Rio Tinto (RIO) is up today. So are BHP Billiton (BHP) and Vale (VALE). But Cliffs Natural Resources (CLF) has dropped nearly 10% today despite being in the same business. The reason: The Cleveland-based iron miner took a $6 billion charge today.
ReutersThe Minnesota StarTribune has the details on Cliffs Natural Resources’ charge:
Cliffs Natural Resources�Inc…said it would write down the value of its coal and iron ore assets by $6 billion due to weak prices, putting it in breach of debt covenants and sending its shares down around 7 percent.
Cliffs said the non-cash charge would increase its debt-to-capital ratio over the 45 percent threshold set by its credit facility, and it was working with bankers to amend the covenant.
Wells Fargo’s Sam Dubinksy considers the pros and cons of Cliffs’ write-down:
Best Shipping Companies To Watch In Right Now: African Barrick Gold PLC (ABGLF)
African Barrick Gold plc (ABG) is a United Kingdom-based company. The Company is a gold producer in Tanzania. Its operations include exploration and development to mine construction and operation. ABG has resources of approximately 32 million ounces of gold. The Company has three producing mines, all located in northwest Tanzania: Bulyanhulu, Buzwagi and North Mara, and several exploration projects at various stages of development in Tanzania and Kenya. Bulyanhulu is an underground gold mine. Buzwagi is an open pit gold mine. North Mara is an open pit gold mine consisting of three open pit deposits. Advisors' Opinion:- [By Ben Levisohn]
Over the last several months, ABX has been divesting non-core assets. Starting in mid-2013, the company sold its non-core energy assets. Since then, focus has been on selling Australian gold assets. As we have stated previously, we believe the company will continue to sell noncore assets, focusing primarily on its interests in North America. Barrick had been previously seeking a suitor for its 74% interest in African Barrick (ABGLF); to date, the company remains unsuccessful in disposition of the ABG interest. In addition, we would not be averse to seeing Barrick sell off some or all of its copper assets, if they can get the right price.
Top High Tech Stocks To Invest In Right Now: Glu Mobile Inc.(GLUU)
Glu Mobile Inc. designs, markets, and sells mobile games worldwide. It develops original games based on its intellectual property comprising Big Time Gangsta?, Blood & Glory, Bug Village, Contract Killer, Contract Killer: Zombies, Eternity Warriors, Frontline Commando, Gun Bros, Men vs. Machines, Stardom: The A-List, Super K.O. Boxing and Toyshop Adventures. The company also develops games based on licensed intellectual property consisting of Build-a-lot, Call of Duty, Deer Hunter, DJ Hero, Guitar Hero, Family Feud, Family Guy, Lord of the Rings, Paperboy, The Price Is Right, Transformers, Who Wants to Be a Millionaire?, and World Series of Poker. It offers a portfolio of action/adventure and casual games to smartphones and tablet devices users through direct-to-consumer digital storefronts, as well as to feature phone users served by wireless carriers and other distributors. The company was formerly known as Sorrent, Inc. and changed its name to Glu Mobile Inc. in May 20 05. Glu Mobile Inc. was incorporated in 2001 and is headquartered in San Francisco, California.
Advisors' Opinion:- [By Garrett Cook]
Technology sector was the top decliner in the market on Thursday. Top losers in the sector included QuickLogic (NASDAQ: QUIK), Glu Mobile (NASDAQ: GLUU), and L-3 Communications Holdings (NYSE: LLL).
- [By vinaysingh]
Mobile gaming is a hit-or-miss business and the past has shown that a few consecutive misses can push a company into a downward spiral. Glu Mobile (GLUU) is a prime example of this. The inability to develop chart-topping games took its toll on Glu, but the company has maneuvered a sensational turnaround in the last few months. However, even after the recent uptick, Glu is still a great long-term buy candidate. Let�� take a look at catalysts which will drive Glu Mobile higher in the foreseeable future.
- [By Paul Ausick]
Glu Mobile Inc. (NASDAQ: GLUU) held its IPO in May of 2007 and raised $84 million on the sale of 7.3 million shares at a price of $11.50. Like Zynga, shares peaked around $14 within a few months, and the stock trades today at around $5 a share, up from near $2 a share last September. The shares have gained about 33% in the past three weeks, mostly due to the company’s freemium business model, where the games are free to play and in-app transactions of $1.99 or less keep players opening their wallets.
Top High Tech Stocks To Invest In Right Now: Nuveen Insured California Premium Income Municipal Fund II In (NCL)
Norwegian Cruise Line Holdings Ltd., through its subsidiaries, operates as a cruise line operator, offering cruise experiences for travelers with various itineraries in North America, the Mediterranean, the Baltic, Central America, Bermuda, and the Caribbean. The company offers cruises ranging in length from 1 day to 3 weeks. As of December 31, 2012, it operated 11 ships offering cruises in Alaska, the Bahamas, Bermuda, the Caribbean, Europe, Hawaii, Mexico, New England, Central and South America, North Africa, and Scandinavia. The company was formerly known as NCL Corporation Ltd. and changed its name on January 24, 2013. Norwegian Cruise Line Holdings Ltd. was founded in 1966 and is headquartered in Miami, Florida.
Advisors' Opinion:- [By Rick Munarriz]
Royal Caribbean,�NCL (NYSE: NCL ) , and ship spa services provider Steiner Leisure (NASDAQ: STNR ) all hit new 52-week highs earlier this month. Unlike Carnival (NYSE: CCL ) -- which has been sluggish in light of several mishaps at sea since last year -- everyone seemed to view the negative instances as Carnival-specific events. Now Royal Caribbean's fire may lead folks to question booking on any cruise line in the near future.
- [By Rick Munarriz]
Carnival stock is trading closer to its 52-week low than its high, and the same can't be said of rivals Royal Caribbean (NYSE: RCL ) and NCL (NYSE: NCL ) .�
Top High Tech Stocks To Invest In Right Now: Asante Gold Corp (ASE)
Asante Gold Corporation is a mineral exploration company involved in the acquisition and assessment of mineral properties in the Republic of Ghana. The Company is a gold royalty, exploration and development company. The Company is focused in Ghana, West Africa where it is exploring the Fahiakoba concession, a 22.07 square kilometers prospecting license located on strike with and between Perseus Mining's 4.32 million ounce Edikan Mine and AngloGold Ashanti's 60 million ounce Obuasi mine. It has a 100% interest in the Fahiakoba concession. ASG Mining Ltd. is the Company�� 100% owned Ghana subsidiary. Advisors' Opinion:- [By Namitha Jagadeesh]
Greece�� ASE Index (ASE) retreated 4 percent today, pulled down by shares of lenders. National Bank of Greece SA tumbled 27 percent to 1.15 euros after announcing details of a share sale. Piraeus Bank SA slid 21 percent to 36 euro cents.
Top High Tech Stocks To Invest In Right Now: PC-Tel Inc.(PCTI)
PCTEL, Inc. provides propagation and optimization solutions for the wireless industry. It designs and develops software-based radios (scanning receivers) for wireless network optimization; and develops and distributes antenna solutions. The company?s scanning receivers, receiver-based products, and interference management solutions are used to measure, monitor, and optimize cellular networks. It offers various antenna products for worldwide interoperability for microwave access antennas, land mobile radio antennas, and precision global positioning systems antennas that serve applications in telemetry, radio frequency identification, WiFi, fleet management, and mesh networks. The company?s antenna solutions address public safety, military, and government applications; supervisory control and data acquisition, health care, energy, smart grid, and agricultural applications; and indoor wireless, wireless backhaul, and cellular applications. PCTEL, Inc. supplies its products to public and private carriers, wireless infrastructure providers, wireless equipment distributors, value added resellers, and original equipment manufacturers through distributors and direct sales force. The company was founded in 1994 and is headquartered in Bloomingdale, Illinois.
Advisors' Opinion:- [By Stephen Simpson, CFA]
I'm perfectly happy recycling past investment ideas, and PCTEL (PCTI) treated me quite well indeed when I owned the stock about a decade ago. Since that time, though, the company has gone through a significant transformation and is really only the same in name only. Different isn't always better, but I do believe that PCTEL now operates a collection of businesses with interesting growth and margin potential. PCTEL does not appear to be tremendously undervalued today on a cash flow basis, but with almost $3 per share in cash on the balance sheet further acquisitions could improve its growth prospects further.
- [By Roberto Pedone]
PCTEL (PCTI) designs and develops software-based radios for wireless network optimization and develops and distributes innovative antenna solutions. This stock closed up 1.1% to $9.83 in Tuesday's trading session.
Tuesday's Range: $9.70-$9.85
52-Week Range: $5.65-$10.00
Thursday's Volume: 77,000
Three-Month Average Volume: 80,200From a technical perspective, PCTI bounced modestly higher here right above some near-term support at $9.50 with decent upside volume. This stock has been trending sideways in a consolidation pattern for the last month, with shares moving between $9.08 on the downside and $10 on the upside. Shares of PCTI are now quickly moving within range of triggering a major breakout trade. That trade will hit if PCTI manages to take out its 52-week high at $10 with high volume.
Traders should now look for long-biased trades in PCTI as long as it's trending above near-term support at $9.50 or above $9.08 and then once it sustains a move or close above $10 with volume that hits near or above 80,200 shares. If that breakout triggers soon, then PCTI will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $12 to $13.
Top High Tech Stocks To Invest In Right Now: MKS Instruments Inc.(MKSI)
MKS Instruments, Inc., together with its subsidiaries, provides instruments, subsystems, and process control solutions that measure, control, power, monitor, and analyze parameters of manufacturing processes worldwide. It offers instruments and control systems, such as pressure measurement and control, materials delivery, gas composition analysis, and control and information technology products. The company also provides power and reactive gas generation products comprising power delivery, reactive gas generation, processing thin films, and equipment cleaning products; and vacuum technology products, including vacuum containment components, vacuum gauges, vacuum valves, effluent management subsystems and custom stainless steel chambers, vessels, and pharmaceutical process equipment hardware and housings. Its products are used in the semiconductor processing steps, such as depositing thin films of material onto silicon wafer substrates, and etching and cleaning circuit patt erns; manufacture of flat panel displays, light emitting diodes, solar cells, data storage media, and other coatings, including architectural glass; energy generation and environmental monitoring processes, such as nuclear fuel processing, fuel cell research, greenhouse gas monitoring, and chemical agent detection; medical instrument sterilization; consumable medical supply manufacturing; and pharmaceutical applications. The company also offers maintenance and repair, software maintenance, installation, and training services. It serves semiconductor capital equipment and device manufacturers, thin film capital equipment manufacturers, energy generation, environmental monitoring, and manufacturing companies, as well as government, university and industrial research laboratories. The company sells its products primarily through its direct sales force, as well as through sales representatives and agents. MKS Instruments, Inc. was founded in 1961 and is headquartered in Andover, Massachusetts.
Advisors' Opinion:- [By James E. Brumley]
What do small cap stocks MKS Instruments, Inc. (NASDAQ:MKSI), Tanger Factory Outlet Centers Inc. (NYSE:SKT), and Kaman Corporation (NYSE:KAMN) have in common? Absolutely nothing, on the surface, and no, it's not a setup for painfully bad punchline. There is a common thread among KAMN, SKT, and MKSI right now, however... they're all three going into my mental (though publicly-tracked) portfolio this afternoon.
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