Diamonds and Dogs
3/27/13
Cliffs Natural Resources Inc. (CLF)Cliffs Natural Resources is falling apart today, down 13.82% at $18.47. The iron ore company saw its shares fall nearly $3.00 today after Wall Street downgraded the company. Wall Street analysts downgraded the company from equal-weight to underweight. Along with the downgrade, Morgan Stanley cut its price target on the stock to $14 a share, representing a 35% of downside to yesterday's closing price. Morgan Stanley cited a deteriorating US iron ore market and Cliffs depleting reserves as the main cause of concern regarding the company. Cliffs' shares are holding up above their intraday 52-week low of $17.95.
Diana Shipping Inc. (DSX)
Diana Shipping is going full steam ahead today, up 12.62% at $10.71. The transportation and shipping company saw its shares explode after CNBC's Jim Cramer voiced his optimism toward the company. Cramer said that after years of sliding Diana Shipping is finally showing that it is bottoming out. Cramer feels that because the stock is bottoming that it is ready to break out to the upside. Investors are listening to Cramer today as the stock has jumped around $1.20. Diana Shipping reached its 52-week high intraday at $10.81, however pulled back slightly before the market closed.
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