Cliffs Natural Resources Extends Iron Sale and 2 Heavily Traded Stocks to Follow
Cliffs Natural Resources (NYSE:CLF): Current price $18.65
The company reports that it has extended its iron ore pellet sale and purchase agreement with Essar Steel Algoma out to 2024, as the prior agreement was set to expire in 2016. The contract includes Essar’s minimum volume iron ore pellet acquisitions from Cliffs beyond 2016, and pricing for 2013 through the year 2024. The deal adds to Essar’s supply contract with Essar Steel Minnesota to address Essar’s expected iron ore pellet needs from 2017 and afterwards. Essar Steel Algoma is a fully integrated steel producer, with its revenues mostly derived from the manufacture and sale of hot and cold rolled sheet and plate.
Nokia Corporation (NYSE:NOK): Current price $3.81
Shares are up almost 4 percent in afternoon trading, after the appearance of an article by Daniel Thomas of the Financial Times, who wrote that the Chinese smartphone and networking supplier Huawei might acquire Nokia, pointing to remarks by its chief of consumer products Richard Yu. The executive said in an interview in London that “We are considering these sorts of acquisitions; maybe the combination has some synergies but depends on the willingness of Nokia. We are open-minded.”
Rite Aid Corporation (NYSE:RAD): Current price $3.159
On Tuesday, Rite Aid announced its intention to offer $400 million aggregate principal amount of a new series of senior notes due 2021. The notes will be unsecured, unsubordinated obligations of the corporation and will be guaranteed by virtually all of its subsidiaries. The firm will use the net proceeds, together with available cash and/or borrowings under Rite Aid’s revolving credit facility, to redeem a corresponding amount of its outstanding 9.5-percent senior notes due in 2017. The company’s results of operations, such as net income and earnings per share, and guidance could be impacted by fees, expenses and charges linked to the refinancing transactions.
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