SPOT MARKETS – – INVENTORIES FALL AS CHINESE NONFERROUS OUTPUTS FALL; DROPS IN IRON ORE AND COAL PENALIZE STEEL PRICES 7/3/2014
ALCOA (AA $14.98, rating Overweight, Price Target $18) WE WILL BUILD ABOUT 100 MM NEW SHARES, FIRTH-RIXSON, YTD $0.19 PREMIUMS, UPDATED ALUMINUM SUPPLY-DEMAND AND 2Q RESULTS AFTER JULY 8TH CALL 7/3/2014
GOLD INDUSTRY – – UNCOMMON “ANXIETY RALLY” AS IRAQ AND SYRIAN CRISES CONTINUE AND HISTORIC THIRD “BATTLE OF KARBALA” LOOMS 7/7/2014
CHINA SLOWDOWN SCENARIOS – – WINNERS AND LOSERS 7/8/2014
GENERAL MOLY INC. (GMO $1.09, Rating RAISED to NEUTRAL on June 4th, Price Target RAISED to $1.25 from $1); RECENT GAINS IN MOLY PRICES HELP FINANCING; LIBERTY PREFEASIBILITY ENCOURAGING; MT. HOPE AND LIBERTY TIMING DELAYED TO 2018 & 2019, RESPECTIVELY …
ALCOA (AA $15.67, rating Overweight, Price Target Raised to $22 from $18) HIGHER PREMIUMS AND OUR SIMULATION OF TWIN BOOM YEARS BOOSTS TARGET 7/9/2014
KIRKLAND LAKE GOLD (KGILF $3.61, rated Overweight $12.50 price target) FOCUS ON SETTLING 2017 CONVERTIBLE MATURITIES AND NEW “NEAR SURFACE” RAMP AND “5,600 FOOT LEVEL” OF SOUTH MINE NEAR 0.7 OZ/ton 7/10/2014
THOMPSON CREEK METALS (TC $2.86 rating remains Neutral; price target remains $2.50/share) FINANCIAL MODELS UPDATED FOR BETTER THAN EXPECTED MOLY AND COPPER PRICES IN 2014, WHERE GOLD REBOUNDS LESS THAN ESTIMATED, AND REFINANCINGS, OUTPUT AND COST DEVELOPMENTS 7/14/2014
ROCKTENN (RKT $101.10 rated Neutral with $91 down from $92 price target) EARNINGS ESTIMATES AND PRICE TARGET CUT DUE TO ASSUMED FLAT CONTAINERBOARD/CORRUGATED BOX PRICING THROUGH 2017 AS CAPACITY COMES ONLINE 7/14/2014
VALE (VALE $13.92, Rating OVERWEIGHT, Price Target raised to $22 from 18) BIGGER QUALITY PREMIUMS AND COST CUTS ADD $4 TO PRICE TARGET 7/15/2014