Cliffs Natural Resources tumbles with fertilizer names • 9:29 AM
• Cliffs Natural Resources (CLF) -3.1% premarket following fertilizer stocks under pressure as Russian producer Uralkali said potash prices could tumble to $300 by year's end.
• Piper Jaffray cuts its price target to $204 to reflect reduced FY 2014 estimates on weaker pricing and volume outlook uncertainty.
• The news is bad timing for Dan Loeb: "CF's
I think SA meant to reference CF instead of CLF in that note, since CF makes fertilizers of various types (I own stock in both). Regardless, the market action today seems to have been about US Steel's weak results.