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Yesterday, 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
Fri, Jan. 29, 12:58 PM
- Vale's (VALE +4.8%) corporate credit rating is cut to BBB-, the lowest investment grade level, from BBB with a negative outlook by Standard & Poor’s amid weakening iron ore prices, which the ratings firm expects to continue into 2018.
- S&P says Vale has "few lever(s) left to pull," as low iron ore prices are pushing the company to divest non-core assets at a faster speed to finance the cash flow deficit stemming from its significant capital expansion plan; even if Vale completes the sales, its net debt to EBITDA would weaken towards 6x by the end of 2016 and probably recover to 4x-4.5x only by the end of 2017.
- Earlier: Vale seeks path to halt dividends this year (Jan. 28)
Thu, Jan. 28, 5:37 PM
- Vale (NYSE:VALE) will seek board approval to potentially halt dividend payments this year, disclosing in a Brazilian regulatory filing that it wants to set a zero minimum payment for 2016 and to better align dividend policy with today’s commodities prices “uncertainty."
- VALE says it "may decide on the distribution of some remuneration to shareholders, provided that there is sufficient cash flow generation" as the year progresses and the market situation gains clarity.
- VALE +3.7% AH.
Mon, Jan. 25, 11:57 AM
- Brazilian iron ore miner Samarco, the 50-50 joint venture between Vale (VALE -1.7%) and BHP Billiton (BHP -2.7%), received serious danger warnings from ground sensors in 2014 and 2015, months before November's disastrous dam burst, according to Globo TV's Fantastico news magazine.
- The alerts from probes driven deep into the dam's structure to detect ground moisture and stability reached as high as "emergency" levels, according to the report, which cited Samarco-commissioned engineering studies provided to prosecutors investigating the case.
- The studies did not include sensor data from areas critical to the integrity of recent enlargements to the dam, an indication that the sensor data was lightly regarded, according to a prosecutor interviewed in the TV report.
Fri, Jan. 22, 9:21 AM
Wed, Jan. 20, 10:54 AM
- Vale (VALE -4.9%) is downgraded to Hold from Buy with a $2.20 price target, cut from $5, at HSBC, which says the company’s value is "crumbling" due to the falling iron ore and base metals prices.
- HSBC says product quality and cost resilience appear insufficient to support EBITDA, as it estimates 2016-18 iron ore prices at $39/ton, and reduces the three-year EBITDA by 33 percent to reflect the revised price forecast; however, Vale should be able to control cost, which would ease the impact of the decline in price, the firm says.
- With increasing debt appearing unavoidable, Vale is unlikely to pay dividends in 2016, the firm says.
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
Fri, Jan. 15, 9:29 AM
Thu, Jan. 14, 1:12 PM
- Brazil's Federal Police accuse seven people and three companies, including miner Vale (VALE +8.7%) and its Samarco joint venture with BHP Billiton (BHP +6.5%), of environmental crimes in response to November's major dam collapse.
- The move, which has no exact equivalent in the U.S. legal system, will trigger the start of a deeper investigation by police and typically represents a step toward formal charges, which in Brazil can be filed only by prosecutors.
- Vale says it received news of the accusations "with surprise," and has insisted that Samarco was solely responsible for the collapse of the tailings dam; unlike BHP, Vale had been depositing tailings from one of its own iron ore mines into the Funda reservoir that burst, leading prosecutors to deem it liable as a "direct polluter."
Thu, Jan. 7, 9:15 AM
- Gainers: INVT +35%. DVAX +27%. QURE +14%. HMY +9%.
- Losers: TLOG -75%. EPZM -20%. GALE -19%. FINL -17%. SUNE -14%. AKBA -11%. RLYP -8%. FRO -8%. OTIC -8%. CIG -7%. SYN -7%. ATNM -7%. JKS -7%. KBH -7%. SAGE -7%. CEMP -7%. DNR -6%. ATML -6%. WLL -6%. SDRL -6%. ADMS -6%. BHP -6%. BBL -5%. AEZS -5%. VALE -5%. GGB -5%.
Wed, Jan. 6, 9:18 AM
Dec. 23, 2015, 5:44 PM
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. 15, 2015, 9:18 AM
Dec. 8, 2015, 9:15 AM
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