LARGE CAP METALS – – UPDATED STRUCTURED FINANCIAL COMPARISONS OF $780 BIL. MARKET CAP OF “BIG SIX” MAJOR DIVERSIFIED MINES 2/15/2011
ALL-TIME RECORD IN NONFERROUS METALS EXCHANGE INVENTORIES, BUT THE $64 QUESTION INVOLVES “OFF EXCHANGE” STOCKS 2/13/2011
XSTRATA (XSRAF $23.83, rated Overweight; PRICE TARGET INCREASED FROM $28 to $33) INCREASED COPPER AND COAL RESOURCES IMPRESS US THAT HIGH ASSET VALUES REINFORCE IMPROVED VALUATIONS 2/10/2011
LOUISIANA-PACIFIC (LPX $11.30, cut to Neutral from Overweight, Price Target $11) CUT TO NEUTRAL AS PRICE APPRECIATION MET OUR EXPECATIONS 2/10/2011
ALCOA (AA $17.16, rating cut to Neutral from Overweight at $16 target) RATING TO NEUTRAL OWING TO APPRECIATION TO OUR $16 PRICE TARGET, NEAR NIL 2011 CONSUMPTION GROWTH AND END MARKETS CONFUSION 2/10/2011
DOMTAR (UFS $89.90, rated Overweight) PRICE TARGET RAISED TO $140 FROM $93 AS FOCUS ON STOCK REPURCHASES TO FORCE PRICE APPRECIATION 2/9/2011
COAL INDUSTRY – – – VALUES OF RESERVES IN THE GROUND DERIVED AS RIO TINTO ACQUIRES RIVERSDALE @ $0.33 per tonne of “RESOURCES” AND ALPHA ACQUIRES MASSEY @ $3.45 per tonne of “RESERVES” 2/8/2011
MARKET TONE OK, PERHAPS BETTER, WITH CHINESE LUNAR NEW YEAR 2/7/2011
INTERNATIONAL PAPER (IP $29.22 rated NEUTRAL) HIGHER PRICING. COSTS, AND CAPITAL SPENDING BOIL DOWN TO MINOR VALUATION INCREASE. 2/6/2011
PLUM CREEK (PCL $41.13, rated Neutral) DEDICATION TO CURRENT DIVIDEND COULD LIMIT FUTURE FINANCIAL FLEXIBILITY OR HINDER EARNINGS 2/1/2011