GOLD, PLATINUM, COPPER AND STEEL SCRAP DO VERY WELL, WHILE SOME BASE METALS FALL 1/7/2008
GOLD, PLATINUM, COPPER AND STEEL SCRAP DO VERY WELL, WHILE SOME BASE METALS FALL 1/7/2008
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ALCOA (AA $31.44, rated Neutral) INTERNAL PERFORMANCE IMPROVEMENTS AND PRICE-COST MARGIN MANAGEMENT KEY TO NEAR-TERM IMPROVEMENT CONVINCING US TO MAINTAIN $2.10 2008 ESTIMATE 1/11/2008
ALCOA (AA $31.44, rated Neutral) INTERNAL PERFORMANCE IMPROVEMENTS AND PRICE-COST MARGIN MANAGEMENT KEY TO NEAR-TERM IMPROVEMENT CONVINCING US TO MAINTAIN $2.10 2008 ESTIMATE 1/11/2008
5% UNEMPLOYMENT RATE SIGNALS MORE INTEREST RATE CUTS; METALS PRICES SOAR WITH DOLLAR WEAKNESS WHILE STOCK MARKET FALLS 1/7/2008
5% UNEMPLOYMENT RATE SIGNALS MORE INTEREST RATE CUTS; METALS PRICES SOAR WITH DOLLAR WEAKNESS WHILE STOCK MARKET FALLS 1/7/2008
TECKCOMINCO (TCK $36.24, rated OVERWEIGHT) INITIATE COVERAGE WITH OVERWEIGHT RATING BASED ON INCOMPLETELY DEFINED GROWTH, METALS PRICE REBOUND OR BUSINESS COMBINATION POTENTIALS 1/2/2008
TECKCOMINCO (TCK $36.24, rated OVERWEIGHT) INITIATE COVERAGE WITH OVERWEIGHT RATING BASED ON INCOMPLETELY DEFINED GROWTH, METALS PRICE REBOUND OR BUSINESS COMBINATION POTENTIALS 1/2/2008
COPPER INDUSTRY – – COMPARISON OF 21 MAJOR DEPOSIT PURCHASES IN 2005 TO 2007 SHOWS AVERAGE PURCHASE PRICE OF $0.134 PER LB CONTAINED RESOURCE OR NINE TIMES AFTERTAX CASH FLOW 1/2/2008
COPPER INDUSTRY – – COMPARISON OF 21 MAJOR DEPOSIT PURCHASES IN 2005 TO 2007 SHOWS AVERAGE PURCHASE PRICE OF $0.134 PER LB CONTAINED RESOURCE OR NINE TIMES AFTERTAX CASH FLOW 1/2/2008
FIRST QUANTUM LOWER CU PRICE ESTIMATES OFFSET BY LOWER OPERATING COSTS; SALE OF KEVITSA & $2.5 B NONRECOURSE LOAN PERMIT US TO EXCLUDE ADDITIONAL 20% SALE OF COBRE PANAMA 5/7/2016
FIRST QUANTUM LOWER CU PRICE ESTIMATES OFFSET BY LOWER OPERATING COSTS; SALE OF KEVITSA & $2.5 B NONRECOURSE LOAN PERMIT US TO EXCLUDE ADDITIONAL 20% SALE OF COBRE PANAMA 5/7/2016
ALUMINA LTD. (AWC $4.39, RATING OVERWEIGHT; PRICE TARGET $6.00); ALCOA SKEPTICAL OF INDONESIAN JANUARY 12TH EXPORT BAN, BELIEVES CHINA HAS HUGE BAUXITE INVENTORIES AND STUDIES OUTPUT CUTS 1/30/2014
ALUMINA LTD. (AWC $4.39, RATING OVERWEIGHT; PRICE TARGET $6.00); ALCOA SKEPTICAL OF INDONESIAN JANUARY 12TH EXPORT BAN, BELIEVES CHINA HAS HUGE BAUXITE INVENTORIES AND STUDIES OUTPUT CUTS 1/30/2014
ALLEGHENY TECHNOLOGIES (ATI $33.29, rated Overweight with price target $44) PEAK EARNINGS POWER WANES WITH PRICE-COST PRESSURES 1/24/2014
ALLEGHENY TECHNOLOGIES (ATI $33.29, rated Overweight with price target $44) PEAK EARNINGS POWER WANES WITH PRICE-COST PRESSURES 1/24/2014
ANGLOGOLD ASHANTI (AU $12.15 rated Neutral from Overweight with $15 down from $23 price target) LOWER GOLD PRODUCTION, HIGHER COSTS, HIGHER DISCOUNT RATES FOR AFRICAN MINES, AND A LOWER PREMIUM TO NPV 1/4/2014
ANGLOGOLD ASHANTI (AU $12.15 rated Neutral from Overweight with $15 down from $23 price target) LOWER GOLD PRODUCTION, HIGHER COSTS, HIGHER DISCOUNT RATES FOR AFRICAN MINES, AND A LOWER PREMIUM TO NPV 1/4/2014
ALUMINA LTD. (AWC $4.42, RATING OVERWEIGHT; PRICE TARGET RAISED FROM $5.00 to $6.00); HIGHER ALUMINA PRICES, FULLER VOLUMES AND A WEAKER AUSTRALIAN DOLLAR IMPROVE OUTLOOK DESPITE LOW LME ALUMINUM PRICES AND CONTINUED INGOT INVENTORIES 1/28/2014
ALUMINA LTD. (AWC $4.42, RATING OVERWEIGHT; PRICE TARGET RAISED FROM $5.00 to $6.00); HIGHER ALUMINA PRICES, FULLER VOLUMES AND A WEAKER AUSTRALIAN DOLLAR IMPROVE OUTLOOK DESPITE LOW LME ALUMINUM PRICES AND CONTINUED INGOT INVENTORIES 1/28/2014