Since June 21 bottom Uranium prices have been on a tear, but Uranium stocks just recently started feeling the effect of the Uranium Spot price rise, as its now seen as a trend up and not just a bump up in spot price. The spot price of Uranium has now been going up for 5 straight months.
Canada Hot Stocks: Bird Construction, Equinox, Uranium Stocks, ECU Silver Wall Street Journal:
- NOVEMBER 9, 2010, 11:00 A.M. ET
Among the companies whose shares are making notable moves in Tuesday's session are Bird Construction Income Fund (BDT.UN.T), Equinox Minerals Ltd. (EQN.T), Cameco Corp. (NYSE:CCJ), First Uranium Corp. (FIU.T), UEX Corp. (UEX.T), Denison Mines Corp. (NYSEMKT:DNN), Paladin Energy Ltd. (PDN.T) and ECU Silver Mining Inc. (ECU.T).
Bird Construction (C$32.95, -C$4.99, -13%) said third-quarter earnings fell to 61 Canadian cents a share from C$1.01. Canaccord cut its rating to hold from buy and slashed its target price, noting results were weaker than expected.
First Quantum Minerals Ltd. (FM.T) has sold its 114.1 million shares of Equinox (C$5.88, -C$0.51, -8.0%) for proceeds of about C$653 million. First Quantum didn't identify the purchasers of the shares.
Uranium stocks such as Cameco (C$37.97, C$1.99, 5.5%), First Uranium (C$1.28, C$0.10, 8.5%), UEX (C$2.39, C$0.31, 15%), Denison (C$2.96, C$0.16, 5.7%) and Paladin (C$4.98, C$0.12, 2.5%) are getting a lift after RBC Capital said the uranium market has swung from oversupplied to undersupplied in just a few months as China begins buying long-term supplies for new reactors. RBC sees uranium spot prices nearly doubling by 2012 and uranium equities entering a multi-year bull market.
ECU Silver (C$1.30, C$0.17, 15%) said it has uncovered additional new mineralization in the upper levels of the Santa Juana mine in Mexico.
-By Dow Jones Newswires; write to email@example.com
Disclosure: LONG shares of UEC