ALLEGHENY TECHNOLOGIES (ATI $72.23, rated Overweight with price target $80) EARNINGS ESTIMATES RAISED 10% FOR SECOND CONSECUTIVE HIKE 4/29/2011
ANGLO AMERICAN (AAUKY $26.02, Rated OVERWEIGHT; Price Target REMAINS at $37); FIRST QUARTER PRODUCTION SHORTFALLS OFFSET WITH HIGHER PRICES, BUT COSTS A WORRY; GROSVENOR MET COAL PROJECT INCLUDED INTO OUR MODELS; ASSET DIVESTITURE PROGRAM UPDATE 4/29/2011
DOMTAR (UFS $93.02, rated Overweight) CAPACITY REDUCTIONS AND COST MANAGEMENT TO MAINTAIN MARGINS WITH VOLUME EROSIONS 4/29/2011
GOLD, SILVER, ALUMINUM AND PLATINUM PRICES MULTI-YEAR HIGHS, WHILE COPPER, HOT-ROLLED STEEL AND URANIUM MAKE MULTI-MONTH LOWS 5/3/2011
AGNICO-EAGLE (AEM $64.48, rating increased from Neutral to Overweight) POTENTIAL RESERVE GROWTH AND HIGHER GOLD PRICE SCENARIO LEAD TO RATING UPGRADE 5/3/2011
BARRICK GOLD (ABX $48.92 rated Overweight) EQUINOX TRANSACTION APPEARS TO BE FOUR TIMES MORE EXPENSIVE THAN OTHER RECENT TRANSACTIONS IN COPPER MEASURED PER LB OF RESOURCES 5/3/2011
TEMBEC (TMBCF $5.03, not rated) FIRST VISIT WARRANTS MORE STUDY 5/5/2011
MEADWESTVACO (MWV $33.33, rated Neutral) UNANTICIPATED COST SAVINGS, DESPITE $110 CRUDE OIL EFFECTS, INCREASE EARNINGS OUTLOOK BY OVER ONE-THIRD 5/5/2011
MINING INDUSTRY – – TOTAL “BIG SIX” FIRST-QUARTER OUTPUT FALLS WAY SHORT OF EXPECTATIONS UP 0.4% FOR IRON ORE, DOWN 15.4% FOR MET COAL, DOWN 11.0% FOR THERMAL COAL AND UP 3.0% FOR COPPER 5/6/2011
NORBORD INC (NBRXF $13.10, rated Overweight, price target cut to $22 from $27) EXTREMELY POOR PRICING IN EARLY SECOND QUARTER AND CONTINUED NORTH AMERICAN HOUSING WOES DRIVE LOWER VALUATION 5/7/2011