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Notable News: Cliffs Natural Resources Inc, CVS Caremark Corporation, Netflix
Tuesday, March 12, 2013 3:20 PM
NEW YORK, March 12, 2013 - vb-news.net, one of the leaders in providing investment alerts on U.S. stocks are announcing Investment Highlights on Cliffs Natural Resources Inc, CVS Caremark Corporation, Netflix
Cliffs Natural Resources Inc(NYSE:CLF) has announced that it will idle its Wabush Pointe Noire pellet plant in Quebec by the end of the second quarter of 2013. The main reasons are high production costs and lower pellet premium pricing.
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"Due to the dynamics in the marketplace, we are taking measures to adjust our iron ore pellet production at our Wabush operation while continuing to meet our customer commitments," said Cliffs' chairman, president and chief executive officer, Joseph A. Carrabba.
"Unfortunately this decision will impact approximately 165 employees. We understand this is a hardship for our employees and their families. During this transition, we will be working with them including exploring other opportunities at Cliffs."
"We are taking a long-term view of our investments in Canada. These measures address current market conditions and we look forward to advancing our work at Bloom Lake which is key to Cliffs' future," he added.
Cliffs has reaffirmed its full-year sales and production volume expectations of 9 - 10 million tons from its Eastern Canada business segment. It has lowered the full-year cash cost per ton in Eastern Canadian Iron Ore from $100 - $105 to $95 - $100. The Company has reiterated its full-year 2013 revenue-per-ton expectation from Eastern Canadian Iron Ore at $120 - $125.
Meanwhile, Goldman Sachs has downgraded CVS Caremark Corporation(NYSE:CVS) from Buy to Neutral with a price target of $57. Lack of near-term catalysts and expectations of slowdown in earnings growth are the main reasons.
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Matthew J. Fassler said that the brokerage “expects earnings momentum to fade through 2013 as discrete drivers of recent quarters abate”. “We continue to view the firm as well-positioned and as a core retail holding for long term oriented investors," he added.
Netflix, Inc.(NASDAQ:NFLX) has introduced a feature called the ISP Speed Index, which allows users to compare their individual Netflix experience with that of others.
The Index lists the fastest and slowest ISP for different countries based on information gleaned from its users, as well as the overall average speed for each country.
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This is an improvement on an earlier version of the feature which the company had experimented with in 2011, when it had released a graph on the performance of top networks.
The ISP Index processes the information on a single location and it is easily digestible too with the ability to pull up data for eight countries.
According to Netflix, 33 million customers stream in excess of a billion hours of video every month, providing ample data.
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