Cliffs Natural Resources (CLF) -4% AH after Q1 earnings miss estimates and revenues plunge 18% Y/Y, primarily due to falling iron ore and met coal prices as well as a 2% decrease in global iron ore sales volumes, much of which was weather related.
Delivered record production of 1.5M tons at Bloom Lake, in spite of the weather; also improved liquidity by 32% over the past year to $1.9B.
Reiterated its FY 2014 North American coal production volumes of 7M-8M tons, but lowers revenue/ton guidance to $80-$85 from its previous outlook of $85-$90.
Says iron ore demand from North American customers is very strong, which CLF expects to provide a healthy demand in 2014.
Altera (ALTR) expects FQ2 revenue to grow 2%-6% from an FQ1 level of $461.1M. That implies a range of $470M-$488.8M, above a $461.3M consensus.
The FPGA maker suggests stronger-than-expected sales related to Chinese 4G deployments contributed to its FQ1 beat. Telecom & wireless revenue (45% of sales) grew 14% Q/Q and 23% Y/Y, and Asia-Pac revenue 6% Q/Q and 24% Y/Y.
Those numbers offset weakness in networking, computer, & storage (-20% Q/Q and -7% Y/Y), as well as the Americas (-17% Q/Q and -13% Y/Y). Other areas of strength included industrial, military, and automotive (+13% Y/Y, 22% of revenue), EMEA (+11%), and Japan (+18%).
Shares +4% AH. Rival Xilinx (XLNX), which often moves in tandem with Altera, is up just 0.5% after falling 9.1% in regular trading due to its light FQ1 guidance. Altera fell only 0.6% in regular trading after initially showing steeper losses.
Altera is expected to see 13.7% Y/Y June quarter revenue growth at its guidance midpoint, and Xilinx 10.5% growth.