FNX MINING (FNXMF US $3.09, rated Overweight) EARNINGS ESTIMATES AND PRICE TARGETS CUT MOSTLY DUE TO LOW SELLING PRICES 11/10/2008
ANTOFAGASTA (ANFGF, $6.00, rated OVERWEIGHT, target REDUCED to $12 from $12.50); LOWER FORECAST COPPER, MOLY & GOLD PRICES DRIVE REDUCED EARNINGS ESTIMATES 11/6/2008
ABITIBIBOWATER (ABH $1.27, rated Neutral) C$ DEVALUATION COULD ENABLE ABH TO APPROACH PROFITABILITY FOR THE FIRST TIME SINCE MERGER 11/17/2008
RIO TINTO (RTP, $81.56, Target REDUCED to $236 from $380, OVERWEIGHT rating maintained); REFINANCING OPTIONS IN A WORLD OF SOFTER COMMODITY PRICES 12/24/2008
COPPER INDUSTRY – – INFLUENCE OF THIRD WORLD CURRENCY DEVALUATIONS UPON THE FUTURE COPPER AND OTHER METALS PRICES 12/14/2008
FREEPORT-McMORAN COPPER AND GOLD (FCX $16.80, rated OVERWEIGHT, Target REDUCED again to $60 from $75) – – SUBSEQUENT COPPER PRICE DROPS RENDER DECEMBER 3RD OPERATING PLAN FOR $1.50-$2.00 INSUFFICIENT AND ANOTHER OUTPUT CUT PLAN MAY FOLLOW 12/8/2008
BUSINESS RESTRUCTURING MOVES 12/7/2008
COPPER INDUSTRY : ESTIMATE CODELCO SWINGS TO $1.25 BIL. PRETAX LOSS AND $2.25 BIL. CASH SHORTFALL @ $1.37 COPPER AND $10 MOLY IF SUSTAINED 12/6/2008
WORTHINGTON INDUSTRIES (WOR $12.61, rated OVERWEIGHT) $100 MM INVENTORY WRITEOFF LARGER THAN WE HAD ANTICIPATED, BUT NO CHARGE TAKEN FOR AUTO RECEIVABLES AND DIVIDEND WAS PAID 12/5/2008
U.S. STEEL (X $27.63, rating Underweight) WE ESTIMATE $600 MM IN ANNUAL SAVING FROM THREE PLANTS IDLED DEC. 3RD THAT ARE ABOUT ONETHIRD OF THE AMOUNT WE ESTIMATE NEEDS CUT; WE ESTIMATE 50% OF OUTSIDE CONTRACTORS AND 7%-10% OF REMAINING …