From current press release:
"Cliffs Natural Resources Inc. (CLF) today announced that Glass Lewis & Co ("Glass Lewis"), a leading proxy advisory firm, has issued a revised recommendation and now recommends that shareholders vote "FOR ALL" of Cliffs` director nominees on the WHITE proxy card in connection with the Company`s 2014 Annual Meeting of Shareholders to be held on Tuesday, July 29, 2014."
Casablanca has lost their support with the institutions!
I wish they had someone more in tune with running a public company and promote the company to the public. Is Musk really in tune with electric cars, no, he is in tune with the public and able to promote his vision. CLF does not need a hard hat miner, they need a visionary. And they don't need some hack of a hedge fund running the show.
and they beat by 1 cent. Coal only shows a 3% profit margin which shows why open pit mining is better, but also shows the difficulties in met coal. It is showing signs of a turn around and that will help CLF's coal operation going forward.
This flip flop reinforces my vote for CLF management, won't even wait until the conference call, filed my vote online. I think every institution that commissioned Glass Lewis is voting CLF and that is the reason for the flip flop. They are in serious trouble and I believe the institutional holders don't trust them. Furthermore, earnings shows management is on the right track.
They were all for Glass Lewis, now they want us to ignore them! Prime example of a short that presents information out of context and when they get called out, then they flip flop.
If that was the case, TSLA should be selling for under $10. You really need to dig into it and look at the health of each division to give you a clear picture of what needs to go, what needs to stay and what needs further inputs. CLF has given a very clear picture of what assets need to be liquidated now and is moving forward with that action. I CLF can release details of the Wabush transaction and the cost / benefit of shutting down some coal operations, they will make Q2 look good to the big investors.
"The preliminary Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics was at 52.0, topping the 51.0 median estimate of analysts "
A full one point beat of estimates and well above the 50 mark. Will be good for CLF tomorrow to add to a great conference call as management needs to pull out all the stops.
the company going forward. They know what divisions need to go and what ones need to stay. Shutting down some coal operations and working on a deal to sell Wabush. Bloom Lake's cash cost allow them to generate cash through continuing operations and Asia - Pacific is still profitable. Absolutely no reason to sell these assets now with iron ore prices depressed. Casablanca's direction will not help CLF out. More money can be generated by selling down inventories than selling these assets. The more I review the results, the more I am convinced that CLF is the clear choice going forward.
Clf actually beat consensus by a fair margin. Average consensus was a loss of 9 cents, they lost 1 cent, in my book that is a beat!
Read it again, production was not down, sales were and CLF needs the added production to meet the demand going forward and to build inventories for next winter.
Lots of general meaningless statements, but no specifics other than a 1 cent loss which by the way beat average estimates by a fair margin. You have the complete financial statement in front of you, what is it that you have a problem with? From where I sit, the only real problem was in US coal and the cost of shutting down Wabush. Going forward, CLF is idling their oldest coal mine and appears to be working a deal to sell Wabush. I hoping for details of these transactions to be released soon to see what the impact on future earnings will be.
So 5% allows them to spend the money of the 95% to cover their proxy expenses? Boy you sure look at things backwards. Now if you were ask me if CLF's management and Casablanca should pay for these proxy expenses, then in that case I would agree with you. But if Casablanca is voted in, they will charge the shareholders for their inflated cost.
with all of the gains in Q2 was from US iron ore as all other divisions saw more sales than production. US steel production YTD in the Great Lakes area has now passed last years numbers so expect iron ore demand to pull this inventory down. Going forward, CLF is sitting to increase profit levels. Institutions are in a position to see this and may stay the course with CLF management if they can prove they are headed in the right direction.
Waiting for conference call for any announcements, if nothing new, then I may vote CAS on Monday if management can't justify their direction. I still like the results for Q2 as iron ore prices were lower than Q1 and they beat Q1 by a large margin. The inventory build in US iron ore kept them from posting a 50 cent profit.
At some point iron ore shipments have to match steel production as they are connected. June iron ore shipments were at 5 year highs on the Great Lakes.
And if CAS gets in, expect another $5 million charge to reimburse them for their proxy cost. You really don't get it do you.