INTERNATIONAL PAPER (IP $7.88, Overweight) NUMEROUS ACTIONS OVER LAST MONTH TO NET $1.8 BILLION IN ACCELERATED DEBT REPAYMENT 4/14/2009
POSITIVE DEVELOPMENTS UNFOLD IN MANY MARKET SEGMENTS 4/12/2009
ALUMINUM INDUSTRY UPDATE AND OUTLOOK 4/10/2009
ALUMINA LTD. (AWC $4.03, rated NEUTRAL, Target $5); ALCOA ALUMINA SEGMENT RESULTS REVEAL FAVORABLE COSTS DUE TO CURRENCY & ENERGY AND FAVORABLE PRICING DUE TO TEMPORARY FACTORS 4/9/2009
CENTURY ALUMINUM (CENX, $3.01, Target $6, rated OVERWEIGHT); TOO EARLY TO WRITE THE EPITAPH AND THE EQUITY REPRESENTS A “CALL OPTION” ON IMPROVEMENT IN THE ALUMINUM INDUSTRY 4/9/2009
ALCOA (AA $8.06, rated Neutral) RETRENCHMENTS PREPARE FOR MULTIYEAR PERIOD OF WORLD CAPACITY ADDITIONS, DESTOCKING AND POOR DEMAND TO NAVIGATE $5-$10 MM DAILY CASH DRAINS 4/9/2009
POSITIVE RATES OF CHANGE IN SOME MARKET SEGMENTS 4/6/2009
PAPER INDUSTRY – – FEW CAPACITY CUTS TO DATE, BUT MANY EXPECTED 4/2/2009
HIGHLIGHTS OF MARCH 31, 2009 METALS CONFERENCE 4/2/2009
METALS INDUSTRY – – – IMPLICATIONS OF CHINALCO $12.34 BIL. PURCHASE TERM METRICS TO VALUATIONS OF IRON ORE, ALUMINUM AND COPPER ASSETS GENERALLY 2/16/2009