The rumors are again making the rounds that Rio Tinto (NYSE:RIO) may be interested in acquiring Alcoa (NYSE:AA).
Speculation circulating is Rio Tinto has secured a $25 billion syndication loan to make the purchase.
Traders bid up the share price of Alcoa to $17.74, gaining $0.52, or 3.02 percent, as of 12:09 PM EDT. Options activity also jumped on the rumor, specifically $18 strike calls that expire later in May, as well as June $18 calls. Also attracting attention were the May $19 and June $19 strike calls.
It's doubtful Rio would really be interested in exposing itself to even more aluminum, as the future is far from clear on the supply and demand outlook, and by extension pricing strength and margins.
Rio would probably also face intense regulatory scrutiny because of its past acquisition of Alcan.
Either way, you never know what a company may do. But the idea of aluminum being a major growth metal and market isn't convincing at this time.
Showing posts with label Aluminum Prices. Show all posts
Showing posts with label Aluminum Prices. Show all posts
Tuesday, May 3, 2011
Wednesday, April 6, 2011
Alcoa (AA) Soars to 52-Week High
Shares of Alcoa (NYSE:AA) surged to 52-week highs on Tuesday, as the company closes in on its earnings report day, which is considered the kick-off of the earnings season.
Anticipation has been building as the company took time during the worst parts of the recession to lower costs, and now from that strong position the price of aluminum has been rising, along with aluminum demand, creating a growing expectation that the company will have a good quarterly report and guidance.
That also means margins and earnings should have risen significantly, as well as revenue in the quarter.
Once concern would be if there are any consequences going forward from the earthquake in Japan in regard to markets Alcoa serves, such as with auto makers. That will have no effect on the latest quarter, but it possibly could on guidance.
Alcoa closed Tuesday at $18.05, gaining $0.49, or 2.79 percent.
Anticipation has been building as the company took time during the worst parts of the recession to lower costs, and now from that strong position the price of aluminum has been rising, along with aluminum demand, creating a growing expectation that the company will have a good quarterly report and guidance.
That also means margins and earnings should have risen significantly, as well as revenue in the quarter.
Once concern would be if there are any consequences going forward from the earthquake in Japan in regard to markets Alcoa serves, such as with auto makers. That will have no effect on the latest quarter, but it possibly could on guidance.
Alcoa closed Tuesday at $18.05, gaining $0.49, or 2.79 percent.
Friday, April 1, 2011
Market Likes Alcoa's (AA) Pricing Power
For the long term, the market likes the new-found ability for Alcoa (NYSE:AA) to raise prices on a number of its products, something it hasn't been able to do over the last couple of years, until recently.
If a company can raise prices it means it has market and competitive strength, something that Alcoa does have at this time, even if it's somewhat tenuous in the aftermath of the earthquake in Japan, which could dramatically affect aluminum demand in the auto and tech industries.
The other good news is Alcoa did spend its time wisely during the worst part of the recession, focusing on cutting costs, as it was about the only thing they could do it had control over. They do have more room to improve there, but it has made them more competitive as a result.
Now that they're leaner, they can raise price in a way that increases earnings, and not just to keep up with rising input costs. That bodes well for the company and shareholders if the company can maintain this position and the economy and markets cooperate.
Alcoa was trading at $17.61, falling $0.05, or 0.25 percent, as of 2:21 PM EDT.
If a company can raise prices it means it has market and competitive strength, something that Alcoa does have at this time, even if it's somewhat tenuous in the aftermath of the earthquake in Japan, which could dramatically affect aluminum demand in the auto and tech industries.
The other good news is Alcoa did spend its time wisely during the worst part of the recession, focusing on cutting costs, as it was about the only thing they could do it had control over. They do have more room to improve there, but it has made them more competitive as a result.
Now that they're leaner, they can raise price in a way that increases earnings, and not just to keep up with rising input costs. That bodes well for the company and shareholders if the company can maintain this position and the economy and markets cooperate.
Alcoa was trading at $17.61, falling $0.05, or 0.25 percent, as of 2:21 PM EDT.
Alcoa (AA) Quarterly Earnings Picking Up Over 2010
With little to do during the recession but focus on improving its cost structure, Alcoa (NYSE:AA) has positioned itself to benefit when a real recovery comes along, and even if we're in a temporary one, the aluminum producer should report a solid quarter as the price of aluminum has jumped during that time.
Credit Agricole Securities analyst David Lipschitz, said, “As aluminum prices are going higher, Alcoa is also rising. Earnings have picked up significantly from higher aluminum prices from a year ago.”
While Alcoa still has some work to work on its costs, the improvement will be enough, along with the higher price of aluminum, to provide solid results.
Industries that have helped it run recently include the auto and aerospace industries, although how they perform in the next quarter could be impacted from the consequences in the auto industry from parts shortage coming from the impact of the earthquake in Japan.
Alcoa closed Thursday at $17.66, gaining $0.02, or 0.11 percent. The company is trading near the top of its 52-week range.
Credit Agricole Securities analyst David Lipschitz, said, “As aluminum prices are going higher, Alcoa is also rising. Earnings have picked up significantly from higher aluminum prices from a year ago.”
While Alcoa still has some work to work on its costs, the improvement will be enough, along with the higher price of aluminum, to provide solid results.
Industries that have helped it run recently include the auto and aerospace industries, although how they perform in the next quarter could be impacted from the consequences in the auto industry from parts shortage coming from the impact of the earthquake in Japan.
Alcoa closed Thursday at $17.66, gaining $0.02, or 0.11 percent. The company is trading near the top of its 52-week range.
Tuesday, January 11, 2011
Alcoa (NYSE:AA) Beats Estimates, Sees Growth in Most Markets
Alcoa (NYSE:AA) reported earnings Monday which beat analysts' estimates, as sales grew in a variety of their segments.
Net income for the quarter came to $258 million, or 24 cents a share, a huge increase over the $277 million, or 28 cents a share loss in same period last year. Analysts had been looking for 18 cents a share.
Revenue increased from $5.43 billion a year ago to $5.65 billion, a 4 percent gain.
Net income for the increased to $254 million, or 25 cents a share, in contrast to the lost last year of $1.15 billion, or 1.23 a share. Revenue on the year increased from $18.4 billion to $21 billion.
The performance was from a combination of improved sales in key markets of the company, as well as an approximate 13 percent increase in aluminum prices in the quarter.
Going forward, Alcoa looks to the auto sector as its biggest growth engine for 2011, where sales are expected to surge by 11 percent.
Aluminum demand has been estimated by Alcoa to grow by 12 percent in 2011 as well.
Pricing has helped, but Alcoa is totally exposed to macro-economic conditions, and if there is sustainable growth they'll do well, but if not, they'll struggle.
Net income for the quarter came to $258 million, or 24 cents a share, a huge increase over the $277 million, or 28 cents a share loss in same period last year. Analysts had been looking for 18 cents a share.
Revenue increased from $5.43 billion a year ago to $5.65 billion, a 4 percent gain.
Net income for the increased to $254 million, or 25 cents a share, in contrast to the lost last year of $1.15 billion, or 1.23 a share. Revenue on the year increased from $18.4 billion to $21 billion.
The performance was from a combination of improved sales in key markets of the company, as well as an approximate 13 percent increase in aluminum prices in the quarter.
Going forward, Alcoa looks to the auto sector as its biggest growth engine for 2011, where sales are expected to surge by 11 percent.
Aluminum demand has been estimated by Alcoa to grow by 12 percent in 2011 as well.
Pricing has helped, but Alcoa is totally exposed to macro-economic conditions, and if there is sustainable growth they'll do well, but if not, they'll struggle.
Tuesday, January 4, 2011
Expectations for Alcoa (NYSE:AA) Rising on Aluminum Prices
Aluminum prices have lagged the upsurge in metals prices, and that has been part of the reason Alcoa (NYSE:AA) has been held back, although operational issues were part of the mix as well.
Now expectations for Alcoa (NYSE:AA) have been getting a big boost as aluminum prices are rising to two-year highs.
Some think when Alcoa released their quarterly report next week, it may exceed expectations.
Charles Bradford, of Affiliated Research Group, said, "The economic outlook does look better and the metal price is higher. Their earnings could be better than the consensus estimate."
Analysts are looking for 19 cents a share for Alcoa, which last year in the same quarter generated earnings of 1 cents a share.
Alcoa was trading at $16.30, up $0.50, or 3.16 percent, as of 2:15 PM EST.
Now expectations for Alcoa (NYSE:AA) have been getting a big boost as aluminum prices are rising to two-year highs.
Some think when Alcoa released their quarterly report next week, it may exceed expectations.
Charles Bradford, of Affiliated Research Group, said, "The economic outlook does look better and the metal price is higher. Their earnings could be better than the consensus estimate."
Analysts are looking for 19 cents a share for Alcoa, which last year in the same quarter generated earnings of 1 cents a share.
Alcoa was trading at $16.30, up $0.50, or 3.16 percent, as of 2:15 PM EST.
Monday, January 3, 2011
Alcoa (NYSE:AA) Rises on Deutsche (NYSE:DB) Upgrade, Worst is Past
Alcoa (NYSE:AA) has been struggling for some time on weak aluminum prices and demand, but Deutsche Bank (NYSE:DB) upgraded them today, citing more operational stability within the company and improved sentiment over aluminum pricing and demand.
Deutsche said, "Alcoa's laggard status has piqued investor interest in the name as a possible come-back play for 2011 and given signs of operational stability, we don't disagree.
"Investors have clearly been negative aluminum through 2010; however, our sense is that the 'worst' is already passed."
Everyone is optimistic on the first trading day of 2011, but the idea that there are legs under the alleged beginnings of a recovery are weak indeed, and the idea aluminum is poised for a comeback is more optimism than fact, and it remains to be seen if there is really a recovery in the manufacturing sector in 2011, which the cyclical Alcoa will depend on.
Deutsche upgraded Alcoa to a "Buy" today, which was trading at $15.95, up 0.56, or 3.64 percent, as of 2:19 PM EST. Deutsche raised their price target on Alcoa from $14 to $22.
Deutsche said, "Alcoa's laggard status has piqued investor interest in the name as a possible come-back play for 2011 and given signs of operational stability, we don't disagree.
"Investors have clearly been negative aluminum through 2010; however, our sense is that the 'worst' is already passed."
Everyone is optimistic on the first trading day of 2011, but the idea that there are legs under the alleged beginnings of a recovery are weak indeed, and the idea aluminum is poised for a comeback is more optimism than fact, and it remains to be seen if there is really a recovery in the manufacturing sector in 2011, which the cyclical Alcoa will depend on.
Deutsche upgraded Alcoa to a "Buy" today, which was trading at $15.95, up 0.56, or 3.64 percent, as of 2:19 PM EST. Deutsche raised their price target on Alcoa from $14 to $22.
Tuesday, November 23, 2010
Alcoa (NYSE:AA), Alumina (NYSE:AWC), Reliance (NYSE:RS), Century (NASDAQ:CENX), Kaiser (NASDAQ:KALU) Plunge on Aluminum Oversupply Concerns
Alcoa (NYSE:AA), Alumina (NYSE:AWC), Reliance (NYSE:RS), Century (NASDAQ:CENX), Kaiser (NASDAQ:KALU), along with other aluminum-exposed companies, are getting hit hard today on news oversupply could push down prices.
The aluminum industry has attempt to create a narrative of strong demand over the next decade or so, but in the short-term that probably won't be the case, and depending on economic conditions, could be under pressure in the mid-term as well.
Today's downward pressure is from the announcement premiums on shipments to Japan will probably fall in the first quarter of 2011 on oversupply in the market.
A growing number of analyst also believe pressure on pricing is a trend and not a temporary situation; bad news for an already struggling aluminum sector.
Alcoa was trading at $13.13, falling by $0.16, or 1.20 percent at 1:22 PM EST. Alumina was at $7.81, dropping $0.34, or 4.17 percent. Reliance was down to $44.37, losing $1.00, or 2.20 percent. Century was at $14.09, declining $0.35, or 2.42 percent. Kaiser plummeted to $46.60, falling $0.82, or 1.73 percent.
The aluminum industry has attempt to create a narrative of strong demand over the next decade or so, but in the short-term that probably won't be the case, and depending on economic conditions, could be under pressure in the mid-term as well.
Today's downward pressure is from the announcement premiums on shipments to Japan will probably fall in the first quarter of 2011 on oversupply in the market.
A growing number of analyst also believe pressure on pricing is a trend and not a temporary situation; bad news for an already struggling aluminum sector.
Alcoa was trading at $13.13, falling by $0.16, or 1.20 percent at 1:22 PM EST. Alumina was at $7.81, dropping $0.34, or 4.17 percent. Reliance was down to $44.37, losing $1.00, or 2.20 percent. Century was at $14.09, declining $0.35, or 2.42 percent. Kaiser plummeted to $46.60, falling $0.82, or 1.73 percent.
Friday, November 19, 2010
Alcoa's (NYSE:AA) Klaus Kleinfeld Spreading Aluminum Gospel
Although there have been mixed responses to Alcoa's (NYSE:AA) stock lately, that hasn't stopped CEO Klaus Kleinfeld from continuing to preach his gospel of supply not being able to meet demand for aluminum in the years ahead, as he tries to push the share price of the stock up after staying fairly level for quite a long time.
Talking about the next decade, Kleinfeld says demand will outstrip supply, pushing aluminum prices up, and of course, ultimately, the share price of Alcoa as well.
He even says that will happen if China cuts back on purchasing aluminum; a doubtful conclusion.
This is largely hype as there is simply no way in the cyclical aluminum industry someone can estimate out for the next decade accurately.
Even in more predictable sectors it would be very hard to do.
Either way, Kleinfeld has managed to convince some people this is what's going to happen, and it has helped the price of Alcoa move up since the latter part of August.
Talking about the next decade, Kleinfeld says demand will outstrip supply, pushing aluminum prices up, and of course, ultimately, the share price of Alcoa as well.
He even says that will happen if China cuts back on purchasing aluminum; a doubtful conclusion.
This is largely hype as there is simply no way in the cyclical aluminum industry someone can estimate out for the next decade accurately.
Even in more predictable sectors it would be very hard to do.
Either way, Kleinfeld has managed to convince some people this is what's going to happen, and it has helped the price of Alcoa move up since the latter part of August.
Friday, November 12, 2010
RUSAL (PA:RUSAL) Earnings Plummet on FOREX Costs
Earnings for RUSAL (PA:RUSAL) dropped 55 percent on foreign exchange losses during the latest quarter.
Net profit for the quarter ending September 30 was $29 million, down from the $64 million in earnings last year in the same quarter.
Taking away the foreign exchange costs, net profit for the quarter would have come in at $419 million, according to RUSAL.
Expenses in the quarter increased to $699 million, far above the $276 million in costs last year.
Going forward, RUSAL said this about the aluminum market: "Several factors point to encouraging prospects for the aluminium market: the revival of the domestic market, increased economic activity in Germany, South America and Asia, spot premiums reaching an all-time high, partly due to China becoming a net importer of aluminium."
RUSAL dropped to $18.50, losing $0.70, or 3.65 percent.
Net profit for the quarter ending September 30 was $29 million, down from the $64 million in earnings last year in the same quarter.
Taking away the foreign exchange costs, net profit for the quarter would have come in at $419 million, according to RUSAL.
Expenses in the quarter increased to $699 million, far above the $276 million in costs last year.
Going forward, RUSAL said this about the aluminum market: "Several factors point to encouraging prospects for the aluminium market: the revival of the domestic market, increased economic activity in Germany, South America and Asia, spot premiums reaching an all-time high, partly due to China becoming a net importer of aluminium."
RUSAL dropped to $18.50, losing $0.70, or 3.65 percent.
Has Alcoa (NYSE:AA) Climbed As High As it Can Go?
Making a big move from August by rising almost 40 percent, questions are arising concerning Alcoa (NYSE:AA) and whether or not they have peaked in light of the demand for aluminum.
Consequently, BMO Capital has downgraded Alcoa from "Outperform" to "Market Perform," with analyst Tony Robson saying they're approaching his target price of $14 a share.
Robson also rightly noted that aluminum is probably the least enticing of commodity metals, saying they're the "least preferred commodity."
Contradicting assertions on supply and demand balance from Alcoa, Robson added that the believes there will be a surplus of aluminum, and the increasing size of inventories could drive aluminum prices down.
He also noted that Alcoa's nod toward Asian markets and China driving aluminum demand isn't convincing as it relates to them, as their smelters are a long way away, implying higher costs.
Alcoa also recently talked about eventual emergence of aluminum ETFs, but they haven't been part of negotiations yet, and haven't been invited to be. Rusal has been the major point of contact and beneficiary of that new aluminum market, not Alcoa.
So while there are some positive things to look for concerning aluminum in the long term, Alcoa will struggle to make them generate revenue and profits in the near term, and possibly for several years out.
If someone wants to stay in the aluminum play, Robson recommended moving to Rio Tinto (NYSE:RIO).
Alcoa closed Thursday at $13.81, down by $0.07, or 0.50 percent.
Consequently, BMO Capital has downgraded Alcoa from "Outperform" to "Market Perform," with analyst Tony Robson saying they're approaching his target price of $14 a share.
Robson also rightly noted that aluminum is probably the least enticing of commodity metals, saying they're the "least preferred commodity."
Contradicting assertions on supply and demand balance from Alcoa, Robson added that the believes there will be a surplus of aluminum, and the increasing size of inventories could drive aluminum prices down.
He also noted that Alcoa's nod toward Asian markets and China driving aluminum demand isn't convincing as it relates to them, as their smelters are a long way away, implying higher costs.
Alcoa also recently talked about eventual emergence of aluminum ETFs, but they haven't been part of negotiations yet, and haven't been invited to be. Rusal has been the major point of contact and beneficiary of that new aluminum market, not Alcoa.
So while there are some positive things to look for concerning aluminum in the long term, Alcoa will struggle to make them generate revenue and profits in the near term, and possibly for several years out.
If someone wants to stay in the aluminum play, Robson recommended moving to Rio Tinto (NYSE:RIO).
Alcoa closed Thursday at $13.81, down by $0.07, or 0.50 percent.
Friday, November 5, 2010
Hess (NYSE:HES), Petrobras (NYSE:PBR), PetroChina (NYSE:PTR) Surge on Rising Oil Prices
Hess Corporation (NYSE:HES), Petrobras (NYSE:PBR), PetroChina (NYSE:PTR) were all moving up Thursday on the inflationary measures put in place by the Federal Reserve through QE2, which pushed the broader commodity market up, along with raw materials companies within each sector, including the oil producers.
Commodity prices overall rose, including silver, which increased to over $26 an ounce. Gold prices rose to all-time record highs again, closing in on the $1,400 an ounce mark. Aluminum surged to its highest levels since April.
Light, sweet crude for December delivery settled the trading day up $1.80 a barrel on the New York Mercantile Exchange at $86.49.
Hess Corporation closed at $69.25 Thursday, rising $2.81, or 4.23 percent. Petrobras surged to close at $20.42, gaining $0.96, or 4.93 percent. PetroChina was up to $131.06 at the end of the trading day, rising by $2.25, or 1.75 percent.
Commodity prices overall rose, including silver, which increased to over $26 an ounce. Gold prices rose to all-time record highs again, closing in on the $1,400 an ounce mark. Aluminum surged to its highest levels since April.
Light, sweet crude for December delivery settled the trading day up $1.80 a barrel on the New York Mercantile Exchange at $86.49.
Hess Corporation closed at $69.25 Thursday, rising $2.81, or 4.23 percent. Petrobras surged to close at $20.42, gaining $0.96, or 4.93 percent. PetroChina was up to $131.06 at the end of the trading day, rising by $2.25, or 1.75 percent.
Halliburton (NYSE:HAL), Apache Corp (NYSE:APA), Chevron (NYSE:CVX) Up on Rising Oil Prices
Halliburton (NYSE:HAL), Apache Corp (NYSE:APA), Chevron (NYSE:CVX) were all moving up Thursday on the inflationary measures announced by the Federal Reserve through QE2, which pushed the overall commodity market up, along with companies within each sector, including the oil producers.
Commodity prices in general increased, including silver, which increased to over $26 an ounce. Gold prices surged to all-time record highs again, nearing the $1,400 an ounce mark. Aluminum increased to its highest levels since April, and silver went over $26 an ounce.
Light, sweet crude for December delivery settled the trading day up $1.80 a barrel on the New York Mercantile Exchange at $86.49.
Halliburton closed at $32.85 Thursday, rising $1.16, or 3.66 percent. Apache Corp surged to close at $107.79, gaining $5.21, or 5.08 percent. Chevron was up to $85.14 at the end of the trading session, rising by $2.44, or 2.95 percent.
Commodity prices in general increased, including silver, which increased to over $26 an ounce. Gold prices surged to all-time record highs again, nearing the $1,400 an ounce mark. Aluminum increased to its highest levels since April, and silver went over $26 an ounce.
Light, sweet crude for December delivery settled the trading day up $1.80 a barrel on the New York Mercantile Exchange at $86.49.
Halliburton closed at $32.85 Thursday, rising $1.16, or 3.66 percent. Apache Corp surged to close at $107.79, gaining $5.21, or 5.08 percent. Chevron was up to $85.14 at the end of the trading session, rising by $2.44, or 2.95 percent.
Hecla (NYSE:HL), Coeur d'Alene (NYSE:CDE), Compania de Minas (NYSE:BVN) Rise on Fed's QE2
Hecla (NYSE:HL), Coeur d'Alene (NYSE:CDE), Compania de Minas (NYSE:BVN) all surged Thursday on the actions of the Federal Reserve which will inflate the economy, driving up the broader commodity market, along with individual companies within each sector, including silver miners.
The majority commodity prices rose, including silver, which rose to over $26 an ounce. Gold prices rose to all-time records again, approaching the $1,400 an ounce mark, while aluminum increased to levels not seen since April.
Hecla closed at $7.68 Thursday, rising $0.732, or 10.34 percent. Coeur d'Alene surged to close at $22.22, gaining $1.21, or 5.76 percent. Compania de Minas was up $53.46 at the end of the day, increasing by $1.45, or 2.79 percent.
The majority commodity prices rose, including silver, which rose to over $26 an ounce. Gold prices rose to all-time records again, approaching the $1,400 an ounce mark, while aluminum increased to levels not seen since April.
Hecla closed at $7.68 Thursday, rising $0.732, or 10.34 percent. Coeur d'Alene surged to close at $22.22, gaining $1.21, or 5.76 percent. Compania de Minas was up $53.46 at the end of the day, increasing by $1.45, or 2.79 percent.
Exxon Mobil (NYSE:XOM), Transocean (NYSE:RIG), Shell (NYSE:RDS-a) Up on Rising Oil Prices
Exxon Mobil (NYSE:XOM), Transocean (NYSE:RIG), Shell (NYSE:RDS-a) were all in positive territory Thursday on the inflationary measures announced by the Federal Reserve through QE2, which drove the overall commodity market up, along with companies within each sector, including the oil producers.
Commodity prices overall rose, including silver, which increased to over $26 an ounce. Gold prices surged to all-time record highs again, nearing the $1,400 an ounce mark. Aluminum increased to its highest levels since April, and silver went over $26 an ounce.
Light, sweet crude for December delivery settled the trading day up $1.80 a barrel on the New York Mercantile Exchange at $86.49.
Exxon Mobil closed at $69.38 Thursday, rising $1.41, or 2.07 percent. Transocean surged to close at $64.21, gaining $0.25, or 0.39 percent. Shell was up $68.29 at the end of the trading day, increasing by $1.10, or 1.64 percent.
Commodity prices overall rose, including silver, which increased to over $26 an ounce. Gold prices surged to all-time record highs again, nearing the $1,400 an ounce mark. Aluminum increased to its highest levels since April, and silver went over $26 an ounce.
Light, sweet crude for December delivery settled the trading day up $1.80 a barrel on the New York Mercantile Exchange at $86.49.
Exxon Mobil closed at $69.38 Thursday, rising $1.41, or 2.07 percent. Transocean surged to close at $64.21, gaining $0.25, or 0.39 percent. Shell was up $68.29 at the end of the trading day, increasing by $1.10, or 1.64 percent.
Cameron International (NYSE:CAM), Marathon Oil (NYSE:MRO), Devon Energy (NYSE:DVN) Soar on Rising Oil Prices
Cameron International (NYSE:CAM), Marathon Oil (NYSE:MRO), Devon Energy (NYSE:DVN) were all moving up Thursday on the inflationary measures announced by the Federal Reserve through QE2, which pushed the overall commodity market up, along with companies within each sector, including the oil producers.
Commodity prices overall rose, including silver, which increased to over $26 an ounce. Gold prices increased to all-time record highs again, closing in on the $1,400 an ounce mark. Aluminum soared to its highest levels since April.
Light, sweet crude for December delivery settled the trading day up $1.80 a barrel on the New York Mercantile Exchange at $86.49.
Cameron International closed at $45.59 Thursday, rising $1.93, or 4.42 percent. Marathon Oil surged to close at $33.83, gaining $0.76, or 2.30 percent. Devon Energy was up to $69.60 at the end of the trading day, rising by $1.38, or 2.02 percent.
Commodity prices overall rose, including silver, which increased to over $26 an ounce. Gold prices increased to all-time record highs again, closing in on the $1,400 an ounce mark. Aluminum soared to its highest levels since April.
Light, sweet crude for December delivery settled the trading day up $1.80 a barrel on the New York Mercantile Exchange at $86.49.
Cameron International closed at $45.59 Thursday, rising $1.93, or 4.42 percent. Marathon Oil surged to close at $33.83, gaining $0.76, or 2.30 percent. Devon Energy was up to $69.60 at the end of the trading day, rising by $1.38, or 2.02 percent.
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