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Thomson Reuters

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** CLIFFS NATURAL RESOURCES, $18.28, down 14 pct
(0933 ET)


Morgan Stanley downgraded the iron ore and metallurgical
coal producer's stock to "underweight" from "equal-weight",
citing an oversupply of iron ore in the Great Lakes region in
North America in the coming years which will lead to a cut in
the company's production and price.


"As the only non-steel making producer in the region, we
believe CLF will be most impacted. US Iron Ore segment EBITDA
could halve vs. 2012 levels," analyst Evan Kurtz wrote in a note
to clients.