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Yesterday, 9:19 AM
Thu, Feb. 4, 9:19 AM
- Gainers: VHC +89%. GLUU +21%. OCLS +18%. WFT +12%. ATNY +11%. SEDG +11%. PETX +10%. SVA +9%. ING +9%. TTWO +8%. SBH +8%. GRUB +7%. VALE +7%. HMY +7%. CDNS +6%. CDE +6%. SBGL +6%. GSH +5%. AUY +5%. VIAB +5%. RIO 5%.
- Losers: PPP -16%. KSS -15%. GPRO -15%. IMPV -13%. CS -13%. PACB -13%. RL -9%. AZN -7%.
Wed, Feb. 3, 9:19 AM
Tue, Feb. 2, 9:17 AM| Tue, Feb. 2, 9:17 AM | 5 Comments
Fri, Jan. 22, 9:59 AM
- Alcoa (AA +2.6%) responds to a Moody's warning of a possible cut to its credit rating, saying Moody's view is largely a reflection of its perspective of aluminum pricing while the company actually is focusing on its plane and car parts business as well as its aluminum smelting and refining operations to help them succeed as independent companies.
- Alcoa says that while it continues to target an investment grade rating for its value-add company spinoff, the separation is not contingent upon the value-add company attaining an investment grade rating.
- Moody's placed Alcoa and other miners including Newmont Mining (NEM -0.5%), Rio Tinto (RIO +2.8%), Hecla Mining (HL +2.5%) and Coeur Mining (CDE +2.5%) on ratings watch, citing a slump in commodity prices due to oversupply and slowing growth in China.
Tue, Jan. 19, 8:48 AM
- Rio Tinto (NYSE:RIO) +2.3% premarket after saying its 2015 iron ore production rose by 11% Y/Y to a new record and in-line with the company's guidance, and forecasts a 6.8% rise to 350M metric tons in 2016 despite the collapse in worldwide iron ore prices.
- However, Rio’s forecast production this year means it will climb at the slowest Y/Y pace since 2013 when production rose 4.9%.
- “Whenever you see production growth slow in a market that’s in a glut then that’s good news," says a Sydney-based resource analyst, but Rio is "still raising production and that’s going to continue to put pressure on iron ore prices this year."
- Citigroup analysts say production at Rio’s mines in the Pilbara region of Western Australia is still expected to total ~335M metric tons in 2016, up 8% Y/Y.
Fri, Jan. 15, 10:34 AM
- Shares in global mining companies face their biggest back-to-back weekly losses in four years after signs of slowing growth in China, plunging oil prices and asset writedowns at BHP Billiton spark a selloff.
- Copper prices hit a six-year low for the fifth time in a week in London, -1.9%, amid worries about China’s economy, and are now down nearly 9% YTD; aluminum, lead, nickel and zinc all fell more than 1%.
- Long-dated “copper prices adjusted for producer country FX are mostly unchanged, which underscores the macro nature of the recent declines,” according to Goldman Sachs.
- "No lasting price recovery appears possible at present, neither on the metal markets nor on the commodities markets in general," Commerzbank says.
- BHP -7.7%, RIO -6.4%, OTCPK:AAUKF -5.7%, VALE -5.5%, FCX -5.4%, OTCPK:GLCNF -4.4%, TCK -4.3%, SCCO -1.1%.
- ETFs: JJC, DBB, JJN, JJU, CPER, JJT, BOM, RJZ, BOS, FOIL, JJM, LD, BDD, NINI, CUPM, LEDD
Thu, Jan. 14, 8:36 AM
- Rio Tinto (NYSE:RIO) says it will freeze salaries for 2016 from the CEO downward, and warns that it sees no signs of any letup from the commodity price rout.
- "The pressure this is placing on our industry is significant... It is important we recognize that the pressure isn’t going to let up. This situation is not temporary," CEO Sam Walsh said in an email to staff.
- Walsh also cited China’s "more modest" economic growth, which "has shifted emphasis from metals-intensive sectors - like infrastructure and construction - to consumer spending."
- Nevertheless, RIO +2.3% premarket.
Tue, Jan. 12, 12:46 PM
- BHP Billiton (BHP -4.3%) could cut is payout in half when it releases results, and Rio Tinto (RIO -4.5%) also could cut its dividend later this year, HSBC analysts say, citing the need for the miners to cut expenses to help indebted balance sheets and offset weak commodities prices.
- HSBC also says Anglo American (OTCPK:AAUKF, OTCPK:AAUKY) and First Quantum Minerals (OTCPK:FQVLF) are most at risk if commodities remain weak, although continued South African rand weakness would help Anglo, while strength in copper and other stock-specific reasons could favor returns for Freeport McMoRan (FCX -13.4%) and Glencore (OTCPK:GLCNF, OTCPK:GLNCY).
- The firm downgrades BHP and First Quantum to Reduce, maintains a Reduce rating on Anglo, and has a Buy rating on FCX and Glencore.
Wed, Jan. 6, 9:18 AM
Dec. 23, 2015, 9:19 AM
- Mining stocks look to be headed for a strong day, following a rebound in metal prices after China earlier this week raised hopes that demand may strengthen next year when it unveiled plans for more flexible fiscal and monetary policies.
- Prices for industrial commodities including copper, zinc, lead and aluminum are up at least 1%.
- Anglo American (OTCPK:AAUKF, OTCPK:AAUKY) +8.1%, Glencore (OTCPK:GLCNF, OTCPK:GLNCY) +6.7% in London.
- MT +10.2%, RIO +5.4%, VALE +4.8%, BHP +4.5% in U.S. premarket.
Dec. 23, 2015, 9:12 AM
Dec. 18, 2015, 5:41 PM
Dec. 14, 2015, 12:58 PM
- Rio Tinto (RIO -1.1%) is set to seal a project finance deal of at least $4B to expand the Oyu Tolgoi mine in Mongolia despite the commodities downturn, Financial Times reports.
- The project finance deal is expected to be announced this week following years of delays amid disputes between Rio and Mongolia’s government over how to share costs and profits from the project, according to the report.
- A deal would be one of the last steps remaining before Rio’s board is expected to to press ahead with expansion of the mine, which would cost a further $5B and would move the mine into a bigger underground phase; approval is now expected in 2016.
Dec. 8, 2015, 9:15 AM
Dec. 8, 2015, 9:15 AM
- BHP Billiton (NYSE:BHP) -5.8% premarket, Rio Tinto (NYSE:RIO) -6.6% and Vale (NYSE:VALE) -7.7% as iron ore prices continue to drop - now at 10-year lows - and China’s exports fell for a fifth consecutive month while imports slumped for a record 13th straight month.
- Iron ore with 62% content delivered to Qingdao, China lost 1.1% to end Monday's trade at $38.65/ton; according to estimates from Capital Economics, iron ore prices in the $30-$39 range would threaten the profitability for the major iron ore suppliers.
- China's exports fell 6.8% Y/Y in dollar terms in November vs. a 6.9% decline in October and expectations of a 5.3% drop; November imports fell 8.7% Y/Y vs. an 18.8% decrease in October and expectations of an 11.8% drop.
- Also premarket: X -4%, MT -7.4%, CLF -4.4% premarket.
Rio Tinto PLC is an international mining group engaged in finding, mining and processing the Earth's mineral resources. Its main products are Bauxite, Alumina, Copper, Gold, Molybdenum, Silver, Nickel, Diamonds and Rutile.
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