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Cliffs' Q2 earnings estimate cut at J.P. Morgan

  • Amid Cliffs Natural Resources' (CLF -5%) proxy battle with Casablanca Capital - including today’s letter from CLF urging shareholders to vote the white card - J.P. Morgan analysts cut their Q2 EPS estimate to a $0.34 loss from a $0.19 gain ahead of the company's earnings report this Thursday.
  • JPM cites marking iron ore prices to market during the quarter - 11% lower than its previous forecast - and factoring in expected weather related shipment disruptions and associated higher costs in the Great Lakes; iron ore cargo vessels reportedly could not sail without an ice-breaking escort until mid-May and traffic was down substantially in April.
  • Freeport McMoRan (FCX +0.3%), which is set to release its results on Wednesday, also had its forecasts trimmed, reflecting the Grasberg mine operating at only ~50% of capacity due to its current inability to export concentrate from Indonesia.
Comments (4)
  • AlpaNN
    , contributor
    Comments (28) | Send Message
    CLF more downgrade. hope to see this stock back in profit.
    21 Jul, 01:26 PM Reply Like
  • sulo
    , contributor
    Comments (111) | Send Message
    Short? How many negative repetitive bashes have we seen from the same firms.
    21 Jul, 01:27 PM Reply Like
  • papita
    , contributor
    Comments (152) | Send Message
    for CLF, the downgrade is like looking in the rear view mirror. now, it's all about the proxy battle and right after the vote, it's about iron ore prices.
    21 Jul, 02:09 PM Reply Like
  • chunghk
    , contributor
    Comments (299) | Send Message
    CLF-Bad news-earning & proxy; no need to wait 7/24 & 7/30 - range $14.50-$16.50; downgrade + dividend cut. Casa wins, "fire sale assets"; empty company, nothing left behind. $53 boasted by Casa? Believed? Small investors lost, no gain but pain. Who wins? Thanks.
    21 Jul, 08:11 PM Reply Like
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