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Strategies & Market Trends : Can you beat 50% per month? -- Ignore unavailable to you. Want to Upgrade?

To: Cal Amari who wrote (13876)	5/6/2008 9:50:15 AM
From: Smiling Bob	Read Replies (1) \| Respond to of 19257

How quickly things change I'd expect it to return back down shortly. Guess there's a CC call But wow, what a twist anyway Missed by a mile and currently green up $14 from pm 171.41 -- Higher expenses help cut Cleveland-Cliffs 1Q profit Tuesday May 6, 8:11 am ET Higher expenses, legal charge cut 1st-qtr profits of Cleveland-Cliffs by 49 percent CLEVELAND (AP) -- Iron ore and coal producer Cleveland-Cliffs Inc. said Tuesday its first-quarter profit fell 49 percent as higher expenses and a one-time charge offset record revenue. Results missed Wall Street's expectations by a wide margin, and shares fell in premarket trading. After the payment of preferred dividends, net income for the three months ended March 31 fell to $15.8 million, or 32 cents per share, from $31.1 million, or 62 cents per share, in the year-earlier quarter. Analysts polled by Thomson Financial expected, on average, earnings per share of $1. Selling, general and administrative expenses rose to $44.6 million from $18.7 million while "management infrastructure and corporate development activities" in Latin America and Asia-Pacific added another $10 million in expenses to the quarter. The company also booked a $7 million litigation charge. Revenue climbed to a company record $494.4 million from $325.5 million, largely from strong sales by the company's North American Coal and North American Iron Ore segments. Shares fell $9.33, or 5.6 percent, to $157.89 in premarket trading.