Cliffs Natural (CLF) Slumps as Goldman Gets Tough (GGB) (TX) (MT)
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Price: $12.44 +1.30%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 6.4%
EPS Growth %: +155.6%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 6.4%
EPS Growth %: +155.6%
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Cliffs Natural (NYSE: CLF) is seeing added pressure Tuesday morning, following a downgrade at Goldman Sachs from Neutral to Sell. The firm also slashed its price target from $33 down to $25.
Notably, Cliffs shares have been trading within a $35 to $45 range since the summer, with $35 providing some support for the shares over the last few months. Ahead of the bell, the stock is down about 4.8 percent.
On Monday, Cliffs announced that it would be halted production at two U.S.-based iron ore mines as well as its Bloom Lake mine Phase II in Quebec. The moves caused Cliffs to adjust total production expectations lower for fiscal 2013.
Cliffs ended Monday's session down about 0.1 percent. Traders will be eying the $32.25 level, which is Cliffs 52-week low reached on September 5th. Additionally, peers will be on watch. Monday, names like ArcelorMittal (NYSE: MT), Ternium (NYSE: TX), Vale (NYSE: VALE), and Gerdau (NYSE: GGB) all finished higher.
For more on the Goldman call, click here.
Notably, Cliffs shares have been trading within a $35 to $45 range since the summer, with $35 providing some support for the shares over the last few months. Ahead of the bell, the stock is down about 4.8 percent.
On Monday, Cliffs announced that it would be halted production at two U.S.-based iron ore mines as well as its Bloom Lake mine Phase II in Quebec. The moves caused Cliffs to adjust total production expectations lower for fiscal 2013.
Cliffs ended Monday's session down about 0.1 percent. Traders will be eying the $32.25 level, which is Cliffs 52-week low reached on September 5th. Additionally, peers will be on watch. Monday, names like ArcelorMittal (NYSE: MT), Ternium (NYSE: TX), Vale (NYSE: VALE), and Gerdau (NYSE: GGB) all finished higher.
For more on the Goldman call, click here.
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