FOREST PRODUCTS – – COMPARISON OF LARGE CAP TIMBERLANDS COMPANIES PLUM CREEK AND WEYERHAEUSER VALUATIONS “PER ACRE,” MARKET-BASED DISCOUNT RATE AND LOWER 4% DISCOUNT RATE 5/2/2014
SPOT MARKETS – – NICKEL PRICE RISE, COPPER, LEAD AND ZINC FALLING INVENTORY AND “PROCESSORS” ATI, AA, CENX, AWC AMONG LEADERS 5/5/2014
CONTAINERBOARD INDUSTRY — SECOND HALF 2014 PRICE DISCOUNTS LIKELY LARGER THAN OCC PRICE DECLINES; FLAT DEMAND AND SIGNIFICANT NEW RECYCLED CAPACITY COMING ONLINE. 6/30/2014
CHINA 3% DECLINE IN YTD NONFERROUS OUTPUT AS GLOBAL DEMAND GROWTH DRIVES > 50,000 T WEEKLY EXCHANGE INVENTORY FALL 6/27/2014
GLENCOREXSTRATA PLC (GLCNF, $5.53; RATED OVERWEIGHT; PRICE TARGET RAISED TO USD $9/SHARE FROM USD $7/SHARE) HIGHER COPPER, ZINC, AND NICKEL PRICES INCREASE EARNINGS ESTIMATES; MARKETING MARGINS OF METALS SEGMENT INCREASED BY 25 BASIS POINTS 6/26/2014
SILVER WHEATON (SLW: $25.56; rated Overweight up from Neutral with $29.50 up from $23 price target) TWO NEW PRECIOUS METALS STREAMS BUILT INTO THE MODEL; PREMIUM TO NPV INCREASED TO 50% FROM 25% 6/23/2014
BHP BILLITON (BHP $71.61, rated Overweight, price target $83) INJECTS CAPITAL INTO IMPROVING PETROHAWK SUBSIDIARY; INCORPORATED $0.14 AL PREMIUM; WE PENALIZE VALUATION FOR ASSET SALE UNCERTAINTY 5/15/2014
INTERNATIONAL PAPER (IP $46.52 rated Neutral with $44 down from $52 price target) XPEPX SPIN OUT ON JUNE 30, 2014; MODELS UPDATED BASED ON Q1 2014 RESULTS 5/9/2014
COPPER INDUSTRY – – EUROPEAN GROWTH, SMELTER BOTTLENECK AND LOW PRICES DRAW EXCHANGE INVENTORIES TO 314,905 T ON MAY 9TH 5/12/2014
FREEPORT-McMoRAN COPPER AND GOLD (FCX $33.91, rated Overweight, price target raised from $60 to $72) HIGHER ESTIMATED MID-TERM COPPER OUPTUT AND LONG TERM OIL AND GAS OUTPUT INCREASE CASH FLOW; HIGHER DEPRECIATION CUTS EARNINGS WHILE INCREASING NPV VIA LESS TAXES …