If Cliffs is going to sell some stock tomorrow, they appear to want to sell at 29, not the 28 handle that is the 52 week low. It may stay in the 29 area today.
Normally sales happen at a fairly large (5%?) discount to ensure the offering is fully subscribed. I still think it happens at 28 or maybe even a bit lower.
Odd they haven't priced it yet. I'm thinking it will be more in the 25/26 range. They may have been hoping for more of a bounce today.