New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
January 30, 2013
06:13 EDTBHP, RIO, XSRAY, VALE, GLNCY, AAUKYMining, steel firms face $50B in write downs for takeovers, Bloomberg reports
Major mining and steel companies worldwide have wiped about $50B off project valuations in the past year and that's expected to continue this earnings season as managers review expensive takeovers, reports Bloomberg Anglo American (AAUKY), Vale (VALE) and Rio Tinto (RIO) led the write downs. Glencore International (GLNCY) may write down some nickel and copper assets acquired through its takeover of Xstrata (XSRAY), Liberum Capital has said. BHP Billiton (BHP) may reduce aluminum operation valuations, according to Goldman Sachs Group and Sanford C. Bernstein. Reference Link
News For AAUKY;VALE;RIO;GLNCY;XSRAY;BHP From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
September 3, 2015
19:09 EDTRIORio Tinto executive sees modest growth in China steel, FT says
Subscribe for More Information
10:47 EDTAAUKYSibanye Gold in talks to acquire Anglo American platinum assets
Subscribe for More Information
06:18 EDTRIORio Tinto sees worldwide demand for iron ore to keep growing
Subscribe for More Information
September 2, 2015
10:46 EDTRIOCIBC sees Rio buy out of Turquoise Hill in 12-18 months, Financial Post reports
Subscribe for More Information
August 31, 2015
09:54 EDTAAUKYBofa/Merrill analysts hold an analyst/industry conference call
Subscribe for More Information
06:32 EDTVALESouthern Copper downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Rodolfo Angele downgraded Southern Copper (SCCO) to Neutral after the firm cut its nickel and copper price estimates to reflect soft demand in China and a lack of rebound in Western European and North American demand. Angele cut his price target for shares to $31.50 from $37. He also lower his price target for Vale (VALE) to $5.50 from $7.50 and kept a Neutral rating on the name.
August 27, 2015
10:33 EDTVALE, BHP, RIOFreeport McMoRan surges after further cut to capital spending plans
Shares of Freeport-McMoRan (FCX) are surging in morning trading after the company announced plans to cut spending and production in response to current market conditions. It also plans to cut about 10% of employees and contractors at U.S. mining operations. WHAT'S NEW: Freeport-McMoRan this morning reduced its 2016 capital expenditure budget to $4B, approximately 29% lower than the $5.6B estimate on July 23, which it said reflects "aggressive" actions in response to current market conditions. The 2016 CapEx outlook includes $1.4B in mining projects, $600M in mining sustaining capital and $2B in oil and gas expenditures. The company said it will reduce copper sales by about 150M pounds per year in 2016 and 2017 and cut 2016 unit site production by 20%. Additionally, the company plans to reduce 2016 minerals exploration costs to $50M from $100M. Freeport also said it expects a 10% reduction in employees and contractors at U.S. mining operations. The company cited recent declines in copper prices for the reductions and said the actions announced today are the results of the previously announced review of operating plans for its mining business. Freeport said it views the long-term outlook for its business "positively," helped by limitations on copper supply. In the near-term, however, Freeport said it will continue to monitor market conditions and capital spending, but is currently "adjusting operations to maximize current cash flow under weak market conditions while preserving its large mineral resources and growth options for the longer term." WHAT'S NOTABLE: Since late 2014, Freeport has cut its 2015 capital expenditure budget to $6.3B from $7.5B, including reductions of $700M in oil and gas expenditures and $500M in mining expenditures. Earlier this month, Freeport cuts its oil and gas capital budgets for 2016 and 2017 by $900M each in response to market conditions and maintained its expectations for $2.8B in O&G CapEx for this year. In July, after reporting its second straight quarterly loss, Freeport said its cost reduction plans would include potential adjustments to mine plans and future copper and molybdenum production volumes to reduce costs and preserve valuable resources for anticipated improved market conditions in the future. Freeport previously commented that it would pursue additional capital cost reductions, potential additional divestitures or monetizations and other actions as required to maintain a strong balance sheet while preserving a strong resource position. PRICE ACTION: Freeport-McMoRan is up 16.5% to $9.22 in morning trading. Shares are down over 60% year to date. OTHERS TO WATCH: Other major integrated mining companies include Rio Tinto (RIO), BHP Billiton (BHP) and Vale S.A. (VALE).
10:00 EDTBHPOn The Fly: Analyst Upgrade Summary
Subscribe for More Information
07:54 EDTBHPBHP Billiton upgraded to Neutral from Underperform at Exane BNP Paribas
Subscribe for More Information
August 26, 2015
10:00 EDTBHPOn The Fly: Analyst Upgrade Summary
Subscribe for More Information
09:33 EDTVALEActive equity options trading on open
Subscribe for More Information
08:16 EDTBHPBHP Billiton upgraded at RBC Capital
Subscribe for More Information
07:08 EDTBHPBHP Billiton upgraded to Sector Perform from Underperform at RBC Capital
August 25, 2015
12:17 EDTBHPBHP Billiton technical comments ahead of earnings
Subscribe for More Information
09:26 EDTBHPBHP Billiton sees FY16, FY17 capex to decline from $11B in FY15
Subscribe for More Information
09:24 EDTBHPBHP Billiton says commitment to the progressive dividend unchanged
Subscribe for More Information
09:23 EDTBHPBHP Billiton reports FY15 net profit down 86.2% to $1.91B
Reports FY15 revenue from continuing operations down 21.4% to $44.64B. Reports final dividend for current period of 62c, with a record date of September 11 and payment date of September 29.
August 21, 2015
10:02 EDTRIOOn The Fly: Analyst Initiation Summary
Subscribe for More Information
08:19 EDTRIORio Tinto initiated with a Neutral at Axiom

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the theflyonthewall.com disclaimer & terms of use