Cliffs debt rises ahead of earnings; Arch numbers on tap; Quicksilver, Hercules decline

By Stephanie N. Rotondo

Phoenix, Oct. 27 – Cliffs Natural Resources Inc. was the focus of distressed debt investors on Monday, according to a trader.

“There was not a lot of trades in anything today,” he said.

“It was pretty dead,” said another.

Investors were looking to Cliffs’ earnings release, which came after the market closed. The results were mixed, in as much as revenue fell less than expected, but the company’s net loss was well above estimates.

Going into the release, the iron ore producer’s debt was trading up.

Next up in the earnings roundup is Arch Coal Inc. Those numbers are not expected to be so great either.

Leading up to those results, the coal producer’s debt was weaker on the day.

Elsewhere in the mining arena, Quicksilver Resources Inc. paper was trading down, traders reported.

Hercules Offshore Inc. paper continued to weaken. Those bonds have been falling along with oil prices, but were also weighed down by poor earnings last week.

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