Cliffs Natural Resources (CLF) NewsBite - CLF Downgraded By BMO Capital Markets

Posted: Wednesday, May 13, 2009 1:38 PM EDT

Cliffs Natural Resources (CLF) was downgraded today by analysts at BMO Capital Markets and the stock is now at $22.99, down $5.90 (-20.42%) on volume of 8,129,331 shares traded. The brokerage reduced CLF to Market Perform from Outperform. Over the last 52 weeks the stock has ranged from a low of $11.80 to a high of $121.95. Cliffs Natural Resources stock has been showing support around $26.71 and resistance in the $31.09 range. Technical indicators for the stock are bullish and S&P does not currently have a STARS rating for CLF. If you are looking for a hedged play on CLF the stock seems like it could be a candidate for a June out-of-the-money bear-call credit spread above the 28 range. [ABR-Seven Summits Strategic Investments NewsBite]

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