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November 2, 2008 Enclosed are our Weekly Market Review and reports lowering our investment ratings on Weyerhaeuser and AngloGold Ashanti each to Underweight from Neutral. Please update us to your preferences for meetings at our November 12th Conference please. Our "top three" Overweight or "long" ideas are BHP Billiton (target $60), Allegheny Technologies (target $72) and FCX (target $75). Diversity of mix influenced our selections among many depressed stocks. Our "bottom four" Neutral or Underweight ideas are Alcoa, Nucor, AngloGold Ashanti and Weyerhauser owing to combinations of oversupply, end market funding, dividend or company-specific issues. We consider aluminum, steel and wood most oversupplied. We downgraded our 2009 gold price outlook to $800 from $1,000 in view of the deflationary force of the strong global recession. Faithfully, John C. Tumazos |
Copyright © 2008 John Tumazos Very Independent Research,
LLC
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