EVIDENCE OF GREATER DEMAND WEAKNESS REQUIRE PRODUCTION CUTS IN EVERY COMMODITY WE STUDY, THOUGH LARGEST COPPER MINE “MISSES” OUTPUT DOWN 28% FROM 2007 THIRD-QUARTER 10/20/2008
MOST METALS PRICES MAKE MULTIYEAR LOWS 10/13/2008
RIO TINTO (RTP, $167.75, Target REDUCED to $380 from $740, OVERWEIGHT rating maintained); REDUCTIONS TO IRON ORE, MET COAL, COPPER, AND ALUMINUM PRICING FORECASTS PROMPT LARGE CUTS TO EARNINGS ESTIMATES 10/22/2008
PLUM CREEK (PCL $38.28, rated Neutral) PLAN TO REPURCHASE STOCK AND AVOID ACCELERATED DEBT REPAYMENT 10/28/2008
MEADWESTVACO (MWV $13.15, rating raised to Overweight from Neutral) RATING RAISED OWING TO CONSUMER END MARKETS WITH DECLINING COSTS THOUGH EARNINGS ESTIMATES CUT AND PRICE TARGET LOWERED TO $24 FROM $31 OWING TO WEAKENING DEMAND 10/25/2008
METALS MARKETS ADAPT TO THE SEVERE DOWNTURN 10/22/2008
INTERNATIONAL PAPER (IP $25.40, Overweight) IP ANNOUNCES ANOTHER CAPACITY REDUCTION OVERWEIGHT RATING REAFFIRMED. 10/2/2008
FREEPORT-McMORAN COPPER AND GOLD (FCX $44.86, rated Overweight, Target Price changed to $117 down from $121); FAVORABLE COMMENTS FROM VISIT TO TENKE FUNGURUME IN CONGO 10/8/2008
FREEPORT-McMORAN COPPER AND GOLD (FCX $24.86, Target Price REDUCED to $75 down from $117, OVERWEIGHT Rating maintained); AFTER TAX BREAKEVEN VARIABLE NEAR $1.70-$2.00 COPPER PRICES 10/27/2008
(BHP $38.27, rated Overweight, Target price REDUCED to $60 from $90); WE VALUE THE BHP CARBON STEEL CUSTOMER SEGMENT GROUP (iron ore, metallurgical coal, manganese) AT $81 BILLION; LOWER FORECAST COMMODITIES PRICES AND IRON ORE VOLUMES LEAD TO LOWER EARNINGS …