- Shares of Cliffs Natural Resources (CLF -0.2%) waffle between gains and losses after posting another quarterly earnings loss, but Credit Suisse analysts wonder if CLF results even matter at this point.
- Investor attention is on the July 29 annual general meeting, where it is possible or even probable that CLF will have a reconstituted board and a new CEO, Credit Suisse says; on the assumption that Casablanca gets six of 11 board seats, Lourenco Goncalves almost certainly would replace Gary Halverson as CEO.
- Assuming Casablanca and Goncalves take control, the firm expects them to move quickly to close Bloom Lake; Asia Pacific and coal exit strategies are less clear but also would be priorities.