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

To: Peter V who wrote (13887)	5/6/2008 3:05:23 PM
From: Peter V	Read Replies (1) \| Respond to of 19257

Iron ore producer Cleveland-Cliffs rises on outlook Tuesday May 6, 3:02 pm ET Shares of iron ore producer Cleveland-Cliffs rise on strong outlook, despite weak 1st qtr NEW YORK (AP) -- Shares of Cleveland-Cliffs Inc. surged Tuesday after an analyst said investors should "see through" weak first-quarter results to the iron and coal producer's strong prospects in the rest of this year. The company reported first-quarter profit fell 49 percent as higher expenses and a one-time charge offset record revenue. But Deutsche Bank-North America analyst Jorge Beristain, in a client note, said that management guidance for 2008 is upbeat and "remains on track." The analyst said Cleveland-Cliffs expects to sell more iron ore during the balance of this year than he had projected. He also said the company expects a higher price for its metallurgical coal than previously anticipated. Metallurgical coal, also known as coking coal, is processed in coke plants as part of the iron smelting process. Shares rose $8.06, or 4.8 percent, to $175.32 in afternoon trading.