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Top Basic Materials Stocks - CLF, MPET, WPZ
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Cliffs Natural Resources Inc (NYSE:CLF) notched up 5.9% to $36.94 on a
massive volume of 3.62 million shares after it reported third-quarter results
for the period ended Sept. 30, 2009. Consolidated revenues in the quarter were
$666.4 million, down 44% from $1.2 billion in the same quarter last year. The
decrease in revenues was driven by lower volume in Cliffs` North American
businesses and lower year-over-year pricing for iron ore. While year-over-year
comparables are down, Cliffs indicated that, during the third quarter, the
Company noted a marked improvement in business conditions and an improved
outlook compared with the first half of 2009.
Magellan Petroleum Corporation (NASDAQ:MPET) surged 6.29% to
$1.52 on massive volume of 281k shares.
The stock has a 52-week range of $0.33-$1.73. Magellan Petroleum
Corporation (MPC) is engaged in the sale of oil and gas, and the exploration
for and development of oil and gas reserves. As of
Williams Partners L.P. (NYSE:WPZ) spurted 5.99% is trading at $26.20
with a huge volume of 190K shares. The
company reported its third-quarter profit declined 8 percent on sharply lower
natural gas liquid prices. But results widely beat analyst estimates, sending
shares sharply higher. Last year natural gas prices traded at record levels,
close to $14 per 1,000 cubic feet. In the most recent quarter natural gas
prices ranged between $2.50 and $5 per 1,000 cubic feet. Quarterly earnings
fell to $55.9 million, or $1.04 per share, from $60.8 million, or $1 per share
during the same period last year. Analysts predicted profit of 64 cents per
share. Revenue tumbled 29 percent to $125.2 million from $175.7 million.
Analysts expected revenue of $108.6 million.
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