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Stock Market & Financial Investment News

News For SCCO From The Last 14 Days
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March 27, 2015
16:23 EDTSCCOOn The Fly: Closing Wrap
Stocks opened slightly higher but were unable to gather any upside momentum. They quickly crossed into negative territory but never really picked up speed to the downside. After the slightly better than expected consumer confidence reading, the averages moved back into positive ground where they spent most of the session hovering near the flat line. Near the close, comments by Fed Chair Janet Yellen that an interest rate hike "may be warranted later this year," lifted the averages into positive territory. ECONOMIC EVENTS: In the U.S., real GDP growth was steady at 2.2% in Q4, falling below consensus forecasts for 2.4% growth. GDP price index grew 0.1% on a linked quarter basis, matching expectations. U.S. consumer sentiment fell to 93.0 against consensus of 92.1. The current conditions index dipped to 105.0 from February's 106.9, while the consumer expectations index dropped to 85.3 from 88.0. COMPANY NEWS: Dow Chemical (DOW) and Olin (OLN) were up 3% and 14%, respectively, after announcing that Dow will separate much of its chlorine value chain and merge the entity with Olin in a $5B deal. Additionally, the companies announced a 20-year arrangement in which Dow will supply Olin with ethylene. Late in the session, the Wall Street Journal reported that Intel (INTC) was in talks to acquire Altera (ALTR), sending both stocks higher by 6% and 28%, respectively. MAJOR MOVERS: Among the notable gainers was Carnival (CCL), which rose over 6% after beating earnings expectations and raising FY15 revenue yield guidance. Also higher was BioMarin (BMRN), jumping 11% after speculation of a Shire (SHPG) takeover deal. Among the noteworthy losers was Southern Cooper (SCCO), which fell nearly 4% after the company cancelled its Tia Maria mining project. Also lower was OvaScience (OVAS), down 10% after Oppenheimer reported pushback from academics during the company's presentation of early Augment data. Opco cautioned, however, that criticism of non-trial data is "inevitable" and JMP Securities called the results encouraging. INDEXES: The Dow rose 34.43, or 0.19%, to 17,712.66, the Nasdaq gained 27.86, or 0.57%, to 4,891.22, and the S&P 500 added 4.87, or 0.24%, to 2,061.02.
13:54 EDTSCCOPeru Southern Copper reversing decision to cancel Tia Maria, Reuters reports
Rosa Maria Ortiz, Peru's Mining and Energy Minister, expects Southern Copper will reverse its decision to cancel the Tia Maria project in the country, Reuters reports. Reference Link
13:13 EDTSCCOSouthern Copper CEO confirms Tia Maria project not canceled, Bloomberg says
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12:36 EDTSCCOOn The Fly: Midday Wrap
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11:49 EDTSCCOOfficial says Southern Copper cancels Tia Maria mine plans, Reuters reports
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11:17 EDTSCCOOfficial says Southern Copper cancels Tia Maria mine plans, Bloomberg reports
Southern Copper is down 3.67% in late morning trading to $28.33.
11:16 EDTSCCOSouthern Copper mentioned cautiously at JPMorgan
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March 26, 2015
10:04 EDTSCCOOn The Fly: Analyst Initiation Summary
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05:37 EDTSCCOSouthern Copper initiated with a Hold at Brean Capital
Brean Capital started shares of Southern Copper with a Hold rating and $32 fair value estimate. The firm says the stock's "rich" valuation is justified given the company's "deep bench" of opportunities and "strong" balance sheet.

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