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market movers

Stocks slide, following European markets lower

Cliffs sells ore to steel makers and others worldwide.

China Daily

Cliffs sells ore to steel makers and others worldwide.

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Cliffs Natural Resources had the biggest loss on the S&P 500. Morgan Stanley cut its recommendation on shares of the biggest US iron-ore producer to “underweight,” Bloomberg reported. Its iron ore business will be halved in coming years because of increased supply in the Great Lakes area, analysts wrote. Credit Suisse cut its forecast to $10 from $30, saying “structural changes” in the Great Lakes market “will compromise its pricing power and erode earnings potential.”

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