Few stocks have been hit harder by collapsing commodities prices during the past year than Cliffs Natural Resources Inc CLF 23.75%. With shares already down a staggering 82 percent over the past 12 months, do shareholders have any reason for optimism ahead of the company’s Q2 earnings report coming on July 29?

According to a new report by RBC Capital analyst Fraser Phillips, the market should expect more of the same from Cliffs and the slumping iron ore market.

Q/Q Decline

Phillips is calling for a sharp quarter-over-quarter earnings decline for Cliffs in Q2. RBC’s projected earnings per share of $(0.24) for the quarter is well short of both Cliffs’ Q1 EPS of $(0.02) and Wall Street consensus Q2 EPS estimates of $(0.11). RBC’s most recent estimates are based on updated metal prices for the quarter.

Iron Ore Prices Weak

Slumping iron ore prices are…

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