Cliffs Natural Resources Inc (NYSE:CLF) reported Q3 adjusted EPS of $0.21, down from $0.88 per share last year. Revenue dropped 16% from last year's Q3 to $1.3 billion. Cliffs Natural Resources Inc (NYSE:CLF) recorded after-tax non-cash impairment charges attributable to Cliffs' shareholders of approximately $5.7 billion during the quarter, which included $4.5 billion related to Bloom Lake mine long-lived assets, $28 million related to Wabush long-lived assets, $390 million related to Asia Pacific Iron Ore goodwill and long-lived assets, and $539 million related to North American Coal long-lived assets. The remaining $254 million was attributable to impairments of the Chromite Ring of Fire long-lived assets.Third-quarter 2014 results included an income tax benefit of $921 million versus an expense of $66 million reported in the previous year's comparable quarter. The large tax benefit during the third quarter is attributable to the previously announced impairment charges, partially offset by the recording of valuation allowances of $144 million for certain deferred tax assets in Canada and Australia.Looking forward, Cliffs expects economic growth in the U.S. to continue through the remainder of 2014. Despite the unanticipated first-quarter 2014 contraction in GDP, the significant GDP growth experienced in the second quarter marked a return of the U.S. economy to its prior upward trajectory. Domestic steel production and the corresponding demand for steelmaking raw materials are expected to be supported directly by construction activity, energy extraction and motor vehicle production.Giga-tronics, Incorporated (NASDAQ:GIGA), the maker of a line of test and measurement equipment returned to fiscal second-quarter profit as revenue improved 28%. Shares of the San Ramon, California-based company surged as much as 14% to $2.06 after gaining 5.3% at the close of regular trading on Monday. Giga-tronics, Incorporated (NASDAQ:GIGA) stock has nearly doubled this year. Net income was $93,000, or $0.01 per diluted share, in the three-month period ended September 27, compared to a net loss of $1.1 million, or $0.21 per diluted share. Non-GAAP EPS was $0.03 per diluted share, compared to a non-GAAP net loss $0.17 per diluted share. The improvement to net income was primarily due to increased revenues from two large customer orders received early in fiscal 2015, the company said.Amgen, Inc. (NASDAQ:AMGN) reported Q3 earnings of $2.30 per share on revenue of $5.03 billion, versus the analyst consensus of $2.11 per share on $4.95 billion, according to Capital IQ estimates. Amgen, Inc. (NASDAQ:AMGN) expects fiscal 2104 earnings to range from $8.45 to $8.55. The Street expects $8.40 per share. Revenue is seen at $19.8 to $20.0 billion, vs. expectations of $19.7 billion. AMGN trades in a 52-week range of $42.56 to $82.84 with shares having closed down 2.8% at $64.42.
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