Enterprising Investor
1 week ago
Mesabi Trust Press Release (4/16/24)
Announcement of Mesabi Trust Distribution
The Trustees of Mesabi Trust (NYSE:MSB) declared a distribution of twenty-nine cents ($0.29) per Unit of Beneficial Interest payable on May 20, 2024 to Mesabi Trust Unitholders of record at the close of business on April 30, 2024. This compares to no distribution declared for the same period last year.
The Trusteesโ announcement today of a twenty-nine cents ($0.29) per Unit distribution, as compared to no distribution announced by the Trust at the same time last year, reflects an increase in the distribution compared to the same period in the prior year, and is primarily attributable to the restart of Northshore operations in April 2023, and to an increase in the total royalties received by the Trust in January 2024, as compared to the total royalties received by the Trust in January 2023. In particular, the Trustโs receipt of total royalty payments of $6,432,434 on January 30, 2024 from Cleveland-Cliffs Inc. (โCliffsโ), the parent company of Northshore Mining Company (โNorthshoreโ), was higher than the total royalty payments of zero dollars ($0.00) received by the Trust from Cliffs in January 2023.
The distribution announced today also reflects that, until July 30, 2023, the Trust had received no royalties in the Trustโs three previous fiscal quarters, as well as the current continuing uncertainties related to previous announcements by Cliffs about its intention to continue to treat Northshore as a swing operation. Accordingly, the Trusteesโ decision announced today also reflects their determination to maintain an appropriate level of reserves in order to make adequate provision to meet current and future expenses and present and future liabilities (whether fixed or contingent) that may arise in the future.
The Trustees have received no specific updates on Cliffsโ plans for the current year concerning Northshore iron ore operations. The Trusteesโ distribution announcement today also takes into account numerous other factors, including uncertainties resulting from Cliffsโ prior announcements to increase the use of scrap iron in its vertical supply chain planning, the potential volatility in the iron ore and steel industries generally, national and global economic uncertainties, the cost and expense related to the Trustโs pending arbitration against Northshore and Cliffs, and further potential disturbances from global unrest.
Quarterly royalty payments from Northshore for iron ore production and shipments during the first calendar quarter, which are payable to Mesabi Trust under the royalty agreement, are due April 30, 2024, together with the quarterly royalty report. After receiving the quarterly royalty report, Mesabi Trust plans to file a summary of the quarterly royalty report with the Securities and Exchange Commission in a Current Report on Form 8-K.
https://www.businesswire.com/news/home/20240416064125/en/
Enterprising Investor
3 months ago
Receipt of Quarterly Royalty Report and Royalty Payments from Cleveland-Cliffs Inc.(2/01/24)
On January 30, 2024, Mesabi Trust received the quarterly royalty report of iron ore production and shipments out of Silver Bay, Minnesota during the quarter ended December 31, 2023 (the โQuarterly Royalty Reportโ) from Cleveland-Cliffs Inc. (โCliffsโ), the parent company of Northshore Mining Company (โNorthshoreโ). As further explained under Item 7.01 below, the Quarterly Royalty Report indicated that the Mesabi Trust was paid total royalty payments of $6,432,434 on January 30, 2024, as summarized below.
Item 7.01 Regulation FD.
Quarterly Royalty Report and Royalty Payments
On January 30, 2024, the Trustees of Mesabi Trust received the Quarterly Royalty Report from Cliffs, the parent company of Northshore.
As reported to Mesabi Trust by Cliffs in the Quarterly Royalty Report, based on production and shipments of iron ore products by Northshore during the three months ended December 31, 2023, Mesabi Trust was credited with a base royalty of $3,819,821. Also, for the three months ended December 31, 2023, Mesabi Trust was credited with a bonus royalty in the amount of $2,361,242. Cliffs reported that no adjustments were applied for the quarter. In addition, a royalty payment of $251,371 was paid to the Mesabi Land Trust. Accordingly, the total royalty payments from Cliffs received on January 30, 2024 by Mesabi Trust for the three months ended December 31, 2023 were $6,432,434.
The royalties paid to Mesabi Trust are based on the volume of iron ore pellets produced for internal use or shipped for third party sales during the quarter and the year to date, the pricing of iron ore product sales, and the percentage of iron ore pellet shipments from Mesabi Trust lands rather than from non-Mesabi Trust lands. In the fourth calendar quarter of 2023, Cliffs credited Mesabi Trust with 964,129 tons shipped or produced during the quarter, as compared to negative (54,026) tons adjusted (or applied) during the fourth calendar quarter of 2022 (based on inventory surveys conducted during the quarter), when the Northshore operations were idled.
The volume of iron ore pellets (and other iron ore products) produced or shipped by Northshore varies from quarter to quarter and year to year based on a number of factors, including, among others, Cliffsโ decisions to idle Northshore operations (which occurred from May 2022 through March 2023), the requested delivery schedules of customers (including affiliates), general economic conditions in the iron ore industry, and production schedules and weather conditions on the Great Lakes. These multiple factors can result in significant variations in royalties received by Mesabi Trust (and in turn, the resulting funds available for distribution to Unitholders by Mesabi Trust) from quarter to quarter and from year to year. These variations, which can be positive or negative, cannot be predicted by the Trustees of Mesabi Trust. Based on the above factors, and as indicated by Mesabi Trustโs historical distribution payments, the royalties received by Mesabi Trust, and the distributions paid to Unitholders, if any, in any particular quarter are not necessarily indicative of royalties that will be received, or distributions that will be paid, if any, in any subsequent quarter or full year.
Cliffsโ quarterly royalty reports normally present production and shipment volumes, as well as royalty calculations, that are based on documented transactions that are reviewed by the Trustees and are based on estimated iron ore prices that are subject to change. It is possible that future negative price adjustments could offset, or even eliminate, royalties or royalty income that would otherwise be payable to Mesabi Trust in any particular quarter, or at year end, thereby potentially reducing cash available for distribution to Mesabi Trustโs Unitholders in future quarters.
The Trustees of Mesabi Trust have received no specific updates concerning Cliffsโ plans with respect to Northshore iron ore operations. The last reported Cliffsโ public announcements made in April 2023 included that Northshore was being partially restarted and would be run at less than full capacity for the remainder of last year, and that Cliffs would continue to treat Northshore as a swing operation.
Enterprising Investor
3 months ago
Announcement of Mesabi Trust Distribution (1/12/24)
The Trustees of Mesabi Trust (NYSE:MSB) declared a distribution of thirty-seven cents ($0.37) per Unit of Beneficial Interest payable on February 20, 2024 to Mesabi Trust Unitholders of record at the close of business on January 30, 2024. This compares to no distribution declared for the same period last year.
The Trusteesโ announcement today of a thirty-seven cents ($0.37) per Unit distribution, as compared to no distribution announced by the Trust at the same time last year, is primarily attributable to the restart of Northshore operations in April 2023, and to an increase in the total royalties received by the Trust in October 2023, as compared to the total royalties received by the Trust in October 2022. In particular, the Trustโs receipt of total royalty payments of $5,666,254 on October 30, 2023 from Cleveland-Cliffs Inc. (โCliffsโ), the parent company of Northshore Mining Company (โNorthshoreโ), was higher than the total royalty payments of zero dollars ($0.00) received by the Trust from Cliffs in October 2022.
The distribution announced today also reflects that, until July 30, 2023, the Trust had received no royalties in the Trustโs three previous fiscal quarters, as well as the current continuing uncertainties related to previous announcements by Cliffs about its intention to continue to treat Northshore as a swing operation. Accordingly, the Trusteesโ decision announced today also reflects their determination to maintain an appropriate level of reserves in order to make adequate provision to meet current and future expenses and present and future liabilities (whether fixed or contingent) that may arise in the future.
The Trustees have received no specific updates on Cliffsโ plans for the current year concerning Northshore iron ore operations. The Trusteesโ distribution announcement today also takes into account numerous other factors, including uncertainties resulting from Cliffsโ prior announcements to increase the use of scrap iron in its vertical supply chain planning, the potential volatility in the iron ore and steel industries generally, national and global economic uncertainties, the cost and expense related to the Trustโs pending arbitration against Northshore and Cliffs, further potential disturbances from global unrest and the potential impacts from future outbreaks of the coronavirus (COVID-19) pandemic.
Quarterly royalty payments from Northshore for iron ore production and shipments during the fourth calendar quarter, which are payable to Mesabi Trust under the royalty agreement, are due January 30, 2024, together with the quarterly royalty report. After receiving the quarterly royalty report, Mesabi Trust plans to file a summary of the quarterly royalty report with the Securities and Exchange Commission in a Current Report on Form 8-K.
https://www.businesswire.com/news/home/20240112127153/en/Mesabi-Trust-Press-Release
Enterprising Investor
6 months ago
Mesabi Trust Press Release (10/13/23)
NEW YORK--(BUSINESS WIRE)--Announcement of Mesabi Trust Distribution
The Trustees of Mesabi Trust (NYSE:MSB) declared a distribution of thirty-five cents ($0.35) per Unit of Beneficial Interest payable on November 20, 2023 to Mesabi Trust Unitholders of record at the close of business on October 30, 2023. This compares to no distribution declared for the same period last year.
The Trusteesโ announcement today of a thirty-five cents ($0.35) per Unit distribution, as compared to no distribution announced by the Trust at the same time last year, is primarily attributable to the restart of Northshore operations in April 2023, and to an increase in the total royalties received by the Trust in July 2023, as compared to the total royalties received by the Trust in July 2022. In particular, the Trustโs receipt of total royalty payments of $5,321,510 on July 30, 2023 from Cleveland-Cliffs Inc. (โCliffsโ), the parent company of Northshore Mining Company (โNorthshoreโ), was higher than the total royalty payments of $2,314,994 received by the Trust from Cliffs in July 2022. This increase in the total royalties received by the Trust in July 2023, as compared to the total royalties received in July 2022, was primarily attributable to the restart of Northshore operations.
The distribution announced today also reflects that, until July 30, 2023, the Trust had received no royalties in the Trustโs three previous fiscal quarters, as well as the current continuing uncertainties related to previous announcements by Cliffs about its plans to operate Northshore at less than full capacity for the remainder of this year, and an intention to continue to treat Northshore as a swing operation. Accordingly, the Trusteesโ decision announced today also reflects their determination to maintain an appropriate level of reserves in order to make adequate provision to meet current and future expenses and present and future liabilities (whether fixed or contingent) that may arise in the future.
The Trustees have received no specific updates on Cliffsโ plans for the remainder of the current year concerning Northshore iron ore operations. The Trusteesโ distribution announcement today also takes into account numerous other factors, including uncertainties resulting from Cliffsโ prior announcements to increase the use of scrap iron in its vertical supply chain planning, the potential volatility in the iron ore and steel industries generally, national and global economic uncertainties, the cost and expense related to the Trustโs pending arbitration against Northshore and Cliffs, further potential disturbances from global unrest and the potential impacts from future outbreaks of the coronavirus (COVID-19) pandemic.
Quarterly royalty payments from Northshore for iron ore production and shipments during the third calendar quarter, which are payable to Mesabi Trust under the royalty agreement, are due October 30, 2023, together with the quarterly royalty report. After receiving the quarterly royalty report, Mesabi Trust plans to file a summary of the quarterly royalty report with the Securities and Exchange Commission in a Current Report on Form 8-K.
https://www.businesswire.com/news/home/20231013604091/en/Mesabi-Trust-Press-Release
Enterprising Investor
10 months ago
Background
[...]
As previously disclosed, on May 1, 2022, Cliffs idled Northshore. On July 22, 2022, Cliffs announced that it extended the idling of Northshore to at least April 2023. On April 25, 2023, Cliffs announced that โhigher levels of steel production have led to the partial restart of some operations at โฆ [its] iron ore mining and pelletizing swing facility at Northshore earlier this month.โ In addition, Cliffs announced that it โโฆwill continue to treat that facility as our swing operation. And at this time, we still do not expect to operate Northshore in full any time this year.โ The Trustees of Mesabi Trust have not been provided with any additional information regarding the anticipated volume of production, stockpiling or shipping of iron ore products at the Northshore operations in Babbitt and Silver Bay, Minnesota.[...]
Comparison of Royalty Income for the Three Months Ended April 30, 2023 and April 30, 2022
[...]
As reflected in the table below, the Trustโs total royalty income for the three months ended April 30, 2023 decreased by $12,484,173 to $1,711,316 as compared to the three months ended April 30, 2022. The decrease in total royalty income is due to the idling of Northshoreโs facilities during the three months ended April 30, 2023, as compared to the three months ended April 30, 2022.
Enterprising Investor
12 months ago
Northshore Mining on Iron Range open again after a year of idling (4/25/23)
By MIKE HUGHLETT, STAR TRIBUNE
Northshore Mining has partly reopened this month after being shuttered for nearly a year. However, Cleveland-Cliffs, Northshore's owner, does not expect to run the iron ore operation at full capacity in 2023.
Cleveland-Cliffs declined to disclose how many of Northshore's 450 employees were back at work. Northshore mines taconite in Babbitt and ships it by rail to Silver Bay, where it is fashioned into marble-sized balls of more than 60% iron.
Higher levels of steel production led to a "partial restart" of Northshore's operations earlier in April, Cleveland-Cliffs CEO Lourenco Goncalves said in a quarterly earnings conference call Tuesday.
However, Goncalves told stock analysts that Northshore will continue to serve as "our swing operation." That means Northshore will be used "as needed," Cliffs said in an email.
"At this time, we still do not expect to operate Northshore in full any time this year," Goncalves said.
State Sen. Grant Hauschild, DFL-Hermantown, said Tuesday he was told that Cliffs gave offers to all Northshore employees to return to work.
Wade LeBlanc, Silver Bay's mayor, said the same, and like Hauschild said some workers did not return. They had found new jobs, including at other taconite plants or railroads, LeBlanc said.
"Everybody who wanted to come back came back," LeBlanc added. "The fact that they are mining โ that is good news for our community, for our schools and for everybody. It's good to see steam coming out of [the plant's] stacks."
Cleveland-based Cleveland-Cliffs is Minnesota's largest iron ore miner and one of the nation's biggest steelmakers. The company owns three of the Iron Range's six taconite operations in full and has an 85% stake in a fourth.
Cliffs idled Northshore in May 2022. At the time, the company had enough ore capacity at its other properties, and it was enmeshed in a long-running and bitter dispute over royalty payments connected to Northshore.
The dispute with Mesabi Trust, which receives royalties for ore it owns near Babbitt, does not appear to be solved. Goncalves has previously described the royalties as "absurdly high."
The current royalty agreement dates to 1989, when Cyprus Minerals bought and resurrected the shuttered Babbitt and Silver Bay assets of Reserve Mining. Cliffs purchased Cyprus Northshore in 1994 and assumed the royalty agreement.
Cleveland-Cliffs reported a first quarter net loss of $42 million, or 11 cents per share, compared with a net profit of $814 million, or $1.50 per share, for the same period a year ago. Cliffs' first quarter loss was less than the 22-cent loss forecast by analysts polled by Zacks.
Cleveland-Cliffs' first quarter revenues tallied $5.3 billion, down from $6 billion a year earlier, but $100 million above the Zacks estimate. Cliffs stock closed Tuesday at $15.27, down nearly 6%.
https://m.startribune.com/northshore-mining-on-iron-range-open-again-after-a-year-of-idling/600270008/?clmob=y&c=n&clmob=y&c=n
Enterprising Investor
1 year ago
Mesabi Trust Press Release (4/14/23)
Announcement of No Distribution
The Trustees of Mesabi Trust (NYSE:MSB) have determined that no distribution will be declared this April 2023 with respect to Units of Beneficial Interest. This compares to a distribution of One Dollar and four cents ($1.04) per Unit for the same period last year.
The Trusteesโ announcement today of declaring no distribution this quarter primarily reflects the Trusteesโ caution about uncertainties related to a number of factors, including principally Cleveland-Cliffsโ previously announced plans to idle Northshore Mining Companyโs iron ore operations until April 2023 or maybe beyond, that recent press reports of Cliffsโ public statements were not definitive on a date or scope of a possible restart of Northshore operations, that the Trust received no royalty payments the last two fiscal quarters, that there has been no apparent iron ore production or shipping at Northshore during the most recent calendar quarter and that negative pricing adjustments, which are expected to be recognized in the last quarter of the Trustโs fiscal year ended January 31, 2023, are anticipated to increase the contract liability portion of the Trustโs unallocated reserve.
Accordingly, the Trusteesโ decision announced today reflects their determination to maintain an appropriate level of reserves in order to make adequate provision to meet current and future expenses and present and future liabilities (whether fixed or contingent) that may arise in the future.
The Trustees have received no specific updates on Cliffsโ plans concerning Northshore iron ore operations. The Trusteesโ determination of no distribution this quarter also takes into account numerous other factors, including uncertainties resulting from Cliffsโ prior announcements to make Northshore a swing operation as Cliffsโ Minorca operation becomes increasingly utilized, Cliffsโ increased use of scrap iron in its vertical supply chain planning, potential volatility in the iron ore and steel industries generally, national and global economic uncertainties, the cost and expense related to the Trustโs pending arbitration against Northshore and its parent, Cliffs, possible further disturbances from global unrest and the potential impacts from further outbreaks of the coronavirus (COVID-19) pandemic.
Quarterly royalty payments from Northshore for iron ore production and shipments during the first calendar quarter, which are payable to Mesabi Trust under the royalty agreement, are due April 30, 2023, together with the quarterly royalty report. After receiving the quarterly royalty report, Mesabi Trust plans to file a summary of the quarterly royalty report with the Securities and Exchange Commission in a Current Report on Form 8-K.
https://www.businesswire.com/news/home/20230414005051/en/
Enterprising Investor
1 year ago
Mesabi Trust Press Release (1/12/23)
NEW YORK--(BUSINESS WIRE)--Announcement of No Distribution
The Trustees of Mesabi Trust (NYSE:MSB) have determined that no distribution will be declared this January 2023 with respect to Units of Beneficial Interest. This compares to a distribution of One Dollar and seventy-five cents ($1.75) per Unit for the same period last year.
The Trusteesโ announcement today of declaring no distribution this quarter primarily reflects the Trusteesโ caution about uncertainties arising from the July 22, 2022 announcement by Cleveland-Cliffs Inc. (โCliffsโ), the parent company of Northshore Mining Company (โNorthshoreโ), to extend the ongoing idling of Northshore operations until at least April 2023 and maybe beyond. With Northshoreโs operations currently in idle mode, and no additional information being made available to the Trustees regarding the length of the idling, the Trusteesโ decision reflects their determination to maintain an appropriate level of reserves in order to make adequate provision to meet current and future expenses and present and future liabilities (whether fixed or contingent) that may arise in the future.
The Trustees have received no specific updates on Cliffsโ plans concerning Northshore operations. The Trusteesโ determination of no distribution this quarter also takes into account numerous other factors, including uncertainties resulting from Cliffsโ prior announcements to make Northshore a swing operation as Cliffsโ Minorca operation becomes increasingly utilized, Cliffsโ increased use of scrap iron in its vertical supply chain planning, potential volatility in the iron ore and steel industries generally, national and global economic uncertainties, the cost and expense related to the Trustโs initiation of arbitration against Northshore and its parent, Cliffs, possible further disturbances from global unrest and the potential impacts from further outbreaks of the coronavirus (COVID-19) pandemic.
Quarterly royalty payments from Northshore for iron ore production and shipments during the fourth calendar quarter, which are payable to Mesabi Trust under the royalty agreement, are due January 30, 2023, together with the quarterly royalty report. After receiving the quarterly royalty report, Mesabi Trust plans to file a summary of the quarterly royalty report with the Securities and Exchange Commission in a Current Report on Form 8-K.
Commencement of Arbitration
As previously disclosed by Mesabi Trust, on October 14, 2022, the Trust initiated arbitration against Northshore and its parent, Cliffs (jointly, the โOperatorโ), the lessee/operator of the leased lands. The arbitration proceeding was commenced with the American Arbitration Association. The Trust seeks an award of damages relating to the Operatorโs underpayment of royalties in 2020, 2021, and 2022 by virtue of the Operatorโs failure to use the highest price armโs length iron ore pellet sale from the preceding four quarters in pricing internal production during the fourth quarter of 2020 through 2022. The Trust also seeks declaratory relief related to the Trustโs entitlement to certain documentation and to the time the Operatorโs royalty obligation accrues on internal production.
https://www.businesswire.com/news/home/20230112005691/en/Mesabi-Trust-Press-Release
Saving Grace
2 years ago
The October 29, 2021 royalty amount also included an additional payment of $2,314,114 related to pellets and sinter volumes identified by Cliffs as 2020 deemed shipped adjustments. In addition, a royalty payment of $185,017 was paid to the Mesabi Land Trust. Accordingly, the total third quarter 2021 royalty payments received by Mesabi Trust on October 29, 2021 from Cliffs were $16,219,472.
Timothy Smith
8 years ago
The Trustees of Mesabi Trust (NYSE: MSB) are reporting that Cliffs Natural Resources Inc. (โCliffsโ), the parent company of Northshore Mining Company (โNorthshoreโ), announced today that it is temporarily idling iron ore pellet production at its Northshore Mining operation in Minnesota by December 1, 2015. Cliffs stated that until its domestic customersโ blast furnace capacity utilization rates improve, existing customer demand will be satisfied from its current pellet inventory.
In its news release today, Cliffs said it anticipates that both Northshore and the previously idled United Taconite operations โwill be temporarily idled through the first quarter of 2016.โ During that time frame, Cliffs said it will continue to operate Hibbing Taconite in Minnesota, as well as the Tilden and Empire mines in Michigan, at normal rates. Cliffs also stated that it โwill assess and adjust its production plans as market conditions improve.โ
Cliffsโ announcement today also said that at its Northshore operations, it โwill maintain minimal staffing during the temporary idle for basic maintenance duties and for on-going work to support the DR-grade pellet trials.โ
With respect to the remainder of calendar year 2015, Northshore has not advised Mesabi Trust of its expected 2015 shipments of iron ore products or what percentage of 2015 shipments will be from Mesabi Trust iron ore.
Lowjack
8 years ago
Still, the revenue hit Cliffs Natural has endured was evident throughout the company's results. In the U.S. iron ore segment, sales volumes fell 18% to 5.6 million long tons, while production volume fell an even steeper 30% to just 4.1 million long tons. Revenues per ton fell by nearly 25%, and falling cash production costs weren't enough to offset that decline, squeezing margins from their previous level of $32 per ton all the way down to $8.70.
Still, Cliffs Natural's outlook includes plenty of uncertainty. The company is cutting its sales projections for the U.S. iron ore market by another 1.5 million tons to 17.5 million tons, reflecting the termination of its agreement with Essar Algoma. The company still expects cash costs on the production side of $55 to $60 per ton, and on the sales side of $60 to $65 per ton. Offsetting that drop is a 500,000-ton guidance increase in volumes for the Asia-Pacific region, where it now expects 11.5 million tons of production and sales, with production costs of $30 to $35 per ton, and costs per ton sold of $35 to $40.
http://www.fool.com/investing/general/2015/10/29/cliffs-natural-shows-signs-of-life-but-for-how-lon.aspx?source=eptadnlnk0000002&utm_source=advfn&utm_medium=cpc&utm_campaign=investorshub
ligh7
12 years ago
it may be even better...
look at the last paragraph of this pr and it mentions a general shortage. it also says iron ore estimates at goldman sachs? was revised up around 30%. which is interesting, unless goldman took a while to fill a vacancy at the iron desk...
http://community.nasdaq.com/News/2011-12/prices-of-iron-ore-to-hit-150-per-metric-ton-average-predicted-in-2012.aspx?storyid=109265
Prices of Iron Ore to hit $150 per Metric Ton Average Predicted in 2012
Prices of iron ore, the key ingredient in steel, will average $150 per metric tonne from 2012 to 2015, research and investing company Goldman
Sachs & Partners Australia Pty Ltd said.
From an earlier $140 per metric tonne estimate, Goldman Sachs & Partners Australia Pty Ltd raised its forecast based on expectations that Brazil's output of the raw commodity will slide "lower than expected" in 2012.
Brazil is the world's second-biggest exporter of iron ore, next to Australia. The "substantial delays" in the implementation of new projects as well as
expansions on existing facilities in Brazil will lead the country's exports of iron ore to fall by 150 million tonnes to 447 million tonnes in 2012, Goldman Sachs & Partners Australia Pty Ltd said.
Iron ore for delivery dropped 1.8 per cent to $134.80 a tonne on Wednesday, according to The Steel Index. Goldman Sachs & Partners Australia Pty Ltd also raised its 2013 forecast of iron ore prices by 38 per cent to $165 a tonne, 50 per cent to $150 a tonne by 2014 and 60 per cent to $120 a tonne by 2015.
Shortage of iron ore will remain in 2012 and 2013 before it adjusts to a "modest notional surplus" the following year, the research and investing company said.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.