Agnico-Eagle Mines Limited (AEM), Southern Copper (SCCO), Bank of America (BAC), UBS AG (UBS), Harry Winston Diamond (HWD), First Republic Bank (FRC) and First Horizon National Co. (FHN) had ratings and price targets on them adjusted by analysts.
Global Hunter Securities initiated coverage on Agnico-Eagle Mines Limited (AEM). They place a "Buy" rating and a price target of $46.00 on the company.
Morgan Stanley upgraded Southern Copper (SCCO) from an "Equal Weight" rating to an "Overweight" rating.
Robert W. Baird downgraded Bank of America (BAC) from an "Outperform" rating to an "Neutral" rating. They have a price target of $10.00 on the company.
ISI Group downgraded UBS AG (UBS) from a "Buy" rating to a "Hold" rating.
BMO Capital Markets downgraded Harry Winston Diamond (HWD) from an "Outperform" rating to an "Market Perform" rating.
BMO Capital Markets initiated coverage on First Republic Bank (FRC). They placed an "Outperform" rating on the company.
Sterne Agee upgraded First Horizon National Co. (FHN) from an "Underperform" rating to a "Neutral" rating.
Showing posts with label Southern Copper. Show all posts
Showing posts with label Southern Copper. Show all posts
Wednesday, March 28, 2012
Wednesday, January 11, 2012
Seacor (CKH) (SM) (STI) (SCCO) (CMA) (GLF) Get New Coverage
Seacor Holdings (NYSE: CKH), SM Energy (NYSE: SM), SunTrust (NYSE: STI), Southern Copper (NASDAQ: SCCO), Comerica (NYSE: CMA) and Gulfmark Offshore (NYSE: GLF) getting new coverage from analysts.
BB&T (NYSE:BBT) initiated coverage on Southern Copper (SCCO). They placed a “Hold” rating on the company.
Caris & Co. initiated coverage on SM Energy (NYSE: SM). They placed an “Average” rating on the company.
BTIG initiated coverage on SunTrust (STI). They placed a “Buy” rating and a price target of $30.00 on the company.
Credit Suisse (NYSE:CS) initiated coverage on Seacor Holdings (CKH). They placed a “Neutral” rating and a price target of $100.00 on the company.
BTIG initiated coverage on Comerica (CMA). They placed a “Buy” rating and a price target of $36.00 on the company.
Credit Suisse initiated coverage on Gulfmark Offshore (GLF). They placed an “Outperform” rating and a price target of $5.00 on the company.
BB&T (NYSE:BBT) initiated coverage on Southern Copper (SCCO). They placed a “Hold” rating on the company.
Caris & Co. initiated coverage on SM Energy (NYSE: SM). They placed an “Average” rating on the company.
BTIG initiated coverage on SunTrust (STI). They placed a “Buy” rating and a price target of $30.00 on the company.
Credit Suisse (NYSE:CS) initiated coverage on Seacor Holdings (CKH). They placed a “Neutral” rating and a price target of $100.00 on the company.
BTIG initiated coverage on Comerica (CMA). They placed a “Buy” rating and a price target of $36.00 on the company.
Credit Suisse initiated coverage on Gulfmark Offshore (GLF). They placed an “Outperform” rating and a price target of $5.00 on the company.
Tuesday, January 10, 2012
StanCorp (SFG) (SCCO) (SHPGY) (ECT) (EPD) (EPOC) Downgraded
StanCorp Financial Group, Inc. (NYSE: SFG), Southern Copper (NASDAQ: SCCO), Shire (NASDAQ: SHPGY), ECA Marcellus Trust (NYSE: ECT), Enterprise Products Partners (NYSE: EPD) and Epocrates, Inc. (NASDAQ: EPOC) were downgraded by analysts.
Southern Copper (SCCO) was downgraded by Deutsche Bank (NYSE:DB) from a “Buy” rating to a “Hold” rating.
StanCorp Financial Group, Inc. (SFG) was downgraded by Sterne Agee from a “Neutral” rating to an “Underperform” rating.
Shire (SHPGY) was downgraded by Societe Generale from a “Buy” rating to a “Hold” rating.
ECA Marcellus Trust (ECT) was downgraded by Oppenheimer (NYSE:OPY) from a “Perform” rating to an “Underperform” rating. They have a price target of $20.00 on the company.
Enterprise Products Partners (EPD) was downgraded by Tudor Pickering from an “Accumulate” rating to a “Hold” rating.
Epocrates, Inc. (EPOC) was downgraded by Raymond James (NYSE:RJF) from a “Market Perform” rating to an “Underperform” rating.
Southern Copper (SCCO) was downgraded by Deutsche Bank (NYSE:DB) from a “Buy” rating to a “Hold” rating.
StanCorp Financial Group, Inc. (SFG) was downgraded by Sterne Agee from a “Neutral” rating to an “Underperform” rating.
Shire (SHPGY) was downgraded by Societe Generale from a “Buy” rating to a “Hold” rating.
ECA Marcellus Trust (ECT) was downgraded by Oppenheimer (NYSE:OPY) from a “Perform” rating to an “Underperform” rating. They have a price target of $20.00 on the company.
Enterprise Products Partners (EPD) was downgraded by Tudor Pickering from an “Accumulate” rating to a “Hold” rating.
Epocrates, Inc. (EPOC) was downgraded by Raymond James (NYSE:RJF) from a “Market Perform” rating to an “Underperform” rating.
Monday, January 9, 2012
ZOLL (ZOLL) (SCCO) (SFG) (SHPGY) (HIG) (IPXL) Ratings, Price Targets
ZOLL Medical (NASDAQ: ZOLL), Southern Copper Corp. (NASDAQ: SCCO), StanCorp Financial Group, Inc. (NYSE: SFG), Shire (NASDAQ: SHPGY), Hartford Financial (NYSE: HIG) and Impax Laboratories, Inc. (NASDAQ: IPXL) ratings and price targets.
ZOLL Medical (ZOLL) had its price target raised by RBC Capital from $75.00 to $93.00. They have an “outperform” rating on the firm.
Southern Copper Corp. (SCCO) was downgraded by Deutsche Bank (NYSE:DB) from a “buy” rating to a “hold” rating.
StanCorp Financial Group, Inc. (SFG) was downgraded by Sterne Agee from a “neutral” rating to an “underperform” rating.
Shire (SHPGY) was downgraded by Societe Generale from a “buy” rating to a “hold” rating.
Hartford Financial (HIG) was upgraded by Goldman Sachs (NYSE:GS) from a “neutral” rating to a “buy” rating.
Impax Laboratories, Inc. (IPXL) was upgraded by Canaccord Genuity from a “hold” rating to a “buy” rating. They have a price target of $28.00 on the firm, up from $21.00.
ZOLL Medical (ZOLL) had its price target raised by RBC Capital from $75.00 to $93.00. They have an “outperform” rating on the firm.
Southern Copper Corp. (SCCO) was downgraded by Deutsche Bank (NYSE:DB) from a “buy” rating to a “hold” rating.
StanCorp Financial Group, Inc. (SFG) was downgraded by Sterne Agee from a “neutral” rating to an “underperform” rating.
Shire (SHPGY) was downgraded by Societe Generale from a “buy” rating to a “hold” rating.
Hartford Financial (HIG) was upgraded by Goldman Sachs (NYSE:GS) from a “neutral” rating to a “buy” rating.
Impax Laboratories, Inc. (IPXL) was upgraded by Canaccord Genuity from a “hold” rating to a “buy” rating. They have a price target of $28.00 on the firm, up from $21.00.
OpenTable (OPEN) (ARMH) (IHG) (SCCO) (INHX) (XL) Ratings, Price Targets
OpenTable (NASDAQ:OPEN), ARM Holdings (NASDAQ:ARMH), Intercontinental Hotels Group (NYSE:IHG), Southern Copper (NYSE:SCCO), Inhibitex (NASDAQ:INHX) and XL Capital (NYSE:XL) ratings and price targets.
Sanford Bernstein initiated coverage on ARM Holdings (ARMH). They have an "Underperform" rating on the company.
Deutsche Bank (NYSE:DB) upgraded Intercontinental Hotels Group (IHG) from a "Hold" rating to a "Buy" rating.
Barclays (NYSE:BCS) upgraded OpenTable (OPEN) from an "Equal Weight" rating to an "Overweight" rating.
Deutsche Bank downgraded Southern Copper (SCCO) from a "Buy" rating to a "Hold" rating.
Robert W. Baird downgraded Inhibitex (INHX) from an "Outperform" rating to a "Neutral" rating. They raised its price target from $15 to $26 on the company.
Goldman Sachs (NYSE:GS) downgraded XL Capital from "Buy" to "Neutral."
Sanford Bernstein initiated coverage on ARM Holdings (ARMH). They have an "Underperform" rating on the company.
Deutsche Bank (NYSE:DB) upgraded Intercontinental Hotels Group (IHG) from a "Hold" rating to a "Buy" rating.
Barclays (NYSE:BCS) upgraded OpenTable (OPEN) from an "Equal Weight" rating to an "Overweight" rating.
Deutsche Bank downgraded Southern Copper (SCCO) from a "Buy" rating to a "Hold" rating.
Robert W. Baird downgraded Inhibitex (INHX) from an "Outperform" rating to a "Neutral" rating. They raised its price target from $15 to $26 on the company.
Goldman Sachs (NYSE:GS) downgraded XL Capital from "Buy" to "Neutral."
Monday, December 5, 2011
CIBC (CM) (RBC) (RYCEY) (SCCO) (BEN) (CLS) Downgraded
CIBC (NYSE: CM), Regal Beloit (NYSE: RBC), Rolls-Royce Group plc (NASDAQ: RYCEY), Southern Copper Corp. (NASDAQ: SCCO), Franklin Resources, Inc. (NYSE: BEN) and Celestica (NYSE: CLS) were downgraded by analysts.
Regal Beloit (RBC) was downgraded by RBC Capital to a “Neutral” rating.
Rolls-Royce Group plc (RYCEY) was downgraded by UBS AG (NYSE:UBS) from a “Neutral” rating to a “Sell” rating.
Southern Copper Corp. (SCCO) was downgraded by Bank of America (NYSE:BAC) from a “Buy” rating to a “Neutral” rating.
Franklin Resources, Inc. (BEN) was downgraded by Ticonderoga from a “Buy” rating to a “Neutral” rating.
Celestica (CLS) was downgraded by Ticonderoga from a “Neutral” rating to a “Sell” rating. They have a price target of $5.00 on the company.
CIBC (CM) was downgraded by UBS AG (NYSE:UBS) from a “Buy” rating to a “Neutral” rating.
Regal Beloit (RBC) was downgraded by RBC Capital to a “Neutral” rating.
Rolls-Royce Group plc (RYCEY) was downgraded by UBS AG (NYSE:UBS) from a “Neutral” rating to a “Sell” rating.
Southern Copper Corp. (SCCO) was downgraded by Bank of America (NYSE:BAC) from a “Buy” rating to a “Neutral” rating.
Franklin Resources, Inc. (BEN) was downgraded by Ticonderoga from a “Buy” rating to a “Neutral” rating.
Celestica (CLS) was downgraded by Ticonderoga from a “Neutral” rating to a “Sell” rating. They have a price target of $5.00 on the company.
CIBC (CM) was downgraded by UBS AG (NYSE:UBS) from a “Buy” rating to a “Neutral” rating.
Monday, August 8, 2011
Pfizer (PFE) (SCCO) (WTI) (STI) (SKT) (MHK) Upgraded
Pfizer Inc (NYSE: PFE), Southern Copper Corp (NASDAQ: SCCO), W&T Offshore, Inc. (NYSE: WTI), SunTrust (NYSE: STI), Tanger Factory Outlet Centers Inc. (NYSE: SKT) and Mohawk Industries, Inc. (NYSE: MHK) were upgraded by analysts.
W&T Offshore, Inc. (WTI) was upgraded by Global Hunter Securities from a “Neutral” rating to an “Accumulate” rating. They have a price target of $30.00 on the company, up from $20.00.
SunTrust (STI) was upgraded by Citigroup (NYSE:C) from a “Neutral” rating to a “Buy” rating. They have a price target of $30.00 on the company.
Southern Copper Corp. (SCCO) was upgraded by JPMorgan Chase & Co. (NYSE:JPM) from a “Neutral” rating to an “Overweight” rating.
Tanger Factory Outlet Centers Inc. (SKT) was upgraded by Hilliard Lyons from a “Neutral” rating to a “Buy” rating. They have a price target of $29.00 on the company.
Pfizer Inc. (PFE) was upgraded by Standpoint Research from a “Hold” rating to a “Buy” rating. They have a price target of $21.00 on the company.
Mohawk Industries, Inc. (MHK) was upgraded by Credit Suisse (NYSE:CS) from an “Underperform” rating to a “Neutral” rating. They have a price target of $50.00 on the company.
W&T Offshore, Inc. (WTI) was upgraded by Global Hunter Securities from a “Neutral” rating to an “Accumulate” rating. They have a price target of $30.00 on the company, up from $20.00.
SunTrust (STI) was upgraded by Citigroup (NYSE:C) from a “Neutral” rating to a “Buy” rating. They have a price target of $30.00 on the company.
Southern Copper Corp. (SCCO) was upgraded by JPMorgan Chase & Co. (NYSE:JPM) from a “Neutral” rating to an “Overweight” rating.
Tanger Factory Outlet Centers Inc. (SKT) was upgraded by Hilliard Lyons from a “Neutral” rating to a “Buy” rating. They have a price target of $29.00 on the company.
Pfizer Inc. (PFE) was upgraded by Standpoint Research from a “Hold” rating to a “Buy” rating. They have a price target of $21.00 on the company.
Mohawk Industries, Inc. (MHK) was upgraded by Credit Suisse (NYSE:CS) from an “Underperform” rating to a “Neutral” rating. They have a price target of $50.00 on the company.
Monday, April 11, 2011
Freeport's (FCX) Copper Sales Pressured on Ore Quality
The declining quality of ore at its giant Grasberg mine in Indonesia is having a significant impact on the prior estimates of copper output Freeport-McMoran (NYSE:FCX) was expecting there.
As a result, Freeport has lowered its production estimates there by 17 percent for 2011.
Another pressure Freeport and others with strong exposure to copper face is if the price goes to high the strong possibility that aluminum will be substituted in its place, with a price of $3.5 a pound for copper appearing to be the upper end of its viability in reference to sustainability.
If prices remain under that apparent ceiling, Freeport competitors like Newmont Mining (NYSE:NEM), Southern Copper (NYSE:SCCO) and Codelco could benefit.
Freeport was trading at $56.35, falling $0.88, or 1.54 percent, as of 2:15 PM EDT.
As a result, Freeport has lowered its production estimates there by 17 percent for 2011.
Another pressure Freeport and others with strong exposure to copper face is if the price goes to high the strong possibility that aluminum will be substituted in its place, with a price of $3.5 a pound for copper appearing to be the upper end of its viability in reference to sustainability.
If prices remain under that apparent ceiling, Freeport competitors like Newmont Mining (NYSE:NEM), Southern Copper (NYSE:SCCO) and Codelco could benefit.
Freeport was trading at $56.35, falling $0.88, or 1.54 percent, as of 2:15 PM EDT.
Thursday, March 24, 2011
Southern Copper (SCCO), Newmont (NEM) Rise on Copper, Gold Exposure
Based on their exposure to copper and gold, Southern Copper (NYSE:SCCO) and Newmont Mining (NYSE:NEM) could be in good position to benefit from the price of both going up, as well as demand.
Copper and gold prices jumped on anticipated demand, and in the case of gold, safe haven status, as investors continue to be jittery on global events and economic uncertainty.
For copper, the demand from China and India, along with the emerging demand from Japan as it looks to rebuild after the earthquake, gives a strong impetus for prices to remain strong going forward.
Gold is also expected to continue to rise, and will get a boost from growing inflation as investors move to protect their wealth.
Southern Copper closed Wednesday $41.55, gaining $1.37, or 3.41 percent. Newmont Mining closed at $54.83, $1.66, or 3.12 percent.
Copper and gold prices jumped on anticipated demand, and in the case of gold, safe haven status, as investors continue to be jittery on global events and economic uncertainty.
For copper, the demand from China and India, along with the emerging demand from Japan as it looks to rebuild after the earthquake, gives a strong impetus for prices to remain strong going forward.
Gold is also expected to continue to rise, and will get a boost from growing inflation as investors move to protect their wealth.
Southern Copper closed Wednesday $41.55, gaining $1.37, or 3.41 percent. Newmont Mining closed at $54.83, $1.66, or 3.12 percent.
Wednesday, February 23, 2011
Con-Way (CNW), Freeport (FCX), Southern Copper (SCCO), Goldman Sachs (GS) in Bearish Mode?
Con-Way (CNW), Freeport-McMoRan Copper & Gold (FCX), and Southern Copper (SCCO) and Goldman Sachs all appear to have triggered shorts, suggesting they're in a bearish mode.
Yesterday’s sell-off resulted in technical damage in many individual names. I am seeing many potential distribution topping patterns preparing for further downside. Recently, I highlighted topping patterns in Con-Way (CNW), Freeport-McMoRan Copper & Gold (FCX), and Southern Copper (SCCO), all have triggered as shorts and began their descent. Many individual names, such as Goldman Sachs, are in distribution mode with bearish setups, while several other names are only beginning to form distribution patterns. Results of bearish pattern triggers will play a crucial role in determining the markets outlook.
A broad-based sell-off took place yesterday in all the major market indexes, erasing up to two weeks worth of gains. Is the uptrend over? To determine the health of the current uptrend let's examine the characteristics that define the bullish trend in the SPDR S&P 500 (SPY). In addition, a potential distribution topping pattern in Goldman Sachs (GS) may be a few steps ahead of the markets. A trigger and follow-through of the GS pattern, and names in similar stages, can provide a roadmap to the future direction of the overall markets.
In September 2010, an intermediate uptrend began in the SPY. The defining characteristic of the bullish trend, in my opinion, is an ascending trend line (log scale) that began from the lows of August 31, 2010, with a second touch point on November 30, 2010. The line continued to extend higher and tested for a third time on January 28, 2011, holding. Currently, the 20-day simple moving average is aligned with the intermediate trend line, adding validity to this support area. Yesterday’s price action traded down to this level and held. If there is a confirmed break of this support level, provided by the trend line and moving average, the uptrend is over.
Full Story
Yesterday’s sell-off resulted in technical damage in many individual names. I am seeing many potential distribution topping patterns preparing for further downside. Recently, I highlighted topping patterns in Con-Way (CNW), Freeport-McMoRan Copper & Gold (FCX), and Southern Copper (SCCO), all have triggered as shorts and began their descent. Many individual names, such as Goldman Sachs, are in distribution mode with bearish setups, while several other names are only beginning to form distribution patterns. Results of bearish pattern triggers will play a crucial role in determining the markets outlook.
A broad-based sell-off took place yesterday in all the major market indexes, erasing up to two weeks worth of gains. Is the uptrend over? To determine the health of the current uptrend let's examine the characteristics that define the bullish trend in the SPDR S&P 500 (SPY). In addition, a potential distribution topping pattern in Goldman Sachs (GS) may be a few steps ahead of the markets. A trigger and follow-through of the GS pattern, and names in similar stages, can provide a roadmap to the future direction of the overall markets.
In September 2010, an intermediate uptrend began in the SPY. The defining characteristic of the bullish trend, in my opinion, is an ascending trend line (log scale) that began from the lows of August 31, 2010, with a second touch point on November 30, 2010. The line continued to extend higher and tested for a third time on January 28, 2011, holding. Currently, the 20-day simple moving average is aligned with the intermediate trend line, adding validity to this support area. Yesterday’s price action traded down to this level and held. If there is a confirmed break of this support level, provided by the trend line and moving average, the uptrend is over.
Full Story
Monday, February 14, 2011
US Steel (NYSE:X), AK Steel (NYSE:AKS), Nucor (NYSE:NUE). Freeport-McMoRan (NYSE:FCX), Southern Copper (Nasdaq:SCCO) Move Up on China Data
Data from China has has share prices of steel and copper companies soaring today, as US Steel (NYSE:X), AK Steel (NYSE:AKS), Nucor (NYSE:NUE). Freeport-McMoRan (NYSE:FCX) and Southern Copper (Nasdaq:SCCO) are all up significantly so far in the trading day.
Steel Dynamics (Nasdaq:STLD) was one company that is moving up for different reasons, as Goldman Sachs' (NYSE:GS) positive comments on the company and increase in share price outlook is moving the share price of Steel Dynamics up.
For the steel sector, the movement was based largely on the announcement by Wuhan Steel that they would be boosting prices on its products by $45.50 a ton beginning in March.
Copper companies are getting their boost from China's release of copper import data which showed in January they had increased imports of copper by 25 percent over last year, to 364,240 tons. higher copper prices are also contributing to the performance.
Southern Copper was trading at $44.93, up $0.53, up $1.19 percent, as of 2:11 PM EST. AK Steel was at $16.20, up $0.39, or 2.47 percent. Freeport was at $56.01, gaining $2.49, or 4.65 percent. Nucor was at $48.26, increasing $0.45, or 0.94 percent. US Steel was trading at $60.23, up $1.31, or 2.22 percent. Steel Dynamics was at $19.50, up $0.68, or 3.61 percent.
Steel Dynamics (Nasdaq:STLD) was one company that is moving up for different reasons, as Goldman Sachs' (NYSE:GS) positive comments on the company and increase in share price outlook is moving the share price of Steel Dynamics up.
For the steel sector, the movement was based largely on the announcement by Wuhan Steel that they would be boosting prices on its products by $45.50 a ton beginning in March.
Copper companies are getting their boost from China's release of copper import data which showed in January they had increased imports of copper by 25 percent over last year, to 364,240 tons. higher copper prices are also contributing to the performance.
Southern Copper was trading at $44.93, up $0.53, up $1.19 percent, as of 2:11 PM EST. AK Steel was at $16.20, up $0.39, or 2.47 percent. Freeport was at $56.01, gaining $2.49, or 4.65 percent. Nucor was at $48.26, increasing $0.45, or 0.94 percent. US Steel was trading at $60.23, up $1.31, or 2.22 percent. Steel Dynamics was at $19.50, up $0.68, or 3.61 percent.
Wednesday, January 12, 2011
Southern Copper (NYSE:SCCO) Gets Big PT Boost from Deutsche (NYSE:DB)
Southern Copper (NYSE:SCCO) should be trading at a higher multiple, according to Deutsche Bank (NYSE:DB), citing their dividend and strong growth potential.
Deutsche said, "We believe Southern Copper deserves to trade at a higher multiple than its peers given its high growth potential and high dividend payout policy."
"Southern Copper (SCCO) is the world’s 6th largest producer of copper, having a nominal capacity of -680k tons per year (including Cananea) and holds the largest reported copper
reserves at -55m tons. Operationally, Southern Copper's outlook is tied to copper as -75% of 2009 revenue is derived from copper, followed by molybdenum (-15%) and other coproduct metals."
Deutsche Bank maintains their "Buy" rating on Southern Copper, which closed Tuesday at $46.72, gaining $1.22, or 2.68 percent. Deutsche boosted their price target on them from $46 to $64.
Deutsche said, "We believe Southern Copper deserves to trade at a higher multiple than its peers given its high growth potential and high dividend payout policy."
"Southern Copper (SCCO) is the world’s 6th largest producer of copper, having a nominal capacity of -680k tons per year (including Cananea) and holds the largest reported copper
reserves at -55m tons. Operationally, Southern Copper's outlook is tied to copper as -75% of 2009 revenue is derived from copper, followed by molybdenum (-15%) and other coproduct metals."
Deutsche Bank maintains their "Buy" rating on Southern Copper, which closed Tuesday at $46.72, gaining $1.22, or 2.68 percent. Deutsche boosted their price target on them from $46 to $64.
Tuesday, January 11, 2011
Southern Copper (NYSE:SCCO) PT Bumped Up on Projected Copper Price Increase
Southern Copper (NYSE:SCCO) was given a big boost in its price target today from Deutsche Bank (NYSE:DB), citing expectations copper prices will continue to move up.
Deutsche said, "We believe Southern Copper deserves to trade at a higher multiple than its peers given its high growth potential and high dividend payout policy.
The firm notes, "Southern Copper (SCCO) is the world’s 6th largest producer of copper, having a nominal capacity of -680k tons per year (including Cananea) and holds the largest reported copper reserves at -55m tons. Operationally, Southern Copper's outlook is tied to copper as -75% of 2009 revenue is derived from copper, followed by molybdenum (-15%) and other coproduct metals."
SCCO was trading at $46.69, gaining $1.19, or 2.62 percent. Deutsche raised their price target on them from $46 to $64.
Deutsche said, "We believe Southern Copper deserves to trade at a higher multiple than its peers given its high growth potential and high dividend payout policy.
The firm notes, "Southern Copper (SCCO) is the world’s 6th largest producer of copper, having a nominal capacity of -680k tons per year (including Cananea) and holds the largest reported copper reserves at -55m tons. Operationally, Southern Copper's outlook is tied to copper as -75% of 2009 revenue is derived from copper, followed by molybdenum (-15%) and other coproduct metals."
SCCO was trading at $46.69, gaining $1.19, or 2.62 percent. Deutsche raised their price target on them from $46 to $64.
Tuesday, November 23, 2010
Freeport (NYSE:FCX), BHP (NYSE:BHP), Teck (NYSE:TCK), Southern Copper(NYSE:SCCO) Plunge on Falling Copper Prices
Copper prices have plummeted today, dragging down heavily-exposed copper companies like Freeport-McMoran (NYSE:FCX), BHP Billiton (NYSE:BHP), Teck Resources (NYSE:TCK) and Southern Copper(NYSE:SCCO).
Much of this was precipitated by the weakening euro versus the U.S. dollar, as the dollar index rose early in the trading session.
There is also the continuing uncertainty as to the demand which will come from China, as it's certain it'll fall from previous estimates as China battles inflationary pressures. Copper demand will remain strong, but not as strong as expected, which will weaken results going forward.
Refined copper imports for China plunged by 30 percent to 169.897 metric tons in October, the lowest level in the last 12 months. Strong domestic supply and higher global prices were the reason behind that fall in demand.
An ongoing weak U.S. housing market is also dragging on the market, and all of these factors aren't going to change any time soon, other than the U.S. dollar, which will continue to be pushed down in value because of the misguided policies of Ben Bernanke and the Federal Reserve.
Freeport was trading at $98.42, falling $3.59, or 3.52 percent at 2:10 PM EST. Tech Resources was at $47.96, dropping by $2.09, or 4.18 percent. Southern Copper fell to $41.97, losing $2.32, or 5.24 percent. BHP Billiton was trading down to $83.27, declining by $3.31, or 3.82 percent.
Much of this was precipitated by the weakening euro versus the U.S. dollar, as the dollar index rose early in the trading session.
There is also the continuing uncertainty as to the demand which will come from China, as it's certain it'll fall from previous estimates as China battles inflationary pressures. Copper demand will remain strong, but not as strong as expected, which will weaken results going forward.
Refined copper imports for China plunged by 30 percent to 169.897 metric tons in October, the lowest level in the last 12 months. Strong domestic supply and higher global prices were the reason behind that fall in demand.
An ongoing weak U.S. housing market is also dragging on the market, and all of these factors aren't going to change any time soon, other than the U.S. dollar, which will continue to be pushed down in value because of the misguided policies of Ben Bernanke and the Federal Reserve.
Freeport was trading at $98.42, falling $3.59, or 3.52 percent at 2:10 PM EST. Tech Resources was at $47.96, dropping by $2.09, or 4.18 percent. Southern Copper fell to $41.97, losing $2.32, or 5.24 percent. BHP Billiton was trading down to $83.27, declining by $3.31, or 3.82 percent.
Friday, November 19, 2010
Teck (NYSE:TCK), Freeport (NYSE:FCX), Southern Copper (Nasdaq:SCCO) Boosted by Higher Metal Prices
After several days of a stronger U.S. dollar pushing the prices of metals and commodities down, Teck Resources (NYSE:TCK), Freeport-McMoRan (NYSE:FCX), Southern Copper (Nasdaq:SCCO) rebounded as the greenback fell again on news the sovereign debt crisis in Europe will receive another band-aide by Ireland being bailed out to the tune of over $100 billion.
The weakened euro caused investors to put their money in the U.S. dollar as commodity prices fell during the period of uncertainty, pushing down the price of most miners as well.
Freeport closed Thursday at $99.85, soaring by $3.01, or 3.11 percent. Tech Resources was up to $49.19, increasing by $1.67, or 3.51 percent. Southern Copper exploded upward to close at $44.34, rising by $1.81, or 4.26 percent.
The decision by China on whether or not they will increase interest rates to battle inflation still awaits, and that could pull commodity prices and commodity companies down again.
Even if that happens, it'll only be temporary, as the primary driver of gold prices during this season of time will continue to be the implementation of quantitative easing which will offer long-term support to gold.
The weakened euro caused investors to put their money in the U.S. dollar as commodity prices fell during the period of uncertainty, pushing down the price of most miners as well.
Freeport closed Thursday at $99.85, soaring by $3.01, or 3.11 percent. Tech Resources was up to $49.19, increasing by $1.67, or 3.51 percent. Southern Copper exploded upward to close at $44.34, rising by $1.81, or 4.26 percent.
The decision by China on whether or not they will increase interest rates to battle inflation still awaits, and that could pull commodity prices and commodity companies down again.
Even if that happens, it'll only be temporary, as the primary driver of gold prices during this season of time will continue to be the implementation of quantitative easing which will offer long-term support to gold.
Wednesday, November 17, 2010
Alcoa (NYSE:AA), Freeport (NYSE:FCX), Southern Copper (NYSE:SCCO) Drop on China Worries
Commodity equities are taking a big hit from speculation swirling around the high probability that China may increase interest rates to battle inflation, hitting share prices of mining companies like Alcoa (NYSE:AA), Freeport (NYSE:FCX) and Southern Copper (NYSE:SCCO) hard.
Alcoa weighed heavily on the down, as it dropped close to three percent in Tuesday trading.
China's consumer price index increased to 4.4 percent, much higher than expected, generating the concern over the middle kingdom raising interest rates.
That was also exacerbated by South Korea increasing interest rates by 25 basis points to 2.50.
Alcoa closed Tuesday at $13.03, losing $0.37, or 2.76 percent. Southern Copper was down to $42.43, falling $1.27, or 2.91 percent. Freeport plummeted to $97.61, plunging by $4.39, or 4.30 percent, as a number of the commodities the produce were under pressure, including gold and copper.
Alcoa weighed heavily on the down, as it dropped close to three percent in Tuesday trading.
China's consumer price index increased to 4.4 percent, much higher than expected, generating the concern over the middle kingdom raising interest rates.
That was also exacerbated by South Korea increasing interest rates by 25 basis points to 2.50.
Alcoa closed Tuesday at $13.03, losing $0.37, or 2.76 percent. Southern Copper was down to $42.43, falling $1.27, or 2.91 percent. Freeport plummeted to $97.61, plunging by $4.39, or 4.30 percent, as a number of the commodities the produce were under pressure, including gold and copper.
Friday, November 12, 2010
Bank of America (NYSE:BAC) Upgrades Southern Copper (NYSE:SCCO) to Buy
After running their share price up over the last three months from a low of $28.04 on August 24 to over $45 a share on Thursday, Bank of America (NYSE:BAC) finally upgraded Southern Copper (NYSE:SCCO) from "Neutral" to a "Buy."
Most of this is probably from the realization copper demand is going to rise and supply have a hard time keeping up with it. China is again the impetus behind the support of copper prices, even if it's slightly slowing down its economic growth.
Southern Copper closed Thursday at $46.73, gaining $1.23, or 2.70 percent. Volume was 33 percent over its 3-month average.
Most of this is probably from the realization copper demand is going to rise and supply have a hard time keeping up with it. China is again the impetus behind the support of copper prices, even if it's slightly slowing down its economic growth.
Southern Copper closed Thursday at $46.73, gaining $1.23, or 2.70 percent. Volume was 33 percent over its 3-month average.
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