Friday, October 29, 2010

Citigroup (NYSE:C) Sees Cliffs' (NYSE:CLF) ArcelorMittal (NYSE:MT) Negotiations as No Risk to Earnings

Citigroup Inc. (NYSE:C) commented on Cliffs Natural Resources Inc.'s (NYSE:CLF) earnings today, targeting specifically the ongoing negotiations with ArcelorMittal (NYSE:MT).

Citigroup's Brian Yu wrote in a note that Citi sees negotiations between the companies "as a timing issue rather than an earnings risk."

Cliffs significantly missed on their third quarter operating earnings per share, which came in at $2.08, far below the $2.70 Citigroup was looking for. Earnings in general were reported at $2.18 a share.

Cliffs was trading at $64.24, up $0.87, or 1.37 percent as of 1:00 PM EDT.

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