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Stock Market & Financial Investment News

News Breaks
April 17, 2013
11:52 EDTLF, CLF, SWCOptions with increasing implied volatility: LF DGIT AGQ CLF VIX SWC
News For LF;CLF;SWC From The Last 14 Days
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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
10:19 EDTLFHasbro tumbles after lower games performance weighs on sales
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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
16:25 EDTSWCStillwater Mining reports Q2 mining production, recycling results
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10:55 EDTLFMattel topples after Q2 earnings miss estimates
Shares of global toy product manufacturer Mattel (MAT), are toppling over after the company's second quarter earnings results fell below analysts' consensus. WHAT'S NEW: Mattel's reported Q2 earnings per share of 8c, which was not comparable to a consensus of 18c since the company said its EPS number included a tax benefit of 11c per share and a negative impact of 7c per share of MEGA Brands acquisition and integration costs. Excluding both of these items, EPS was 3c per share. Mattel's Q2 revenue was $1.06B, which missed analysts' consensus estimates of $1.19B. For Q2, the company reported that its Girls and Boys Brands sales were down 13%, Fisher-Price Brands sales were down 17%, American Girl Bands revenue was up 6% and revenue from its Construction and Arts & Crafts Brands was $61.6M. WHAT'S NOTABLE: During its earnings conference conference call, Mattel said that it plans to increase advertising spending in the second half of the year to build momentum for key brands. It sees improving global trends in point-of-sale but says the company still has a lot of work to do to improve those trends. As Mattel looks to the third quarter, it sees continued challenges from current headwinds. With the MEGA brands deal now closed, the company aims to improve profitability of MEGA brands on a global basis and believes the acquisition will be accretive to earnings in fiscal year 2015. It expects lower international sales and is investing heavily in markets in Russia and China. Mattel is looking to maintain gross margins in the low to mid-50% range in near term. It noted that it aims to achieve a modest increase in SG&A due to severance and ongoing growth investments, excluding the MEGA Brands acquisition. Inventory fair value adjustment related to existing MEGA Brands-owned inventory should wind down in Q3, the company said. Amortization is expected to decrease to $17M in 2015 and $9M in 2016. PRICE ACTION: Shares of Mattel are down $2.31, or 5.92%, to $36.72 in morning trading. OTHERS TO WATCH: Mattel peer Hasbro (HAS), which reports quarterly earnings on July 21, is relatively flat at $52.59. JAKKS Pacific (JAKK) is up almost 1.5% to $8.20 and and LeapFrog (LF) is up 3.02% to $7.66.
09:50 EDTCLFEgan-Jones recommends Cliffs Natural investors vote for director nominees
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08:25 EDTLFLeapFrog LeapTV product platform could be very big, says BMO Capital
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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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July 10, 2014
12:23 EDTCLFCasblanca Capital condemns Cliffs Natural's compensation practices in letter
Casablanca Capital LP, the beneficial owner of approximately 5.2% of Cliffs Natural Resources, issued a letter to shareholders in connection with Casablanca’s campaign for fundamental change at Cliffs and its nomination of six director candidates for election to the Board of Directors at the company’s upcoming 2014 Annual Meeting of Shareholders on July 29. In the letter, Casablanca details escalating management compensation while shareholder returns have plummeted, the opaque nature of the management bonus and review process, and the ways in which bonus compensation metrics have changed from year to year in an apparent effort by the Cliffs Board to justify management bonuses despite severe underperformance. Casablanca reiterates that, in contrast to the current 0.3% of Cliffs shares that the current Board and management team owns, Casablanca has economically aligned itself with the interests of fellow shareholders, with Casablanca owning 5.2% of Cliffs shares and with Lourenco Goncalves’ personal investment of $1.5M in Cliffs’ shares. Donald Drapkin, Chairman of Casablanca said, “The Cliffs Board and management team have been pursuing their own personal agendas and enrichment at the expense of shareholders for far too long. It is time for the gravy train to end and for the Board to be held accountable. We are confident that on July 29 Cliffs’ shareholders will vote to support a slate of new directors who will reverse the outrageous value destruction and stop the pattern of excessive compensation and self-dealing at Cliffs.”
08:35 EDTCLFBofA/Merrill steel analysts hold an analyst/industry conference call
Global Steel Analysts review market conditions in Asia, Europe and the U.S. and discuss recent price moves in iron ore, met coal and global steel on an Analyst/Industry conference call. Covered companies AKS, ATI, CLF, CMC, GGB, MTL, NUE, RS, SCHN, SID, STLD, TX and X may be discussed on the Analyst/Industry conference call to be held on July 14 at 10 am.

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