Shares of Cliffs Natural Resources Inc. dropped 2.6% in active premarket trade Thursday, after the mining company said it priced it share offering at a discount to current prices. Volume was 3.5 million shares, making the stock the most-active issue trading ahead of the open. The company said late Wednesday that it agreed to sell about 44.4 million shares at $6.75 a share to raise $300 million. The price was 4.7% below Wednesday’s closing price of $7.07. The stock had tumbled 8.2% on Wednesday after the company announced plans of its share offering late Tuesday. The stock had more than quadrupled year to date through Wednesday, while the S&P 500 had gained 6.4%.
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