Rio Tinto (RIO) is downgraded to Conviction Sell at Goldman, which notes the company's...

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Brendan O'Boyle Comments (969)
 
Dependence on iron ore when prices have increased 23% Ytd while the stock is down 15% Ytd is a negative factor? Ok, I guess...
19 Mar, 07:57 AM Reply Like

Thomas Azzara Comments (456)
 
Goldman has got RIO's number .. downgrade to "Conviction Sell" deserved.. but it was the huge write off/write down of $14 Billion last Quarter that is sinking this stock with institutional investors.

RIO share price is headed to low $40's in 2013.
19 Mar, 08:25 AM Reply Like

Robert Geoghan Comments (26)
 
Could be that Goldman are looking to try and dissuade RIO from it's ambitious Pilbara plans because of the huge increase in iron ore supplies that already seem to be over supplying the market. Over supply can only reduce prices, so maybe RIO should take head!
19 Mar, 08:33 AM Reply Like

deercreekvols Comments (3051)
 
Anything Goldman Sachs does should be looked at very closely for an ulterior motive.

How did they make out with that whole tax haven thingy for DOW?
No worries, it only cost DOW a few billion. Nice job, GS, nice job.
19 Mar, 08:43 AM Reply Like

deercreekvols Comments (3051)
 
The headline changed on this market current. The original included Goldman Sachs in the lead-in. Why the change? RIO is sliding because of GS downgrade. Why pull them from the headline?
19 Mar, 09:34 AM Reply Like

dkny2 Comments (4)
 
Goldmans assumptions on Iron Ore prices are Uber bearish. They also dont jibe with their Steel assumptions, at 80 Chinese Iron Ore producers are mothballed as they are cash flow negative from 95. To have tat as your sustainable forecast level is nonsensical as we have seen in past it is self correcting (unless one assumes a hard landing in China)). By the way the previous post is midirecting in suggesting last quiarter writedown is "sinking this ship" with II's. The Aluminum side has been an utter disaster and the purchase hugely destructive. That mgmt is gone! The writedown while huge and reflective of a horrible deal has been known for years ... and discounted in the book value of RIO on the buy side for years.. it was a book entry las t quarter and already discounted by institutions. Goldman is very late in downgrading and very bearish in its assumptions to the point of conflicting with its own Steel Est's. Stock is MUCH closer to bottom than any TOP ... bad call GS.
19 Mar, 09:42 AM Reply Like

TwistTie Comments (2521)
 
Observations are observations.

Goldman just put a floor under the PPS in my opinion.

There aren't many places left for rag pickers.

I feel right at home here.

At some point, the world will get tired of just eating hamburgers and brushing its teeth, and will start building things again.

In the meantime, smile.
19 Mar, 10:41 AM Reply Like