INTERNATIONAL PAPER (IP $13.96, rate Overweight) IP FOCUSED ON DEBT REPAYMENT TODAY AND FUTURE DIVIDEND RESTORATATION 6/24/2009
FNX MINING (FNXMF US $7.33, rated Overweight price target $20) ENTRY INTO LEVACK FOOTWALL DEPOSIT SHOULD CONFIRM MORE RESOURCES AND “TWO VERY HIGH GRADE MINES” 6/29/2009
BULLISH MOVES IN NICKEL PRICES, WOOD PRICES, ALUMINUM INVENTORY, COPPER INVENTORY AND RIG COUNT 6/29/2009
BARRICK GOLD (ABX $33.99, Rated Underweight) FUNDING OF CAPITAL SPENDING COULD CAUSE $2 BILLION IN EXTERNAL FINANCINGS, STRETCHOUTS AT MAJOR PROJECTS OR DELAY HEDGE PAYDOWNS 6/21/2009
TEMPLE-INLAND (TIN $12.05, rated OVERWEIGHT) POTENTIAL UPSIDE FOR SIMULTANEOUS PROFITABILITY FOR WOOD PRODUCTS AND PACKAGING EXISTS 6/21/2009
ALUMINA LTD. (AWC $5.43, rating lowered to UNDERWEIGHT from NEUTRAL, Target lowered to $3.50 from $5); STRONGER A$, EQUITY OFFERING DILUTION, AND POOR ALUMINUM INDUSTRY DYNAMICS LEAD TO RATING REDUCTION. 6/15/2009
RECOVERY UNDERWAY, BUT PACE IS GRADUAL 6/22/2009
EXPECTATIONS HIGH VERSUS REALITY OF SLOW OR GRADUAL ECONOMIC RECOVERY 6/15/2009
THOMPSON CREEK METALS (TC $9.92 at 6-5-09, Rating lowered to Neutral from Overweight, Target Price $8) RATING LOWERED TO NEUTRAL DUE TO PRICE APPRECIATION AND POTENTIAL MOLY SUPPLIES 6/8/2009
NICKEL, COPPER, LEAD, ZINC, GOLD AND SILVER PARTICULARLY STRONG 6/1/2009