DIVIDEND PRACTICES OF OVERSEAS RESOURCES STOCKS LESS DESIRABLE THAN U.S. PRACTICES, DESERVING A DISCOUNT 7/12/2012
DIVIDEND PRACTICES OF OVERSEAS RESOURCES STOCKS LESS DESIRABLE THAN U.S. PRACTICES, DESERVING A DISCOUNT 7/12/2012
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ANALYSIS OF GLOBAL IRON ORE SUPPLY AND DEMAND UPDATED 7/13/2012
ANALYSIS OF GLOBAL IRON ORE SUPPLY AND DEMAND UPDATED 7/13/2012
FORTESCUE METALS (FSUMF US $4.60; NEUTRAL; price target lowered from $9/share to $5.75/share) TOTAL ESTIMATED INFRASTRUCTURE CAPITAL EXPENDITURES RAISED FROM $8.4 BILLION to $9 BILLION; FURTHER DEBT AND EQUITY ISSUANCES ESTIMATED FOR 2013 7/17/2012
FORTESCUE METALS (FSUMF US $4.60; NEUTRAL; price target lowered from $9/share to $5.75/share) TOTAL ESTIMATED INFRASTRUCTURE CAPITAL EXPENDITURES RAISED FROM $8.4 BILLION to $9 BILLION; FURTHER DEBT AND EQUITY ISSUANCES ESTIMATED FOR 2013 7/17/2012
DOMTAR (UFS $76.06, Overweight rating, price target cut to $130 from $146) HIGHER DEBT REPAYMENTS CAUSE LOWER ESTIMATED SHARE REPURCHASES. LOWER ESTIMATED LONG TERM COMMUNICATIONS PAPER SELLING PRICE. 7/17/2012
DOMTAR (UFS $76.06, Overweight rating, price target cut to $130 from $146) HIGHER DEBT REPAYMENTS CAUSE LOWER ESTIMATED SHARE REPURCHASES. LOWER ESTIMATED LONG TERM COMMUNICATIONS PAPER SELLING PRICE. 7/17/2012
GRAPHIC REVIEW OF 38 DATA SERIES DATING BACK UP TO 25 YEARS OF METALS PRICES, INVENTORIES, GLOBAL SUPPLY and GLOBAL DEMAND 7/20/2012
GRAPHIC REVIEW OF 38 DATA SERIES DATING BACK UP TO 25 YEARS OF METALS PRICES, INVENTORIES, GLOBAL SUPPLY and GLOBAL DEMAND 7/20/2012
STEEL AND ALUMINUM INDUSTRIES: U.S. STOCKS TO WIN HUGE SAVINGS FROM ARCELORMITTAL STEEL’S DEMAND OF A 36% OR $28/HR PAY CUT 7/22/2012
STEEL AND ALUMINUM INDUSTRIES: U.S. STOCKS TO WIN HUGE SAVINGS FROM ARCELORMITTAL STEEL’S DEMAND OF A 36% OR $28/HR PAY CUT 7/22/2012
GALWAY RESOURCES (GWYRF $0.905, rated Overweight with price target over $3) FAVORABLE INCORPORATION OF PAST NINE MONTHS OF DISCLOSED DATA ON STOCKWORKS, VETAS AND CALIFORNIA ZONES 7/25/2012
GALWAY RESOURCES (GWYRF $0.905, rated Overweight with price target over $3) FAVORABLE INCORPORATION OF PAST NINE MONTHS OF DISCLOSED DATA ON STOCKWORKS, VETAS AND CALIFORNIA ZONES 7/25/2012
ALLEGHENY TECHNOLOGIES (ATI $27.97 down from $72.23 at April 28, 2011, rated Overweight with price target $80) ESTIMATES CUT, BUT CONFIDENCE IN TITANIUM AND HIGH PERFORMANCE ALLOYS GROWS STRONGER 7/26/2012
ALLEGHENY TECHNOLOGIES (ATI $27.97 down from $72.23 at April 28, 2011, rated Overweight with price target $80) ESTIMATES CUT, BUT CONFIDENCE IN TITANIUM AND HIGH PERFORMANCE ALLOYS GROWS STRONGER 7/26/2012
ALUMINUM INDUSTRY – – CHINESE SMELTERS MAY BE LOWER COST, WHICH IMPLIES ALCOA, CENTURY ALUMINUM, NORANDA ALUMINUM, RUSAL, HYDRO, RIO TINTO, BHP BILLITON AND OTHER WORLD SMELTERS HAVE HARD WORK TO CATCH UP 7/31/2012
ALUMINUM INDUSTRY – – CHINESE SMELTERS MAY BE LOWER COST, WHICH IMPLIES ALCOA, CENTURY ALUMINUM, NORANDA ALUMINUM, RUSAL, HYDRO, RIO TINTO, BHP BILLITON AND OTHER WORLD SMELTERS HAVE HARD WORK TO CATCH UP 7/31/2012
AGNICO-EAGLE MINES (AEM $43.85, downgraded to Neutral from Overweight; price target cut to $38 from $40) CUT TO NEUTRAL WEIGHT AS SHARES REBOUND TO > 150% NPV AND > OUR PRIOR PRICE TARGET 7/31/2012
AGNICO-EAGLE MINES (AEM $43.85, downgraded to Neutral from Overweight; price target cut to $38 from $40) CUT TO NEUTRAL WEIGHT AS SHARES REBOUND TO > 150% NPV AND > OUR PRIOR PRICE TARGET 7/31/2012