I find it odd to be down grading the stock under 30. Where were the downgrades 30 points ago? News can't get any worse save for a boot over the cliff. I usually find times like this are the best time to buy. Did it with Dell, Nok, Yhoo, vale lately, and did it today with CLF
I looked at past recommendations of those who downgraded recently, and 3 out of 4 recommended buying the stock at points from where on the price only went down. I am thinking of buying some looking at these crazy numbers (8.8% dividend 20%+ EPS, sound financial statement, BTU, ANR and other coal miners are rebounding, I just dont know too many iron ore producers and how they are faring. Maybe someone can point me to some iron ore miners who have or havent taken a kick in the teeth. Maybe hurricane Sandy had some impact on their mining operations, i.e. power outages or workers not turning up for work a few days this quarter.
Maybe a bear can give me his/her opinion why this stock should continue falling? I would appreciate any opinions.
If you are looking for iron ore try vale. I have traded in and out of this stock several times, but now in at 17.15, I will probably hang around for a while. Here is snippet from the yhoo profile:" Vale S.A. engages in the exploration, production, and sale of basic metals in Brazil and internationally. The company is also involved in energy, logistics, and steel businesses. Its Bulk Material segment engages in the extraction of iron ore and pellet production, as well as operation of Brazilian northern and southern transportation systems, including railroads, ports, and terminals related to mining operations. This segment also includes manganese ore mining and ferroalloys activities. ..."