Cliffs Natural Resources Inc (NYSE: CLF) shares took
on three cents to $29.56, on word the company is downgraded with a reduced $32
target price (from $45) by RBC Capital because of the firm’s more subdued
outlook for coal and iron ore, the loss of growth at Bloom Lake, expectation of
further negative guidance revisions at year-end, and a possible dividend cut.
Much of the bad news is already priced in, but upside is limited. Share volume
was 507,000
