Posts for Ticker ‘NEM’

Gold Miners Digging Out? (ABX, AU, NEM, GDX, GLD)

Now that Barrick Gold Corp. (NYSE:ABX) has raised $4 billion or so to buy out its hedges, the company is set to enjoy an expected run-up in gold prices. In early trading today, Barrick shares were up about 1.5%, AngloGold Ashanti Ltd. (NYSE:AU) shares were up slightly, and Newmont Mining Corp. (NYSE:NEM) shares were up about 1%.

Share prices for these and other gold mining shares have been on the rise for the past few weeks. The Market Vectors Gold Miners ETF (NYSE:GDX) peaked at $48 a week ago, a new 52-week high. SPDR Gold Shares ETF (NYSE:GLD) also flirted with a new 52-week high today. Spot gold prices have been as high as $1,015/oz today, but are moving back down at just $1,001.79. Read More »

Posted on: September 24, 2009 – 11:13 am in Metals, , , , ,

Top Analyst Upgrades and Downgrades (ABX, BDX, BMY, FUN, JCG, NEM, NENG, SNY, ZOLT)

Bull and Bear ImageThese are this morning’s top pre-market analyst upgrades, downgrades and initiations from Wall Street early this Friday:

Barrick Gold (ABX) Started as Hold at Jefferies.
Becton Dickinson (BDX) Started as Overweight at Jefferies.
Bristol-Myers Squibb (BMY) Cut to Equal Weight at Morgan Stanley.
Cedar Fair (FUN) Cut to Hold at KeyBanc.
J. Crew (JCG) Raised to Buy at Citigroup; Raised to Hold at Needham..
Newmont Mining (NEM) Started as Buy at Jefferies.
Network Engines (NENG) Raised to Buy at Cantor Fitzgerald.
Sanofi-Aventis (SNY) Raised to Overweight at JPMorgan.
Zoltek (ZOLT) Started as Hold at Deutsche Bank.

JON C. OGG

Posted on: August 28, 2009 – 8:03 am in Analyst Calls, , , , , , , , ,

Top Analyst Upgrades (BBT, CMA, FEIC, GOOG, HBI, HD, LOW, NEM, PLT, ROP, TGT, TSCO, WMT)

These are top pre-market analyst upgrades and positive research notes we have seen from Wall Street early this Wednesday morning:

BB&T (BBT) Raised to Market Perform at KBW.
Comerica (CMA) Raised to Overweight at JPMorgan.
FEI Co. (FEIC) Raised to Buy at Janney Montgomery Scott.
Google (GOOG) Target Raised to $486 from $414 at Goldman Sachs.
Hanesbrands (HBI) Started as Overweight at Thomas Weisel.
Home Depot (HD) Started as Outperform at Baird.
Lowe’s (LOW) Started as Outperform at Baird.
Newmont Mining (NEM) Raised to Overweight at JPMorgan.
Plantronics (PLT) Raised to Overweight at JPMorgan.
Roper Industries (ROP) Raised to Outperform at Oppenheimer.
Target (TGT) Started as Outperform at Baird.
Tractor Supply (TSCO) Started as Outperform at Baird.
Wal-Mart (WMT) Started as Outperform at Baird.

Jon C. Ogg

Posted on: June 3, 2009 – 6:43 am in Analyst Calls, , , , , , , , , , , , ,

Gold Miners Staging Breakouts (GDX, AU, GOLD, RGLD, ABX, AUY, GG, NEM)

Gold has been making a serious comeback and many are talking about the $1,000 per ounce level again as being ahead shortly.  This latest run is with energy prices screaming, the US Dollar getting pounded again, and with the fears that all this new money being printed is going to create much higher inflation down the road.  When gold was making the same sort of run to $1,000 earlier this year, that was because of the fear premium.  The other difference is that in this move, we are now starting to see a technical break-out on the charts of some of the top gold miners that trade in the U.S. that are actually global operations.  The Market Vectors Gold Miners ETF (NYSE: GDX) was up 4% at $44.45 in early trading, and its 52-week trading range is $15.83 to $51.84.  Two gold stocks are making key break-outs: AngloGold Ashanti Ltd. (NYSE: AU) and Randgold Resources Limited (NASDAQ: GOLD).  Other large gold mining leaders are lagging, but you have to wonder how long that will last if the stock market stays strong and if the interest in the re-flation trade stays high.
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Posted on: May 29, 2009 – 9:16 am in Commodities, ETF, Metals, , , , , , , ,

Gold Miners Struggling with Costs, Gold Prices (NEM, ABX, GDX)

gold-image1Lower prices for copper and gold hit Newmont Mining Corp. (NYSE:NEM) hard in the first quarter of 2009. Barrick Gold Corp. (NYSE: ABX) is also getting hit after its report, and all of this is acting to drag down even the Market Vectors Gold Miners ETF (NYSE: GDX).

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Posted on: April 30, 2009 – 9:15 am in Commodities, ETF, Earnings, Luxury, Metals, , ,

Newmont Divesting Indonesian Mining Interest (NEM, FCX, CVX)

gold-image3A ruling by an international arbitration court will lead to the divestiture by Newmont Mining Corp. (NYSE:NEM) of a portion of the company’s stake in an Indonesian mining firm. Newmont has 180 days to transfer the shares to the Indonesian government. Newmont owns 45% of the Indonesian firm, called Newmont Nusa Tenggara (NNT).
Read More »

Posted on: April 1, 2009 – 9:53 am in Mergers and Buy Outs, Metals, , ,

Gold’s Value Without Fear & Inflation (GLD, GDX, ABX, GFI, GG, NEM)

gold-image3The recent move in gold may be saying something about how to value the commodity in an environment of low inflation and in an environment where fear brings less of a premium.  The London gold price today is down around $920/ounce. That’s about $25/ounce lower than yesterday’s close and gold had been down about $30/ounce earlier.  In fact, that decline reflects what may be a topping trend in gold prices for the last 30 days.  For the past year gold prices have trended upward, but the last thirty days have turned down. The SPDR Gold Shares (NYSE: GLD) ETF is almost flat for the past 30 days and for the past year. The Market Vectors Gold Miners Index (NYSE: GDX) is down about 20% for the year and about flat for the last 30 days.
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Posted on: March 24, 2009 – 10:11 am in Commodities, ETF, Metals, , , , , ,

Just Like That, Gold Lost Its Luster (ABX, NEM, GG, RGLD, GLD)

gold-imageShare prices for gold miners and gold bullion mostly dropped yesterday as traders thought it was a good day to take on more risk. In London this morning, gold prices have jumped back above $900/ounce after trading under that mark earlier.

The CEO of Barrick Gold Corp. (NYSE:ABX) recently said that the supply of gold will continue to drop, even as the price continues to be volatile. That’s not exactly earth-shattering news, but Barrick stock dropped almost $2/share (7%). Newmont Mining Corp. (NYSE:NEM) also fell about 7%, Goldcorp Inc. (NYSE:GG) dropped 8%, and Royal Gold Inc. lost about 4%. Even ETF bullion buyer SPDR Gold Shares (NYSE:GLD) fell by about 1%.
Read More »

Posted on: March 11, 2009 – 8:55 am in Commodities, Metals, , , , ,

Early Bird Analyst Downgrades (CTSH, INFY, NEM, TKC, WIT, WGOV)

burning-money-picThese are the top pre-market analyst downgrades we have seen very early this Monday morning with well over two hours until the open:

Cognizant Technology (CTSH) Cut to Underperform at Wachovia.
Infosys Technologies (INFY) Cut to Underperform at Wachovia.
Newmont Mining (NEM) Cut to Neutral at JPMorgan.
Turkcell (TKC) Cut to Neutral at HSBC.
WIPRO (WIT) Cut to Underperform at Wachovia.
Woodward Governor (WGOV) Cut to Neutral at Baird.

JON C. OGG

Posted on: March 2, 2009 – 7:10 am in Analyst Calls, , , , , ,

Anglo American is Digging a Big Hole (AAUK, RTP, ACH, AU, ABX, NEM)

The bigger they are, the more noise they make when they fall. British miner Anglo American plc (NASDAQ:AAUK) has canceled its dividend for the fourth quarter, suspended its $4 billion share buyback program, and fired 19,000 people, about 10% of its workforce.
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Posted on: February 20, 2009 – 10:49 am in Commodities, Labor & Unions, Metals, , , , , ,

Gold Sort of Shines (NEM, GG)

gold-imageNewmont Mining Corporation (NYSE: NEM) and Goldcorp Inc. (NYSE: GG) both reported earnings this morning. Newmont had net income of $10 million ($0.02 EPS) on revenue of $1.342 billion. On a non-GAAP basis, Newmont beat analysts’ estimates of $0.25 EPS by a penny.  Revenue missed the average estimate of $1.42 billion.
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Posted on: February 19, 2009 – 11:25 am in Commodities, Earnings, Metals, ,

Has Gold Peaked? (ABX, GG, NEM, AU, GLD, GTU, DGL, IAU)

Gold_picWhen the going gets tough, the tough go for gold. That’s historically the way it’s worked out. And the going is definitely tough now. So what about gold? Is it going up or down? Is gold the place to be right now?

Gold miners such as Barrick Gold Corp. (NYSE:ABX), Goldcorp Inc. (NYSE:GG), Newmont Mining Corp. (NYSE:NEM), and AngloGold Ashanti Ltd. (NYSE:AU) offer one way to invest in gold. There is also a mining ETF, Miners Vectors Gold Miners (NYSE:GDX). Another way to invest in gold is either by buying bullion directly or investing in bullion through a commodity ETF such as SPDR Gold Shares (NYSE:GLD) or PowerShares DB Gold (NYSE:DGL).

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Posted on: February 5, 2009 – 1:06 pm in Commodities, Metals, , , , , , , ,

Top Pre-Market Analyst Upgrades (EE, LRY, NEM, RSYS, RVBD, RYAAY, STAR, UPS)

Money_stack_picThese are some of the top analyst upgrades and positive research calls we have seen from Wall Street this Wednesday morning:

  • El Paso Electric (EE) Raised to Hold at Jefferies.
  • Liberty Property (LRY) Raised to Hold at Citigroup.
  • Newmont Mining (NEM) Raised to Buy at UBS.
  • Radisys (RSYS) Raised to Buy at Cantor Fotzgerald.
  • Riverbed Tech (RVBD) Raised to Buy at Merriman Curhan.
  • Ryanair (RYAAY) Raised to Hold at Deutsche Bank.
  • Starent (STAR) Started as Buy at Cantor Fitzgerald.
  • UPS (UPS) Raised to Outperform at Morgan Keegan.

Jon C. Ogg
February 4, 2009

Posted on: February 4, 2009 – 8:00 am in Analyst Calls, , , , , , , ,

Gold Rises, But What About Gold Stocks? (ABX, NEM, NG, VGZ)

Gold_picGold prices have risen more than $100/ounce in the past two weeks, but this has done little for many of the larger gold companies.  We took a look at Barrick Gold Corporation (NYSE:ABX), NewmontMining Corporation (NYSE:NEM), Novagold Resources Inc. (AMEX:NG), and Vista Gold Corporation (AMEX:VGZ).

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Posted on: January 26, 2009 – 1:23 pm in Commodities, Trading Alert, , , ,

Top Pre-Market Analyst Downgrades (ABX, COGT, GMR, GG, NEM, NAT, PRU, UBS, X, WOR)

These are some of the top pre-market analyst downgrades we have seen early this Monday morning:

  • Barrick (ABX) Cut to Neutral at UBS.
  • Cogent (COGT) Cut to Neutral at JPMorgan.
  • General Maritime (GMR) Cut to Neutral at JPMorgan.
  • Goldcorp (GG) Cut to Neutral at UBS.
  • Newmont (NEM) Cut to Neutral at UBS.
  • Nordic American Tanker (NAT) Cut to Underweight at JPMorgan.
  • Prudential (PRU) Cut to Marekt Perform at FBR.
  • UBS (UBS) Cut to Neutral at Merrill Lynch.
  • US Steel (X) Cut to Hold at Deutsche Bank.
  • Worthington (WOR) Cut to Underperform at CIBC.

Jon C. Ogg
December 22, 2008

Posted on: December 22, 2008 – 7:54 am in Analyst Calls, , , , , , , , , ,

Royal Gold, Envy of Chartists & Gold Bugs (RGLD, ABX, MFN, GG, NEM, GDX)

Royal_gold_logoIn the current climate, there are hardly any stocks which are hitting new 52-week highs.  If you go to the gold sector, the leaders are very far under their highs.  Apparently, it seems that Royal Gold Inc. (NASDAQ: RGLD) did not get the memo that its peers are well off of highs and that there are problems with the stock market.  Shares of Royal Gold are at 52-week and all-time highs.  There may be good reason too.

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Posted on: December 17, 2008 – 12:12 pm in Commodities, Interview, Luxury, Metals, Trading Alert, , , , , ,

Gold Stock Challenging 52-Week & All-Time Highs (RGLD, NEM, ABX, GG, GDX)

Gold_picWe didn’t include Royal Gold, Inc. (NASDAQ:RGLD) in yesterday’s look at mining stocks where we outlined scenarios which would make 2009 a great year or a lousy year for the sector’s key players.  But investors certainly have been looking it over. Shares closed at $37.06 yesterday, about $3.00 from their 52-week high.  In fact, shares even briefly put in a new 52-week high on an intra-day basis.

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Posted on: December 12, 2008 – 11:27 am in Commodities, Metals, Trading Alert, , , , ,

Are Gold Miners Getting Well? (ABX, GG, NEM, AU)

Gold_picIn the past month, gold mining stocks have hit new 52-week lows. On October 27th, Barrick Gold Corporation (NYSE:ABX) bottomed out at $17.27, Goldcorp (NYSE:GG) hit $13.84 on the same day, and Newmont Mining (NYSE:NEM) fell to $21.17. AngloGold Ashanti (NYSE:AU) waited a month to touch a low of $13.37 on November 20th.

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Posted on: November 28, 2008 – 7:50 am in Commodities, Luxury, Metals, Trading Alert, , , ,

Gold Miners Digging a Deeper Hole (ABX, GG, NEM)

Gold_picGold mining stocks have a real challenge in the current environment.  The top companies like Barrick (NYSE:ABX), Goldcorp (NYSE:GG), and Newmont (NYSE:NEM) are doing all they can to reduce costs in the face of falling demand and even faster-falling prices. They’ve got a ways to go yet.

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Posted on: November 17, 2008 – 9:53 am in Commodities, Metals, , ,

Top Pre-Market Analyst Upgrades (FSLR, JNS, LM, NLC, NBIX, NEM, SPLS)

These are some of the top analyst upgrades we are seeing from Wall Street this Thursday morning with about two hours to the open:

  • First Solar (FSLR) Raised to Buy at Merriman Curhan Ford.
  • Janus Capital (JNS) Raised to Neutral at JPMorgan.
  • Legg Mason (LM) Raised to Buy at Jefferies.
  • Nalco (NLC) Raised to Overweight at JPMorgan.
  • Neurocrine Bio (NBIX) Raised to Neutral at Piper Jaffray.
  • Newmont Mining (NEM) Raised to Overweight at JPMorgan.
  • Staples (SPLS) Raised to Market Perform at FBR.

Jon C. Ogg
October 30, 2008

Posted on: October 30, 2008 – 6:44 am in Analyst Calls, , , , , , ,