequent quarters.
January 20, 2015
14:06 EDTCLFCitizens, Keysight identified as long positions by Einhorn
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13:24 EDTCLFGreenlight has new long positions in Citizens, Time Warner, Bloomberg says
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January 16, 2015
11:36 EDTCLFCliffs Natural volatility elevated on wide price movement
Cliffs Natural January weekly call option implied volatility is at 96. January is at 98, March is at 88, compared to its 26-week average of 79 according to Track Data, suggesting large price movement.
January 15, 2015
16:20 EDTCLFOn The Fly: Closing Wrap
Stocks on Wall Street had a see-saw trading day, with every attempt at getting the averages into positive territory being met with more selling. The market spent most of the day in negative territory, however, as the latest bank earnings reports failed to impress investors, the price of oil renewed its downtrend, and the Swiss National bank withdrew its floor support on the Swiss franc. ECONOMIC EVENTS: Internationally, Switzerland's central bank unexpectedly gave up its minimum exchange rate, sending the Swiss franc soaring against the dollar and euro and triggering wild swings in its equity markets. In the U.S., initial jobless claims rose 19K to 316K in the week ended January 10, versus expectations for 298K first-time claims. The producer price index fell 0.3% in December, versus expectations for a decrease of 0.4%. The core PPI rate rose 0.3% in the month, versus expectations for it to be up 0.1%. The Empire State index rebounded to 9.95 in January, beating expectations for a 5.0 reading for the measure of manufacturing activity in the New York area. The Philly Fed index fell 18.0 points to 6.3 in January, which was worse than the projected pullback to a reading of 18.7. WTI crude oil, the U.S. benchmark, reversed its early gains to end the trading session down 4.6% at $46.25 per barrel. COMPANY NEWS: Shares of Target (TGT) advanced $1.34, or 1.8%, to $75.67 after the retailer announced plans to stop operating stores in Canada. Target expects this decision will increase its earnings in fiscal 2015 and beyond, and increase its cash flow in fiscal 2016 and beyond. The company also raised its forecasts for Q4 U.S. comparable sales growth and adjusted earnings per share, mostly due to increased traffic and stronger-than-expected digital sales... Bank of America (BAC) slid 84c, or 5.24%, to $15.20 after reporting its fourth quarter results, while Citigroup (C), which also issued its Q4 report, dropped $1.82, or 3.71%, to $47.23. MAJOR MOVERS: Among the notable gainers was Cliffs Natural Resources (CLF), which rose 93c, or 11.94%, to $8.72 amid strength in the basic materials sector. Also benefitting the stock may have been a Bloomberg report that said an adviser to Quebec's investment arm stated that Cliffs' closed down Bloom Lake mine has attracted interest from several potential buyers. Also higher were shares of Kraft Foods (KRFT), which climbed $2.92, or 4.66%, to $65.68 after Goldman Sachs upgraded the stock to Buy and placed the shares on its Conviction List. Also of note, the Consumer Analyst Group of New York confirmed to Bloomberg that the food and beverage manufacturer canceled its upcoming conference appearance. Among the noteworthy losers was Best Buy (BBY), which dropped $5.61, or 14.06%, to $34.30 after reporting holiday growth that was lower than previous quarters, citing factors including weakness in tablets, and guiding toward comparable sales in the first half of FY16, excluding certain items, to be flat to down by a low-single digit percentage. Also lower were shares of BlackBerry (BBRY), which declined $2.49, or 19.77%, to $10.10 after the company said last night that it is not in talks with Samsung (SSNLF) about a potential merger, rebutting a Reuters report. INDEXES: The Dow fell 106.38, or 0.61%, to 17,320.71, the Nasdaq dropped 68.50, or 1.48%, to 4,570.82, and the S&P 500 declined 18.60, or 0.92%, to 1,992.67.
16:01 EDTCLFOptions Update; January 15, 2015
iPath S&P 500 VIX Short-Term Futures up 1.01 to 36.13. Option volume leaders: AAPL TSLA TWTR AMZN FB C CLF ABX SUNE according to Track Data.
15:57 EDTCLFCliffs Natural said to have multiple suitors for mine, Bloomberg reports
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15:32 EDTCLFCliffs Natural said to have multiple suitors for Bloom Lake, Bloomberg reports
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