Top Losers: Cliffs Natural Resources Inc (NYSE:CLF), X T L Biopharmaceuticals Ltd (ADR) (NASDAQ:XTLB), GlobeImmune Inc (NASDAQ:GBIM)
Dallas, Texas, 10/06/2014 (ustrademedia) – Cliffs Natural Resources Inc (NYSE:CLF) lost nearly 17 percent during the previous session following a stock downgrade by Nomura. Investment analysts at Nomura significantly cut the price target for Cliffs to $5 from $18 in line with their stock downgrade to ‘Reduce’ from ‘Buy’ rating. The analysts now estimate FY14 earnings at $(0.03) per share against their previous expectation of $0.16 per share. Cliffs require approximately $1 billion to expand its operations at Eastern Canada mines. However, Nomura analyst Curt Woodworth noted that the company may not finance this expansion given its high debt leverage and weak iron ore prices.
X T L Biopharmaceuticals Ltd (ADR) (NASDAQ:XTLB) reported its financial and operational results for 2Q14 and 1H14 ended June 30, 2014. The company continued investing in its research and development initiatives and spent $40,000 during 2Q14 as compared to $25,000 in 2Q13. Operating loss narrowed to $723,000 during 2Q14 as compared to $1 million in 2Q13. Lower sales and marketing expenses helped company control a net loss to $710,000 in 2Q14 as compared to $1.2 million in 2Q13. During 1H14, net loss narrowed to $1.5 million as compared to $2.3 million in 1H13. The company reported cash balance of $3.3 million as at June 30, 2014.
GlobeImmune Inc (NASDAQ:GBIM) recently filed Form 8-K with the SEC to report the departure of Dr. Pennina Safer from its Board of Directors. She resigned effective September 30, 2014 from the Company’s Board and as a member of the ‘Nominating and Corporate Governance Committee.’ She was serving on the Board since October 2011. GlobeImmune reported in its filing that the resignation was not served because of any disagreement with the company or any matter relating thereof. Following this resignation, the Board now comprises J. William Freytag, Timothy C. Rodell, Augustine J. Lawlor, Dan Mitchell and S. Edward Torres.