VALE (VALE $18.04, Rating held at Neutral; price target lowered to $25 from $28) ANALYST TRIP FOCUS WAS (1) CARAJAS S11D 90 MMT EXPANSION, (2) BALANCE SHEET AND (3) TURNAROUND OF NON-IRON ORE UNITS 10/1/2012
FOREST PRODUCTS – – ESTIMATED SENSITIVITIES OF STOCK PRICES TO WOOD PRODUCT PRICES BASED ON OUR EARNINGS MODELS 10/1/2012
FOREST PRODUCTS – – HOUSING MIX, HISTORIC VARIATION OF “PRICE REALIZATIONS” TO RANDOM LENGTHS POSTED PRICES AND OTHER SENSITIVITIES 10/1/2012
OCTOBER 3RD CONFERENCE HIGHLIGHTS “DAY TWO” SOME LARGER CAPS 10/3/2012
October 2nd CONFERENCE HIGHLIGHTS ON “DAY ONE GOLD TRACT” 10/2/2012
John Tumazos Very Independent Research, LLC Metals and Mining Conference Core Shack, October 3, 2012 10/5/2012
OCTOBER 2ND CONFERENCE HIGHLIGHTS “DAY ONE BASE METALS TRACT” 10/8/2012
ROCKTENN (RKT $71.43; rated neutral up from underweight with $81 up from $47 price target) CONTAINERBOARD PRICE HIKE ON BOTH BOXES AND BOARD BENEFITS EARNINGS; ADDED COST SAVING SYNERGIES ESTIMATED IN CORRUGATED SEGMENT AS SMURFIT INTEGRATION CONTINUES. 10/12/2012
WORTHINGTON INDUSTRIES (WOR $21.63; rated OVERWEIGHT with $30 target) “TRANSFORMATION PROGRAM” PRODUCTIVITY GAINS ARE MESSAGE AT OCTOBER 9TH INVESTOR DAY 10/9/2012
GLENCORE INTERNATIONAL PLC (GLCNF, 5.35; RATED OVERWEIGHT; PRICE TARGET LOWERED FROM $7 to $6/share) BREAKDOWN OF SOUTH AFRICAN COAL PROJECTS; LOWER ESTIMATED 2012 COPPER AND ZINC OUTPUT AND HIGHER ESTIMATED 2012 OIL OUTPUT; LARGER NET DEBT 10/15/2012