There are still a lot of short sellers here EVEN knowing CASA might take OVER THE CONTROL OF THE COMPANY. Generally , the stock takes off because of the Activist. But its not happening with CLF. The reason is that they think Kirsch and his jokers will prevail because of people like surf, solar and rps think that is the best thing for Cliffs and will vote for them
So if for some Godly reason Kirsch and them prevail don't blame shorts, CLF stock may go down as low as $10-$'12 area, as they have NO strategy nor any RESTRUCTURING plans. So don't blame us who want CASA to take the control and straighten out this company and improve its balance sheet.
Kirsch will be booted out as soon as CASA takes over.. or there is some rumor that he may even depart following the Q-2 earnings if they are terrible. His days are numbered regardless..IMO
surf.. . Go for CASA. If you are long you will NOT lose. With CLF and Kirsch , business will be as usual and debt will eventually kill this company. There is NO restructuring plan with the present MNGT. JPM and ML are collecting their money w/o doing a single thing and Company Executives are getting big compensation packages. What a freaking joke!!
Activist CASA has nothing to do with the MNGT of this company. Kirsch and his buddies drove down the price from $102 to$15 with their buying binge at a very inflated price and taking on more and more debt. They failed to realize there is always a bust cycle after the boom cycle. You don't seem to realize this.SOLAR!!
CASA did nothing to this company and like us they are losing their money and that's why its more IMP that the Change in the Board is absolutely needed to put the finances in order. If CASA lowers debt down to $1B, it will be manageable if they cut CAPEX and other overhead expenses and
executives compensation packages drastically. Its going to be painful but Cliffs will be smaller and survive. I don't have a problem with smaller and more domestic CLF.
About less than 2 weeks when we find out the Financial health of the company. Some rumors that Kirsch might leave on his own immediately if Finances are in a terrible shape based on Q-2 Earnings report. That will make CASA to move in easier...IMO
Generally, its stock price goes up even when the markets are down.....except in the case of Cliffs. . Down to $15.59 now.
Had an interesting call yesterday from CASA Rep .. asking to vote for all six(6) original nominees including Patrice Merrin who he said will be replaced by a new guy. He also said CASA has an overwhelming support to change the Management and Board from his contact with Shareholders. I do hope CASA takes over the Board and MNGT.
Two time bombs ticking.. Q-2 earnings out 7/21 and SH meeting on 7/29.. ke sera..sara !! good luck all LONGS and CASA supporters.
Yesterday, July 7, 2014
1:50 PM ET Cliffs to Sell Pinnacle Coal Mine as Part of Response to Low CommodityPricesTREFIS
I don't think they got the buyer yet. Probably work with JPM and Merrill Lynch to find a buyer. This was the part of yesterday's news.
Finally!! but it may be too late to get the decent price now. They should had sold it last year. They are doing this now grudgingly because that's what CASA wants to do. They may announce more sales of losing assets before the meeting date. Kirsch and his people will do every thing to fend off CASA..
solar ..why are you such an #$%$? Didn't your mother breast feed ( or bottle feed )you when you were born? Didn't you get a toy for Ramadan or Christmas? Didn't your teacher called on you when you raised your hand? Be nice and the world will be nice to you.
Only because of the Activist CASA's threat, this stock is still holding up around $16 or it would had been down to $12 already. When the WS predicts 2014 E at $0.25, even $12 would give a very high P/E of 48.
It seems like eternal. I also have never seen any stock like this where the MNGT will do nothing...absolutely NOTHING and SHORTS can't have enough.
Still 2 more weeks for the Q-2 earnings and 3 weeks for the meeting. I hope all of us here vote for CASA's nominees...and Hope this pain gets over soon.
Kirsch delayed this meeting as long as he can and only scheduled after CASA threatened to take it to SEC and Courts.
Restructuring or whatever it takes is needed to be implemented in order to move this stock price.Only CAS has some plans about doing this...Cliffs doesn't.
CLF MUST sell some non-core assets and thats why its even more IMP that CAS take the control of the Board and the Company to help move price up by cleaning up the balance sheet with lower debt and better earnings in this lower IO pricing situation. Kirsch MUST GO!!
Driving down the price under $16..down almost 3% today sofar..What it says is even if CASA took the control of the Board and Company, it will be hard to move up CLF's stock price in this low Commodity pricing environment. .And, if Kirsch and his people retain the control, it will be business as usual and nothing will happen to stock price. It might even go down.
I saw that BHP is increasing IO production to compete with RIO and that higher supply of IO will keep driving down the IO price...NOT good news for Cliffs.
I agree...until the Q-2 earnings come out and what they look like. However, the most IMP time frame for this stock to move will be what happens at the annual meeting. Who wins the control of the Board.. CASA or Kirsch/CLF? If CASA wins the stock will jump up at least 20% at the onset and then we will see what happens next. If CLF wins, I doubt much will change.