Could institutions be waiting to see what Q2 results are before casting their votes one way or the other?
Dear god, nicknuthals must be the dumbest Cliffs investor of them all. You do realize that Casablanca's ENTIRE plan revolves around selling off the "nearly 40% of its iron ore tonnage in the seaborne market" ???
In which case, I believe even you could figure out why the U.S. operations might be a little important.
Also, the way that cumulative voting works leads me to believe that by passively offering Casa a total of FOUR seats for free Cliffs' board is dooming themselves because Casa will now use all of their votes for the remaining 2 of their candidates and just the bare minimum for the 4 running unopposed ??
Did word of this get out yesterday and that's why we saw the spike?
Crazy volume ALL in a skyrocketing upwards direction and your first thought is a "dividend cut announcement?"
Sorry to see ya go.
Make sure you come back around the time Q2 results are released so we can discuss them with you.
I've been watching the stock for a while and almost bought shares Monday somewhere above $50
WOW am I glad that I didn't. Would have been the quickest 10% loss I've ever experienced. I'm still looking to buy shares though, and will as soon as there's even a tiny bit of support. For now though, this stock just continues crashing and burning.
I'm new to this board, but I just wanted to say I've already seen several of you refer to SODA as a "growth stock." That may have been true a year ago, but I'm a value investor and the fact that SODA is now showing up on my screens suggests that it has been massively oversold.
The best investment is a growth stock trading at value levels. Depending on whether sales can stabilize or not (like management forecasts) this could be the next big play for the 2nd half of 2014. I'm still conducting my DD but I just thought I'd say that at these levels this is no longer just for speculators chasing growth stocks.
I DO consider $22 late to the party considering just a couple years ago it was over $100!
So you caught the last 10%... Along with most people, I would consider that "late to the party."
Let the shorts disagree. Are you long or short CLF right now?
Shmickersmack, your total lack of understanding continues to astound me.
Nobody here is arguing that a "175 million ton ore over supply next year" is good for CLF.
The simple fact is: you're late to the party. The shorts have taken CLF down massively over the past 2 years and the investment thesis for most of the value based longs (like myself) at this point is not that CLF has good things coming in the next few years but that they will be LESS bad then projected.
Just like when a company has a terrible earnings quarter but still beats analyst expectations and the stock jumps up; that is what I see here with CLF.
The negative sentiment is already priced into the stock. The balance of probability suggests that the risk/reward function is now heavily weighted to the upside.
shmickersmack you have to be the dumbest short I've ever seen...
You keep quoting Deutsche Bank's "$0.26 2015 estimate for CLF" but you fail to mention that the SAME @#$% bank has a BUY rating on CLF and a $19 price target.
I'll do the math for you, since I know you never paid attention in high school. That means that even a pessimistic bank (on earnings) has a price target representing about a 20% gain from current prices.
Find another source for your bashing, because obviously this one isn't going to fool anybody on this board.
They said in the conference call that they didn't have enough trucks during the quarter to move all the tonnage. But they also said that they worked with the Eritrean government and quickly brought in more trucks. This quarter will look spectacular compared to Q1, but bobvee may be right that they may still fall short of the profits during the gold mining phase.
The PPS is going to absolutely ROCKET after Q2 numbers are released. Remember the 15 million pounds of copper deferred/delayed last quarter? This is going to be a blowout quarter, and I'm loading up all I can now because even with the general fears over the stabilization of Eritrea this won't trade under $4 again for the foreseeable future.
Stock up like 10% in the days following the announcement that he's being kicked out, and that's AFTER literally months of almost continuous decline
I had lowered my average to $16.33 with all my buying in the $13s and $14s. Feels GOOD to be back in positive territory.
No chance of selling though. I'm going to ride this thing all the way back into the $20s.
Still almost 3 hours left of trading. A lot can happen between now and the close.
"We have no intention of negotiating through press releases but remain willing, as we have detailed in our public filings, to enter into a reasonable settlement that provides for real change."
Cliffs Board is desperate- they will pursue a settlement. Notice that in the press release Cliffs stated something along the lines of "based on discussions with various shareholders"
HAH. "discussions" means "we won't be voting for the current board"
Best solution would be for the following to be agreed upon.
1. Cliffs kicks out Kirsch (completely)
2. Halverson remains CEO
3. Goncalves takes the chairman position
4. Casa gets the 3 members on the board
That should get this stock back into the $18s, and then all will depend on the Q2 results for the real short squeeze.