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Actionable news in CLF: CLIFFS NATURAL RESOURCES Inc,

Cliffs Stock Getting Battered Again

Since that fateful day earlier this month when Cliffs Natural Resources Inc. (NYSE: CLF) announced the sale of 3.5 million new shares of the company’s stock, the share price has dropped from its 52-week high of more than $8 a share to just under $6 a share. The share offering was just the beginning though.

Since then the only analyst rating change we’ve noted is a reiterated Sell rating from Morgan Stanley. The analysts have a $2 price target on the stock, well below the $6.50 consensus 12-month price target.

But the bigger problem for Cliffs is sliding prices for iron ore, both fines and pellets. The spot price for iron ore has dropped from a high of $61 per metric ton in April to $57 in July, and prices continue to soften. Bloomberg expects an average...


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