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Wow, look at the action in CLF. I'm just barely scraping the surface here, but
what is the big news that made it drop 10%? Thoughts on this stock?
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After reporting its first quarterly loss since the second quarter of 2003 on
weak demand for iron ore and coal, Cliffs Natural Resources (CLF) halved its
quarterly dividend to 4 cents from 8.75 cents, cut salaries, and entered into a
dilutive share offering back on May 12. If the company meets the earnings
estimate of 7 cents for 2009, that equates to a price-to-earnings ratio of 383
capping upside potential for this stock.
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There is a lot of worry about the coal stocks if natural gas continues to stay
at this depressed level, and ahead of those inventory numbers.
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