Cliffs climbs on takeover chatter via social media
March 21, 2013, 11:58 a.m. EDT
By Russ Britt CLF
LOS ANGELES (MarketWatch) -- Shares of Cliffs Natural Resources CLF +1.21% were among the top gainers in the S&P 500 Wednesday as social media was hot with chatter over prospects that the iron ore producer might be a takeover target. Cliff's was up 2.5% in recent action to $21.24, and had risen more than 3% at one point on the buyout rumor, which seemed to be all generated by buzz on such sites as StockTwits.com. Company officials were not available for immediate comment. Cliffs was the subject of a pessimistic note from Goldman Sachs two days ago in which analyst Sal Tharani lowered his price target to $20 and reiterated his sell rating. Tharani said iron ore prices are facing downward pressure and could cut into Cliff's profits. Shares of Cliffs traded at more than $70 a share a year ago. ___________________________________________________________ http://www.marketwatch.com/story/cliffs-climbs-on-takeover-chatter-via-social-media-2013-03-21?link=MW_home_latest_news
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