Cliffs Natural Resources Inc.NYSE
Wed, Nov. 30, 10:24 AM
- Noting that ArcelorMittal (MT +1.8%) has raised its hot-rolled sheet pricing by $40/ton to $600/ton, J.P. Morgan's Michael Gambardella raises his price targets on several stocks in the U.S. steel industry (SLX +1.5%).
- He increases his target for AK Steel (AKS +3.1%) to $11 from $8.50, on Nucor (NUE +0.6%) to $70 from $59, on Steel Dynamics (STLD +0.9%) to $41 from $31, on U.S. Steel (X +3.3%) to $37 from $29, and on Cliffs Natural Resources (CLF +1.2%) to $10 from $7, while keeping Overweight ratings on all five stocks.
- Gambardella says supply cuts in the U.S. from both capacity curtailments and lower imports should support higher U.S. steel prices, and thinks the Trump administration's impact on trade could be "much quicker and more meaningful" than its infrastructure plans.
Tue, Nov. 29, 2:00 PM
Tue, Nov. 29, 11:32 AM
- U.S. Steel (X -3.1%) is sharply lower after Argus downgrades shares to Hold from Buy, saying the stock is now overbought following the 60% surge since the election.
- While unexpected outages at several manufacturing plants likely will weigh on Q4 results, Argus expects U.S. Steel to benefit from the Trump administration’s plans to boost infrastructure spending as well as from further actions to limit the dumping of imported steel, which should provide greater pricing power over time.
- However, the firm thinks U.S. Steel and its peers still face significant uncertainty in the near term, and does not expect increased infrastructure spending to boost earnings until at least mid-2017.
- Among peers: CLF -5.9%, MT -1%, WOR -3.3%, AKS -0.7%.
Tue, Nov. 29, 9:22 AM
Mon, Nov. 28, 12:04 PM
- Hitting fresh 52-week highs on double the normal volume today:
- Vale (VALE +5.2%)
- Cliff's Natural Resource (CLF -1.8%)
- Essent Group (ESNT +1.8%)
- Finisar (FNSR +4.7%)
- China Lodging (HTHT +5.8%)
- 51job (JOBS +1.4%)
- PrivateBancorp (PVTB +0.1%)
- Alleghany Corp. (Y -0.1%)
- The only fresh 52-week lows today are in European telecom:
- Vodafone (VOD -2.3%)
- Orange (ORAN -1.4%)
Tue, Nov. 22, 3:45 PM
- U.S. Steel (X +11.4%), AK Steel (AKS +10.7%), Steel Dynamics (STLD +4.1%), Nucor (NUE +4.4%) and Commercial Metals (CMC +4.7%) all surge to 52-week highs, extending their Trump-fueled rally as trade protectionist talk suggests that higher than usual premiums can be achieved for steel mills.
- BofA Merrill Lynch raises its 2017 average price estimate for U.S. hot-rolled coil to $650/short ton vs. its prior view of $535, as rising global prices and more protectionism should fuel strong steel prices into 2017 (SLX +5.8%).
- Bloomberg reports BofA boosted its stock price targets for Buy-rated AKS to $12 from $7, STLD to $37 from $30, CMC to $24 from $20, NUE to $65 from $57, and Allegheny Tech (ATI +7.5%) to $20 from $19; the firm remains Neutral on X and Reliant Steel (RS +6.1%).
- Also sharply higher today: MT +8.3%, CLF +13.8%, WOR +5.3%, RIO +4.1%, BHP +5.2%, VALE +7.8%.
Mon, Nov. 14, 10:31 AM
- AK Steel (AKS +8.8%) shoots to a new 52-week high after Morgan Stanley upgrades steel company shares (SLX +1.7%), including AKS to Overweight from Equal Weight with an $11 price target, up from $5.
- The firm cites Pres.-elect Trump’s proposals for increased infrastructure spending and increased trade protection as having the potential to push the U.S. steel market into meaningful undersupply for the first time since the financial crisis.
- Trump's stimulus plan could conservatively boost steel demand by 20%/year for five years and means continued efforts on the steel trade protection front, Stanley says, raising its mid-cycle price estimate to $225/ton from $175.
- Stanley also upgrades U.S. Steel (X +7%) to Overweight from Equal Weight with a $46 price target, hiked from $19, Tenaris (TS +0.3%) to Overweight with a $42 price target, and Cliffs Natural Resources (CLF +2.3%) to Equal Weight from Underweight with a $9 target, raised from $3.
Fri, Nov. 11, 10:30 AM
- The price of iron ore jumps 7.4% to $79.70/metric ton, marking its highest level since October 2014, on expectations of better than expected demand in the U.S. and China as well a slower than expected iron ore supply growth in recent months.
- Iron ore prices have surged 18% since the Trump election victory; other commodities such as copper also have rallied due to expectations that Trump will aim to fulfill his promise of spending more on U.S. infrastructure.
- But the rise may be overdone, according to Capital Economics Ltd., which expects iron ore to face growing pressure on rising supply from Australia and Brazil as well as headwinds to demand in China.
- Relevant tickers include BHP, RIO, VALE, CLF, OTCPK:AAUKF, OTCPK:AAUKY, OTCPK:GLCNF, OTCPK:GLNCY.
Wed, Nov. 9, 11:19 AM
- Copper surges to a 15-month high, now +2.9% at $2.45/lb. after rising as much as 3.4% to its highest since July 2015, also boosting other metals as some investors speculate that a Trump presidency could launch significant fiscal stimulus and boost demand for metals.
- In his victory speech last night, Trump said he would prioritize the rebuilding of American infrastructure with hopes of doubling U.S. economic growth.
- Among related tickers: FCX +7.7%, RIO +5.9%, BHP +3.4%, VALE +4.2%, MT +10.6%, X +17.1%, STLD +8.2%, AKS +11%, NUE +11.6%, CLF +12%, RS +8.5%, WOR +3.8%.
- ETFs: JJC, CPER, CUPM
Thu, Oct. 27, 2:03 PM
Thu, Oct. 27, 12:50 PM
Thu, Oct. 27, 11:48 AM
- Cliffs Natural Resources (CLF -16.9%) plunges after the reported a surprise Q3 loss and lower than expected EBITDA, driven by weaker than expected U.S. iron ore sales volumes and higher costs.
- CLF says its Q3 U.S. iron ore production volume fell to 3.86M metric tons from 4.1M in the year-ago quarter, but sales margins rose to $12.57/metric ton from $8.70; Asia-Pacific iron ore production was essentially flat at 2.97M metric tons vs. 2.93M a year ago, and sales margins jumped to $6.75/metric ton from $2.20.
- CLF reiterates its U.S. full-year sales projection of ~18M metric tons, at cash production costs of $50-$55/metric ton; in Asia-Pacific, CLF expects sales volume of 11.5M metric tons at cash production costs of $25-$30/metric ton.
Thu, Oct. 27, 9:14 AM
Thu, Oct. 27, 8:03 AM
Wed, Oct. 26, 5:30 PM
- ABB, ABMD, ACOR, AET, ALLE, ALV, ALXN, AMT, APD, ASPS, AUO, AVT, AXTA, BBW, BC, BCOR, BGCP, BMS, BMY, BWA, BX, CBG, CCMP, CELG, CFX, CHH, CL, CLF, CMC, CME, CMS, COLB, COP, COR, CRI, CRR, CRS, CVE, CVI, CVRR, CWT, CYS, DFT, DLX, DOW, DPS, EME, EPD, EQGP, EQM, EQT, EXLS, F, FCFS, FCN, FMS, GCI, GLOP, GNC, GOV, GTLS, HCA, HEES, I, IDA, IDCC, IP, IPGP, IRDM, IVZ, LANC, LAZ, LKQ, LLL, MD, MDP, MDXG, MHO, MJN, MO, MPC, MPLX, MSCI, MTH, MTRN, NEWM, NMR, NOK, NOV, NTCT, ODFL, ORI, PATK, PENN, PF, PJC, POT, PRLB, PTEN, PX, QSII, RDN, RGS, ROCK, RTN, SCG, SEE, SFE, SILC, SIRI, SMP, SQNS, SRPT, STM, SUP, SWK, TCK, TDC, TFX, THRM, TKR, TMO, TPH, TPX, TREE, TROW, TUES, TWTR, TZOO, UAN, UFS, UPS, UTHR, VC, VLP, WCC, WEX, WST, WWE, XEL, XRS, YNDX
Mon, Oct. 17, 2:01 PM