| Report |
Topic |
pdf file name |
Title |
| Date |
|
(click on file name) |
|
| 10/31/07 |
Newmont Mining |
nem1031.pdf |
NEWMONT MINNG (NEM $50.90, Overweight)
EARNINGS ESTIMATE RAISED
|
| 10/31/07 |
Barrick Gold |
abx1031.pdf |
BARRICK GOLD (ABX $44.13, rated Overweight)
TWO ACQUISITIONS BENEFIT RESOURCE BASE; EARNINGS SUFFER LOW GRADES
|
| 10/31/07 |
Louisiana Pacific |
lpx1031upgrade.pdf |
LOUISIANA-PACIFIC (LPX $16.46, rated Neutral)
PROSPECTS FOR SMALLER LOSSES AND LESSER CASH OUTFLOWS COULD PERMIT BULL
TRADE FROM FOURTH QUARTER SEASONAL LOW TO MAY/SPRING SEASONAL HIGH
|
| 10/28/07 |
Freeport-McMoran |
fcx1028.pdf |
FREEPORT-McMORAN COPPER AND GOLD (FCX
$95.00, 9-19-05, rated Overweight) MANY OFFSETTING INFLUENCES IN QUARTERLY
RESULTS |
| 10/28/07 |
Alleghney Technologies |
ati1027.pdf |
ALLEGHENY TECHNOLOGIES (ATI $101.90, rated
NEUTRAL WEIGHT) ESTIMATES CUT MORE |
| 10/28/07 |
Metals Prices |
spotmkts1028.pdf |
THIS PAST WEEK INDUSTRIAL METALS FELL WHILE
PRECIOUS METALS ROSE; QUARTERLY REPORTS SUGGEST INVENTORY DRAWDOWNS |
| 10/26/07 |
Smurfit Stone |
sscc1025.pdf |
SMURFIT-STONE CONTAINER (SSCC $11.93, rated
Underweight) STRONG INDUSTRY CLIMATE PERMITS OPERATING PROFITABILITY |
| 10/26/07 |
China |
ChinaReport1026.pdf |
METALS DEMAND: IMPRESSIONS OF SIXTEEN DAY CHINA TRIP |
| 10/25/07 |
Nucor |
NUCOR1024upgrade.pdf |
NUCOR (NUE $61.19, 10-24-07, rated Neutral
Weight) INVESTMENT RATING RAISED TO NEUTRAL OWING TO LIKELY FIRST-HALF
2008 STEEL MARKET REBOUND, TEMPERED BY 11X P/E AND 20% SHEET MARKET
CAPACITY ADD |
| 10/24/07 |
Plum Creek |
pcl1024.pdf |
PLUM CREEK (PCL $41.84, Overweight)
EARNINGS ESTIMATES CUT DUE TO UNFAVORABLE UNIT COST, VOLUME AND SALES
PRICE TRENDS; SHARE REPURCHASES A PLUS, THOUGH CASH FLOWS SLOWING |
| 10/22/07 |
Duluth Metals |
duluth1019.pdf |
DULUTH METALS (DM.TO C$3.55, rated
Overweight) NOTES FROM MANAGEMENT BREAKFAST MEETING WE HOSTED OCTOBER 19TH |
| 10/22/07 |
Metals Price |
spotprices1021.pdf |
METALS MARKETS MIXED, BUT STEEL AND COPPER SHOW GOOD SIGNS |
| 10/22/07 |
Newmont Mining |
nem1018buysHopeBayPart2.pdf |
NEWMONT MINNG (NEM $46.14, Overweight)
MANAGEMENT VACANCIES SUGGEST NEWMONT COULD LEND SUPPORT TO HOPE BAY
DEVELOPMENT; MEADOWBANK PROJECT ALSO IN NUNAVUT FURTHER ALONG |
| 10/16/07 |
CVRD |
cvrd1016.pdf |
CVRD (RIO
$34.23, rating under development) ANALYSIS OF WORLD’S LARGEST EVER
METALS CAPITAL BUDGET |
| 10/14/07 |
Rusal |
rusal1011.pdf |
ALUMINUM
INDUSTRY CAPACITY UPDATE AS UC RUSAL PLANS 3.1 MMT NEW CAPACITY TO TOTAL 7
MMT BY 2011 WITH NEW 1.05 MMT SMELTER IN SARATOV, RUSSIA ANNOUNCED OCTOBER
9TH |
| 10/14/07 |
Newmont Mining |
nem1014buysHopeBay.pdf |
NEWMONT MINNG
(NEM $47.54, Overweight) FOUR UNKNOWNS KEY TO THE ASSESSMENT OF THE MANY
HOPE BAY DEPOSITS OF MIRAMAR |
| 10/14/07 |
Allegheny Technologies |
ati1014.pdf |
ALLEGHENY
TECHNOLOGIES (ATI $100.04, rated NEUTRAL WEIGHT) IMPLICATIONS OF
FOURTH-QUARTER OUTLOOK REVISION DEPEND ON SPECIFIC CAUSES |
| 10/14/07 |
Metals Prices |
spotprices1014.pdf |
MANY PRICES AND MOST INVENTORIES
RISE |
| 10/10/07 |
Alcoa |
aa100907.pdf |
ALCOA (AA
$38.30, rated Neutral) EARNINGS ESTIMATES CUT SHARPLY DUE TO COSTS, LME
PRICE ESTIMATES THE SAME AND 25% REPURCHASE ESTIMATED TO NEED $3.1 BILLION
IN DEBT PLUS CAPITAL SPENDING CUTS |
| 10/08/07 |
Mine Safety |
SAFETYcapacity1008.pdf |
MINE SAFETY
INTERACTS WITH “CAPACITY” THROUGHPUT, AND NEW MINE SAFETY RULES
PROBABLY WILL REDUCE GLOBAL MINING CAPACITY 1% TO 3% |
| 10/07/07 |
Barrick Gold |
abx1006costs.pdf |
BARRICK GOLD
(ABX $40.92, rated Overweight) ORE GRADES, LOWER STRIPPING AND COST
HEDGING BENEFIT 2008 COST OUTLOOK |
| 10/07/07 |
Duluth Nickel and Copper
Comparison |
duluthnicu1007.pdf |
NICKEL AND
COPPER --- EVALUATION AND COMPARISON OF DULUTH COMPLEX NICKEL, COPPER,
COBALT, PLATINUM GROUP AND GOLD |
| 10/07/07 |
Duluth Initiation |
duluthinitiation1007.pdf |
DULUTH METALS
(DM.TO C$3.04, rated Overweight) COVERAGE INITIATED AT OVERWEIGHT OWING TO
ROUGHLY 600 MILLION METRIC TONNE NICKELCOPPER- COBALT-PRECIOUS METALS
DEPOSIT IN MINNESOTA |
| 10/07/07 |
Polymet Mining |
PLMinitiation1007.pdf |
POLYMET MINING
(PLM $4.02, rated Overweight) COVERAGE INITIATED AT OVERWEIGHT OWING TO
2009 STARTUP OF ROUGHLY 800 MILLION METRIC TONNE
NICKEL-COPPER-COBALT-PRECIOUS METALS DEPOSIT IN MN |
| 10/07/07 |
Metals Prices |
spotprices1006mixed.pdf |
PRICES AND INVENTORIES MIXED AS MANY
MOVE ADVERSELY |
| 9/30/07 |
Aluminum Industry |
alumindiceland0929.pdf |
ALUMINUM
INDUSTRY - - - ICELAND ENERGY RESOURCES ENCOURAGE 1 MMT ALUMINUM CAPACITY
ADDITIONS THOUGH CURRENCY APPRECIATION, COST-OF-LIVING AND PRICE-LINKED
CONTRACTS WILL NOT PERMIT WORLD’S LOWEST COSTS |
| 9/30/07 |
Nonferrous Metals |
nonferrous@geothermal0929.pdf |
NONFERROUS
METALS - - - ALLOY USAGE AT 110 MW GEOTHERMAL PLANT ADJACENT TO PROPROSED
CENTURY HELGUVIK SMELTER SITE |
| 9/30/07 |
Metals Prices |
spotprices0929mostrise.pdf |
MOST PRICES RISE, BUT MANY INVENTORIES
RISE TOO |
| 9/30/07 |
Newmont |
nem0930outlookcaution.pdf |
NEWMONT MINNG
(NEM $44.93, Overweight) CONSERVATIVE OUTLOOK STATEMENT |
| 9/24/07 |
Goldcorp |
gg0923pricetarget.pdf |
GOLDCORP (GG $30.24, rated Overweight)
PRICE TARGET RAISED TO $32 FROM $27
AND ESTIMATES RAISED WITH HIGHER METALS PRICES |
| 9/24/07 |
Anglogold |
AU0923pricetarget.pdf |
ANGLOGOLD (AU $46.84, rated Neutral)
ESTIMATES RAISED WITH GOLD PRICES |
| 9/24/07 |
Barrick Gold |
abx0923pricetarget.pdf |
BARRICK GOLD (ABX $40.66, rated Overweight)
PRICE TARGET RAISED TO $50 FROM
$40 AND OVERWEIGHT REAFFIRMED WITH HIGHER METALS PRICES |
| 9/24/07 |
General Moly Inc |
gmo092307initiation.pdf |
GENERAL MOLY, INC. (about-to-be renamed
from Idaho General Mines, GMO $6.81, rated
Neutral) COVERAGE INITIATION AND FIELD TRIP HIGHLIGHTS |
| 9/24/07 |
Steelers and Steel Industry |
steelindustryA_Time_for_the_Toes.pdf |
“A TIME FOR THE TOES,” A STUDY OF THE
CORRELATION BETWEEN THE PERFORMANCE OF THE PITTSBURGH STEELERS AND THE
RELATIVE PERFORMANCE OF STEEL STOCKS |
| 9/24/07 |
Plum Creek |
pcl092007targetupgrade.pdf |
Plum Creek (PCL $44.95, Overweight) GLOBAL
LIQUIDITY, RATE CUT, NEW HOUSING PERMITS, AND HIGH ENERGY PRICE LEAD TO
INCREASED PRICE TARGETOF $80 DESPITE ESTIMATE CUTS |
| 9/24/07 |
Metals Prices |
spotprices0923sixpricetargetsraised.pdf |
NONFERROUS METALS PRICES AGAIN MOSTLY RISE,
STEEL INVENTORIES FALL,
SIX PRICE TARGETS RAISED AND INITIATE COVERAGE ON GENERAL MOLY,
INC. |
| 9/19/2007 |
FREEPORT-McMORAN COPPER AND GOLD |
fcx0919priceswayup.pdf |
FREEPORT-McMORAN COPPER AND GOLD (FCX
$95.00, 9-19-05, rated Overweight) EARNINGS ESTIMATES AND PRICE TARGET
RAISED OWING TO BETTER THAN EXPECTED COPPER, GOLD AND MOLY PRICES |
| 9/18/2007 |
Newmont Mining |
nem0918ratingupgrade.pdf |
NEWMONT MINNG (NEM $45.99, rating raised to
Overweight) GLOBAL LIQUIDITY INJECTION, RATE CUT, WEAK $ AND LOUSY CREDIT
SYSTEM SET PLATE FOR HIGHER GOLD PRICES; RATING RAISED TO OVERWEIGHT, GOLD
PRICE OUTLOOK RAISED AND EARNINGS ESTIMATES TOO |
| 9/18/2007 |
Forest Products |
paperindpermits0918.pdf |
FOREST PRODUCTS INDUSTRY - - HOUSING
PERMITS UP IN 12 STATES AND DOWN 3% OR LESS IN 6 STATES AND DC IN FIRST
SEVEN MONTHS OF 2007; FOUR STATES REPRESENT OVER 2/3 OF NATIONAL DECLINE |
| 9/16/2007 |
Metals |
spotprices0916allrise.pdf |
ALL METALS PRICES RISE, INVENTORIES MIXED
AS COPPER AND LEAD FALL WHILE ALUMINUM, NICKEL AND ZINC INVENTORIES RISE |
| 9/16/2007 |
LOUISIANA-PACIFIC |
lpx091607.pdf |
LOUISIANA-PACIFIC (LPX $16.78, rated
Underweight) EARNINGS ESTIMATES AND PRICE TARGET CUT |
| 9/12/2007 |
WORTHINGTON INDUSTRIES |
wor0912.pdf |
WORTHINGTON INDUSTRIES (WOR $20.45, rated
Neutral) SHARE PRICE STABLE EVEN AS AUTO AND HOUSING MARKETS OR CYCLICAL
SHARES GENERALLY SELL OFF IN VOLATILE MARKET |
| 9/12/2007 |
ALCOA |
aa091207Chalcosale.pdf |
ALCOA (AA $33.65, rated Neutral) TO BOOK A
$1 PER SHARE GAIN FROM SALE OF 7% OF CHALCO; A JUDGEMENT ON CHINESE
ALUMINA/ALUMINUM |
| 9/12/2007 |
BARRICK GOLD |
BARRICKNEWS Keep those tires rolling.pdf |
BARRICK GOLD OBTAINS A NEAR DOUBLING IN TIRE
LIFE |
| 9/9/2007 |
FNX Mining |
fnx0906minevisit |
FAVORABLE COMMENTS FROM SEPTEMBER 6TH
VISITS DOWN LEVACK AND PODOLSKY MINES |
| 9/9/2007 |
Aluminum |
iaisemiannualsmeltersurvey |
DETAILED INTERPRETATION OF SEMI-ANNUAL
CAPACITY SURVEY SHOW SOME DELAYS, AND UPWARD REVISION TO ASIA |
| 9/9/2007 |
Metals |
spotprices0909phillpscurve |
GOLDILOCKS SCENARIO WANES AS OUTWARD
SHIFT OF “PHILLIPS CURVE” |
| 9/3/2007 |
Metals |
spotprices0902 |
SUMMER’S FINAL WEEK NO CAUSE FOR ALARM |
|
|
|
|
| 8/29/2007 |
Goldcorp |
gg0829 |
EARNINGS
DISAPPOINTING; PENASQUITO AND ELEONORE RESOURCE EXPANSIONS NOT AS LARGE AS
EXPECTED PROBABLY DUE TO TEDIOUS DATA GATHERING |
| 8/29/2007 |
Metals |
spotprices0826 |
SPOT PRICE ACTION MAKES US THINK OF 1987;
MANY END MARKETS VERY STRONG AND WILL BENEFIT FROM $0.5 TRILLION STIMULUS |
| 8/19/2007 |
Metals |
spotprices0819 |
PHYSICAL MARKETS STRONG OR CALM AS
FINANCIAL MARKETS PANIC |
| 8/19/2007 |
Alcoa |
aa0817 |
FOURTEEN KEY AGENDA ITEMS FOR KLAUS
KLEINFELD |
| 8/12/2007 |
Metals |
spotprices0812 |
GENERAL DECLINE IN METALS PRICES REFLECTS
A COMBINATION OF WORRIES OF SLOWDOWN OWING TO CREDIT CRUNCH,
SPECULATORS’ EXIT AFTER PROFIT-TAKING AND EARLY SEASONAL DROP |
| 8/5/2007 |
Allegheny Technologies |
ati0805 |
PRICE
TARGET INITIATED AT $100 UP FROM $60 AS EARNINGS MEET EXPECTATIONS AND
MORE TRANSACTIONS DONE ABOVE 10X EARNINGS |
| 8/5/2007 |
FNX Mining |
fnx0802 |
CONFIRMATION AND EXPLORATION ON TRACK;
COSTS IMPROVE; EARNINGS ESTIMATE CUT AS NICKEL PRICE CORRECTS |
| 8/5/2007 |
Barrick Gold |
abx0802upgrade |
PRICE TARGET RAISED TO $40 FROM $30 AND
RATING TO OVERWEIGHT FROM NEUTRAL WEIGHT OWING TO FAVORABLE EXPLORATION,
EARNINGS AND VALUATION TRENDS |
|
|
|
|
| 7/30/2007 |
Alcoa |
aa0730 |
REDUCED EXPECTATIONS AFTER DISCLOSURES OF
OPTIONS EXERCISE AND STOCK ACTIVITY SUGGEST NO IMMINENT TAKEOVER TALKS |
| 7/30/2007 |
Metals |
antivalue0730 |
ANTI-VALUE, FULLY VALUED, SEMI-VALUE, TRUE
DEEP VALUE AND A REVIEW OF LBO ACTIVITY |
| 7/22/2007 |
Rio Tinto |
rtp0722 |
AMOUNT
OF THE $44 BIL. BID FOR ALCAN A SURPRISE |
| 7/22/2007 |
Nucor |
Nucor0722 |
STABILITY OF RESULTS EVIDENT AND FORECAST BY
COMPANY |
| 7/22/2007 |
Metals |
Metals
Industry - - June 2007 |
MID-SUMMER METALS PRICE SNAPSHOT PROVIDES
AN ENCOURAGING PICTURE:Comments
from visits to Barrick, Kinross and CVRD Inco on June 21-22 |
| 7/16/2007 |
Nucor |
NUCOR0716edited |
EXPECT BETTER SECOND-HALF; ACQUIRES TO
STRENGTHEN METAL BUILDING UNIT |
| 7/9/2007 |
Alcoa |
AAlcoa07-09-07 |
EARNINGS ESTIMATES CUT AGAIN AS ALUMINA
AND PRIMARY INGOT SEGMENTS FALL SHORT AND EXCHANGE RATES BODE POORLY FOR
SECOND-HALF COSTS |
| 7/8/2007 |
Aluminum |
Aluminum
Industry, Alcoa Preview and Alcan Update July 8 |
LONG-TERM PRICE ESTIMATES RAISED OWING TO
(1) HIGHER COSTS AND (2) 9.4% UP FROM 7.8% 2007 DEMAND GROWTH |
