Long-term debt of Cliffs Natural Resources climbed more than 10{c97747fc6669eeabccae72a612b98144a9761deaf7841779826c1625931c3d62} last month alone.

The bonds actually gained more than the stock on Tuesday after the company said it is repaying more debt faster than expected.

The bond investing virtuoso thinks that fixed-income investors are too complacent about risk now.

Both S&P and Moody's downgraded Staples four notches as it takes on $4.25 billion in debt as part of a leveraged buyout deal.

Peter Boockvar thinks a Fed rate hike in December will depend on how the stock market deals with the Fed shrinking its balance sheet in December.

Stifel analyst Selman Akyol expects Plains' annual distribution to be cut to $1.80 from $2.20.