Cliff's Natural Resources Falls 7%, Hits 52-Week Bottom on Negative News Flow
Shares of mining company Cliffs Natural Resources Inc. ( CLF ) are down 7.4% to $20.17, slightly above a new 52-week bottom of $20.12 touched earlier this session, as the company continues to reel from negative news last week.
Last Tuesday, the company said it expects to idle its Wabush Pointe Noire pellet plant in Quebec by the end of the second quarter of 2013. CLF said the decision was due to high production costs and lower pellet premium pricing which is expected to persist in certain markets during the year.
Also in the past week, CLF was downgraded by analysts at BMO Capital Markets
to a Market Perform rating from Outperform. The price target was slashed to
$27 a share from $50.
CLF shares have a day's range of $20.12 - $21.54, with a 52-week top of $71.94.