New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
August 15, 2014
08:36 EDTCLFCliffs pays $11M to Halverson in connection with employment termination
Cliffs Natural Resources announced that as a result of the company's incentive equity plan for officers and key employees and the change in control provisions in that plan, including certain change in control arrangements adopted by the previous Board in September 2013, Cliffs is obligated to make significant payments to recipients of awards previously granted under the plan. Pursuant to these obligations, Cliffs anticipates making a payment of approximately $11M to Gary Halverson in the current quarter in connection with the termination of his employment. Halverson joined the company as COO on November 18, 2013, was appointed President and CEO on February 13 and served in that capacity until August 7. The company also anticipates making additional payments of approximately $16.9M this quarter to satisfy its change in control obligations under awards previously granted to other officers and key employees that are payable without regard to continuing employment. The company also has potential future liability for additional double-trigger payments of up to $40M, but expects that triggering events and therefore actual payments will be minimal. This potential liability will expire entirely in two years. Cliffs also announced that Timothy Sullivan has resigned from the Cliffs board. Sullivan had served as a director since January 2013 and was chairman of the compensation committee from July 1, 2013 to August 7.
News For CLF From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
July 29, 2015
16:00 EDTCLFOptions Update; July 29, 2015
Subscribe for More Information
10:58 EDTCLFCliffs Natural Resources sees trade cases as 'game changer' for steel makers
Subscribe for More Information
10:23 EDTCLFCliffs Natural Resources says it has 'ample liquidity'
Says customers updated forecast for prices was "substantially lower" than prior quarter. Says has opportunity to optimize working capital. Says able to maintain cost guidance despite volume cuts. Says it expects to receive anticipated $160M federal tax refund. Sees FY15 SG&A guidance of $120M. Says continues to resolve all issues left from previous regime. Says has moved forward with divestiture of several assets. Says "we control our destiny and our use of cash." Says working diligently with interested buyers for Pinnacle toward a deal, expects to announce in very near future. Says will continue to pursue further cost reduction opportunities in order to stay cash flow positive. Says will be temporarily be idling production at United Taconite facility. Comments taken from Q2 earnings call. In morning trading, shares in Cliffs Natural Resources were down 7.74% to $2.74.
08:21 EDTCLFCliffs Natural backs FY15 capital expenditure budget of $100M-$125M
Subscribe for More Information
08:18 EDTCLFCliffs Natural reports Q2 U.S. iron ore pellet sales volume down 2% to 4.2M tons
Cliffs Natural reports U.S. Iron Ore pellet sales volume in Q2 was 4.2M tons, a 2% decrease when compared to the second quarter of 2014. The decrease was driven by reduced year-over-year export sales and lower demand by U.S. mills, partially offset by improved shipping conditions on the Great Lakes. Cash production cost per ton in U.S. Iron Ore was $56.06, down 9% from $61.37 in the prior year's second quarter. The decrease was driven by a reduction in salaried workforce headcount and overall reductions in employment costs along with a year-over-year reduction in energy rates. This was partially offset by decreases in production volume due to scheduled maintenance and repairs. Realized revenue rates of $78.32 per ton were lower than previously guided as a result of a significant adjustment to the hot-band steel price estimate for one major contract.
08:17 EDTCLFCliffs Natural reports Q2 EPS 39c, consensus (11c)
Subscribe for More Information
05:59 EDTCLFStocks with implied volatility movement; AMGN CLF
Stocks with implied volatility movement; Amgen (AMGN) 30, Cliffs Natural (CLF) 125 according to iVolatility.
July 23, 2015
05:23 EDTCLFStocks with implied volatility movement; MDLZ CLF
Subscribe for More Information
July 22, 2015
11:34 EDTCLFOptions with increasing put volume and implied volatility: RSX CLF FFIV
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use