Cliff Falls After 76% Dividend Cut

Bloomberg reported that the biggest iron ore producer in the United States, Cliffs Naturals Resources Inc., plunges the highest in over three years after it cut its quarterly dividend by seventy six percent and declaring a share sale to resolve its financial obligations.

As quoted in the market news:

The shares slid 18 percent lower to $29.87 at 10:16 a.m. in New York. Earlier the declined as much as 19 percent, the most intraday since May 2009.

Click here to read the full Bloomberg report.