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Thursday, Feb 28
In spite of an EPS miss and $5.66B worth of mine write-downs, Vale (VALE +2.4%) is rising...
In spite of an EPS miss and $5.66B worth of mine write-downs, Vale (VALE +2.4%) is rising post-earnings, as investors focus on a revenue beat and cautiously optimistic commentary. The mining giant is confident it won't see a major slowdown in China, and expects the local steel market to grow moderately this year. Bulk materials and base metals revenue respectively fell 21% and 23% Y/Y thanks to price declines, and rising maritime freight expenses led cost of goods sold rose by $142M even after adjustments. Opex -2% Y/Y to $2.3B. CC at 10AM ET (webcast). (PR)