Revenue for investment banks from commodities dropped in 2012, with intrusive regulations and increased capital requirements resulting in less interest from clients. Another factor was volatility for the year was relatively low, also affecting interest in the sector.
The drop was a huge 25 percent from 2011, with revenue coming in at $6 billion for 2012, down significantly from the $8 billion in revenue generated the year before.
Ten banks were by consultant Coalition, including Bank of America/Merrill Lynch (BAC), Barclays (BCS), Citigroup (C), Credit Suisse (CS), Deutsche Bank (DB), JP Morgan (JPM), RBS (RBS), Goldman Sachs (GS), Morgan Stanley (MS) and UBS (UBS).
A report released by Coalition said, "Low volatility and reduced client activity led to a 24 per cent drop in revenues. Energy, investor products and precious metals options businesses were notably affected.
"Performance was also subdued by ongoing concerns about increased regulation and capital sensitivity, pushing banks to re-evaluate their commodities strategies."
In its quarterly results last month, Morgan Stanley said the commodity revenue for the fourth quarter was the lowest since 1995.
Showing posts with label Credit Suisse. Show all posts
Showing posts with label Credit Suisse. Show all posts
Thursday, February 14, 2013
Friday, October 12, 2012
Copper, Zinc, Nickel, Tin all Drop
Many commodities took a big hit Friday, as copper, zinc, nickel, tin, gold, silver, platinum and palladium were all trending down, with copper, platinum and palladium taking the biggest hits as measured by percentages, and with platinum and palladium, also falling by the most in U.S. dollars.
Copper has been the major story this month regarding commodities, as it plunged to its lowest levels this week in three months, with falling demand for scrap-metal weighed on the base metal. Most of that is from the slowing demand in China, which has been working on slowing down its heated up economy.
For the last three months, discounts for scrap copper plunged by 25 percent. This is a dramatic turn around from September where copper prices got a boost from the implementation of further stimulus in the United States and Europe.
One of the best leading indicators for copper prices is scrap, and demand has been weakening for the last quarter, even with the bump in copper prices for September.
Copper futures fell to about $3.70 a pound on the Comex in New York for December delivery, at just before 1:30 PM EDT. For the week it is down two percent. Copper futures are trading about 40 cents above No. 2 scrap. That's ten cents above the 30 cents discount it traded at against copper in the 3rd quarter.
Credit Suisse (CS) estimates copper production in 2013 to be at 293,000 metric tons, in contrast to the 102,000 ton shortfall in 2012.
On the London Metal Exchange, copper for December delivery was down to $8,130 a ton ($3.69 a pound), a decline of 1.3 percent.
Friday, October 28, 2011
Esterline (ESL) (ED) (EDE) (FCBC) (FFIC) (FMER) Downgraded
Esterline Technologies Co. (NYSE: ESL), Consolidated Edison, Inc. (NYSE: ED), Empire District Electric (NYSE: EDE), First Community Bancshares, Inc. (NASDAQ: FCBC), Flushing Financial Co. (NASDAQ: FFIC) and FirstMerit Co. (NASDAQ: FMER) get analyst downgrades.
RBC Capital downgraded Consolidated Edison, Inc. (ED) from a “Sector Perform” rating to an “Underperform” rating.
Jefferies (NYSE:JEF) downgraded Empire District Electric (EDE) from a “Buy” rating to a “Hold” rating.
Credit Suisse (NYSE:CS) downgraded Esterline Technologies Co. (ESL) from an “Outperform” rating to a “Neutral” rating. They have a price target of $67.00 on them.
Stifel Nicolaus downgraded First Community Bancshares, Inc. (FCBC) from a “Buy” rating to a “Hold” rating.
Sandler O’Neill downgraded Flushing Financial Co. (FFIC) to a “Hold” rating.
Guggenheim downgraded FirstMerit Co. (FMER) from a “Buy” rating to a “Neutral” rating.
RBC Capital downgraded Consolidated Edison, Inc. (ED) from a “Sector Perform” rating to an “Underperform” rating.
Jefferies (NYSE:JEF) downgraded Empire District Electric (EDE) from a “Buy” rating to a “Hold” rating.
Credit Suisse (NYSE:CS) downgraded Esterline Technologies Co. (ESL) from an “Outperform” rating to a “Neutral” rating. They have a price target of $67.00 on them.
Stifel Nicolaus downgraded First Community Bancshares, Inc. (FCBC) from a “Buy” rating to a “Hold” rating.
Sandler O’Neill downgraded Flushing Financial Co. (FFIC) to a “Hold” rating.
Guggenheim downgraded FirstMerit Co. (FMER) from a “Buy” rating to a “Neutral” rating.
Monday, October 24, 2011
Altera (ALTR) (CMG) (ESI) (FLEX) (FSL) (HITT) Price Targets Changed
Altera (NASDAQ: ALTR), Chipotle Mexican Grill, Inc. (NYSE: CMG), ITT Educational Services Inc (NYSE: ESI), Flextronics International Ltd. (NASDAQ: FLEX), Freescale Semi (NYSE: FSL) and Hittite Microwave (NASDAQ: HITT) had price targets on them adjusted by analysts.
Altera (ALTR) had its price target raised by Miller Tabak from $40.00 to $43.00. They have a “Buy” rating on the company.
Chipotle Mexican Grill, Inc. (CMG) had its price target raised by JPMorgan Chase & Co. (NYSE:JPM) to $320.00.
ITT Educational Services Inc. (ESI) had its price target lowered by FBR Capital from $64.00 to $62.00. They have a “Market Perform” rating on the company.
Flextronics International Ltd. (FLEX) had its price target lowered by Deutsche Bank (NYSE:DB) to $7.00.
Freescale Semi (FSL) had its price target lowered by Credit Suisse (NYSE:CS) to $18.00. They have an “Outperform” rating on the company.
Hittite Microwave (HITT) had its price target lowered by Needham & Company from $73.00 to $58.00. They have a “Buy” rating on the company.
Altera (ALTR) had its price target raised by Miller Tabak from $40.00 to $43.00. They have a “Buy” rating on the company.
Chipotle Mexican Grill, Inc. (CMG) had its price target raised by JPMorgan Chase & Co. (NYSE:JPM) to $320.00.
ITT Educational Services Inc. (ESI) had its price target lowered by FBR Capital from $64.00 to $62.00. They have a “Market Perform” rating on the company.
Flextronics International Ltd. (FLEX) had its price target lowered by Deutsche Bank (NYSE:DB) to $7.00.
Freescale Semi (FSL) had its price target lowered by Credit Suisse (NYSE:CS) to $18.00. They have an “Outperform” rating on the company.
Hittite Microwave (HITT) had its price target lowered by Needham & Company from $73.00 to $58.00. They have a “Buy” rating on the company.
Thursday, September 22, 2011
PPL (PPL) (EXPD) (FIO) (PCL) (GEOI) (GET) Get New Coverage
PPL Co. (NYSE: PPL), Expeditors International (NASDAQ: EXPD), Fusion-Io Inc. (NYSE: FIO), Plum Creek Timber Co. (NYSE: PCL), GeoResources, Inc. (NASDAQ: GEOI) and Gaylord Entertainment (NYSE: GET) getting new coverage from analysts.
Credit Suisse (NYSE:CS) initiated coverage on PPL Co. (PPL). They placed a “Neutral” rating and a price target of $32.00 on the company.
Lazard Capital initiated coverage on Expeditors International (EXPD). They placed a “Buy” rating on the company.
ThinkEquity initiated coverage on Fusion-Io Inc. (FIO). They placed a “Buy” rating and a price target of $25.00 on the company.
Citigroup (NYSE:C) initiated coverage on Plum Creek Timber Co. (PCL). They placed a “Buy” rating and a price target of $42.00 on the company.
RBC Capital initiated coverage on GeoResources, Inc. (GEOI). They placed a “Sector Perform” rating and a price target of $29.00 on the company.
Deutsche Bank (NYSE:DB) initiated coverage on Gaylord Entertainment (GET). They placed a “Hold” rating on the company.
Credit Suisse (NYSE:CS) initiated coverage on PPL Co. (PPL). They placed a “Neutral” rating and a price target of $32.00 on the company.
Lazard Capital initiated coverage on Expeditors International (EXPD). They placed a “Buy” rating on the company.
ThinkEquity initiated coverage on Fusion-Io Inc. (FIO). They placed a “Buy” rating and a price target of $25.00 on the company.
Citigroup (NYSE:C) initiated coverage on Plum Creek Timber Co. (PCL). They placed a “Buy” rating and a price target of $42.00 on the company.
RBC Capital initiated coverage on GeoResources, Inc. (GEOI). They placed a “Sector Perform” rating and a price target of $29.00 on the company.
Deutsche Bank (NYSE:DB) initiated coverage on Gaylord Entertainment (GET). They placed a “Hold” rating on the company.
Monday, October 25, 2010
Demand for Caterpillar (NYSE:CAT) Products Look Good
Handily beating earnings estimates last quarter, Caterpillar (NYSE:CAT) has garnered some solid support for growth in the near term.
While maintaining a "Neutral" on the equipment maker, UBS (NYSE:UBS) raised their price target from $74 to $85, and their earnings estimate too.
"Given an improved demand outlook and demonstrated impact of cost takeouts, we are raising our 2011E EPS to $4.00, from $3.60, and raising our 2011E and 2012E to $5.70 and $7.50, from $4.50 and $6.00, respectively," said UBS.
Caterpillar said in a statement, "2010 is shaping up to be one of the most significant year-over-year increases in sales and revenues in our history."
More significantly, Caterpillar's guidance for sales in 2011, was strong, with revenue estimated to reach $50 billion for the full year. That's about a 20.5 percent boost from guidance last year.
Credit Suisse (NYSE:CS) said if margins increase by 20 percent or more incrementally, earnings per share for Caterpillar could reach $6 a share for the year.
Caterpillar closed Friday at $78.33, losing $0.56, or 0.71 percent.
While maintaining a "Neutral" on the equipment maker, UBS (NYSE:UBS) raised their price target from $74 to $85, and their earnings estimate too.
"Given an improved demand outlook and demonstrated impact of cost takeouts, we are raising our 2011E EPS to $4.00, from $3.60, and raising our 2011E and 2012E to $5.70 and $7.50, from $4.50 and $6.00, respectively," said UBS.
Caterpillar said in a statement, "2010 is shaping up to be one of the most significant year-over-year increases in sales and revenues in our history."
More significantly, Caterpillar's guidance for sales in 2011, was strong, with revenue estimated to reach $50 billion for the full year. That's about a 20.5 percent boost from guidance last year.
Credit Suisse (NYSE:CS) said if margins increase by 20 percent or more incrementally, earnings per share for Caterpillar could reach $6 a share for the year.
Caterpillar closed Friday at $78.33, losing $0.56, or 0.71 percent.
Monday, October 18, 2010
Citigroup (NYSE:C), JP Morgan (NYSE:JPM), Goldman Sachs (NYSE:GS), Credit Suisse (NYSE:CS) Lead $350 Million Offering for Texas Competitive Electric
Citigroup (NYSE:C), JP Morgan (NYSE:JPM), Credit Suisse (NYSE:CS) and Goldman Sachs (NYSE:GS) were joint bookrunners for an offering of senior secured second lien notes, which sold $350 million for Texas Competitive Electric Holdings.
The original amount targeted to be raised was $300 million.
The bonds were offered in the 144a private placement market, which carry a coupon rate of 15 percent. The notes will mature on April 1, 2021.
The original amount targeted to be raised was $300 million.
The bonds were offered in the 144a private placement market, which carry a coupon rate of 15 percent. The notes will mature on April 1, 2021.
Monday, October 11, 2010
Citigroup (NYSE:C), JPMorgan (NYSE:JPM), Credit Suisse (NYSE:CS) Manage PGE Utility Sale
Along with UniCredit SpA, JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc. (NYSE:C) and Credit Suisse Group AG (NYSE:CS) helped coordinate the sale of 10 percent of PGE Utility for the Polish Treasury.
Late Friday on its website the Treasury Ministry confirmed they had sold the stake for $1.4 billion.
The sale was initiated to raise capital to lower the need to borrow and pay down the budget deficit of the country.
Polish law requires the government to maintaina stake of over 50 percent in PGE. That wasn't a problem as they hold 79 percent of the utility at this time.
The Treasury Ministry stated that the sale was oversubscribed, and drew the interest of investors from 22 countries. Investors from Poland acquired over half the shares offered.
Joint bookrunners on the sale were Goldman Sachs (NYSE:GS), PKO Bank Polski SA, Societe Generale SA and KBC Groep NV.
Late Friday on its website the Treasury Ministry confirmed they had sold the stake for $1.4 billion.
The sale was initiated to raise capital to lower the need to borrow and pay down the budget deficit of the country.
Polish law requires the government to maintaina stake of over 50 percent in PGE. That wasn't a problem as they hold 79 percent of the utility at this time.
The Treasury Ministry stated that the sale was oversubscribed, and drew the interest of investors from 22 countries. Investors from Poland acquired over half the shares offered.
Joint bookrunners on the sale were Goldman Sachs (NYSE:GS), PKO Bank Polski SA, Societe Generale SA and KBC Groep NV.
Friday, September 24, 2010
Credit Suisse (NYSE:CS) Upgrades Allegheny (NYSE:AYE) and FirstEnergy (NYSE:FE), Downgrades Entergy (NYSE:ETR)
Credit Suisse (NYSE:CS) took aim at the energy sector, raising the rating of Allegheny Energy (NYSE:AYE) and FirstEnergy (NYSE:FE) while downgrading Entergy Corporation (NYSE:ETR).
Allegheny Energy and FirsEnergy were upgraded from "Neutral" to "Outperform," and Entergy Corporation was downgraded from "Outperform" to "Neutral."
Allegheny closed Thursday at $23.54, gaining $0.29, or 1.25 percent. Volume was up over 30 percent from the 3-month average.
FirstEnergy closed at $37.39, up $0.32, or 0.86 percent. Volume for them was also much higher than the daily average.
Entergy closed at $76.40, falling $0.65, or 0.84 percent. Trading volume increased for them as well.
Allegheny Energy and FirsEnergy were upgraded from "Neutral" to "Outperform," and Entergy Corporation was downgraded from "Outperform" to "Neutral."
Allegheny closed Thursday at $23.54, gaining $0.29, or 1.25 percent. Volume was up over 30 percent from the 3-month average.
FirstEnergy closed at $37.39, up $0.32, or 0.86 percent. Volume for them was also much higher than the daily average.
Entergy closed at $76.40, falling $0.65, or 0.84 percent. Trading volume increased for them as well.
Thursday, September 23, 2010
Bank of America (NYSE:BAC) Hires Belan for EMEA Metals Unit
Bank of America (NYSE:BAC) has hired Joseph Belan to head up its metals and mining investment banking unit, which covers Europe, the Middle East and Africa.
Belan used to work at Goldman Sachs (NYSE:GS) as leader of their metals and mining EMEA as well, and also at Credit Suisse (NYSE:CS).
In 2009 Belan was interim chief executive and board member of Coalcorp, a portfolio company of Pala.
Belan comes from Pala Investments, a private equity firm, where he also headed up metals and mining EMEA. He starts in his position in November 2010.
Belan used to work at Goldman Sachs (NYSE:GS) as leader of their metals and mining EMEA as well, and also at Credit Suisse (NYSE:CS).
In 2009 Belan was interim chief executive and board member of Coalcorp, a portfolio company of Pala.
Belan comes from Pala Investments, a private equity firm, where he also headed up metals and mining EMEA. He starts in his position in November 2010.
Friday, September 17, 2010
Credit Suisse (NYSE:CS) Raises First Solar (Nasdaq:FSLR) Price Target
First Solar (Nasdaq:FSLR) surged Thursday on the news Credit Suisse (NYSE:CS) increased the price target on the energy company from $150 to $160 for the next year.
Credit Suisse maintained their "Ourperform" rating on First Solar as well.
There has been slight bullish movements in solar recently, although it's probably far way premature to make assumptions in the weakening economy.
First Solar closed at $144.74 Thursday, gaining $4.48, or 3.19 percent.
Credit Suisse maintained their "Ourperform" rating on First Solar as well.
There has been slight bullish movements in solar recently, although it's probably far way premature to make assumptions in the weakening economy.
First Solar closed at $144.74 Thursday, gaining $4.48, or 3.19 percent.
Friday, September 10, 2010
Citigroup (NYSE:C), Deutsche Bank (NYSE:DB) Lead First Worldwide Sale of Philippine Peso-denominated Bonds
Citigroup (NYSE:C) and Deutsche Bank (NYSE:DB) coordinated the sale of $1 billion in peso-denominated bonds for the Philippines, the first time it has been done on a global basis.
The Philippine Finance Ministry said the bonds were 4.95 percent notes yielding 5 percent, and are due January 2021.
Treasurer Roberto Tan said, “The Peso Global Bond is expected to enhance the government’s debt investor profile while paving the way for greater participation by offshore investors in the Philippine capital markets.”
The pesos bonds were hot because they are exempt from 20 percent tax on the interest, and Asian investors acquired 37.1 percent of the bond offering; U.S. investors 32.6 percent; and investors from Europe the rest, according to the Philippine government.
Also helping with the issuance were Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM), HSBC (NYSE:HBC) and Credit Suisse (NYSE:CS).
The Philippine Finance Ministry said the bonds were 4.95 percent notes yielding 5 percent, and are due January 2021.
Treasurer Roberto Tan said, “The Peso Global Bond is expected to enhance the government’s debt investor profile while paving the way for greater participation by offshore investors in the Philippine capital markets.”
The pesos bonds were hot because they are exempt from 20 percent tax on the interest, and Asian investors acquired 37.1 percent of the bond offering; U.S. investors 32.6 percent; and investors from Europe the rest, according to the Philippine government.
Also helping with the issuance were Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM), HSBC (NYSE:HBC) and Credit Suisse (NYSE:CS).
Wednesday, September 8, 2010
Credit Suisse (NYSE:CS) Downgrades Eldorado (NYSE:CS)
Although Eldorado Gold (NYSE:EGO) has been moving up nicely for some time, it seems part of that movement, over the last couple of months, was the expectation they would end up with Andean Resources (TSE:AND).
Now that they presumably lost that battle to Goldcorp (NYSE:GG), some of the luster has come off the stock, and consequently they were downgraded by Credit Suisse (NYSE:CS) from "Outperform" to "Neutral."
After a slow start in yesterday's session, Eldorado did rebound nicely as the broader upward movement of gold prices helped pull many gold miners with it.
They closed Tuesday at $19.29, gaining $0.19, or 0.99 percent.
Now that they presumably lost that battle to Goldcorp (NYSE:GG), some of the luster has come off the stock, and consequently they were downgraded by Credit Suisse (NYSE:CS) from "Outperform" to "Neutral."
After a slow start in yesterday's session, Eldorado did rebound nicely as the broader upward movement of gold prices helped pull many gold miners with it.
They closed Tuesday at $19.29, gaining $0.19, or 0.99 percent.
Monday, August 30, 2010
U.S. Steel (NYSE:X), AK Steel (NYSE:AKS), Nucor, (NYSE:NUE) - All Under Pressure
The steel industry is under pressure as a surplus of steel and slowing Chinese demand puts pressure on companies like U.S. Steel (NYSE:X), AK Steel (NYSE:AKS) and Nucor (NYSE:NUE).
Credit Suisse (NYSE:CS) recently said that U.S. Steel and AK Steel are particularly vulnerable to a fall in prices.
On the China part of the issue, much depends on how they continue to go forward with the cooling off of the real estate market in urban areas. At this time about growth is about 3 percent lower than before, and that definitely cuts into steel demand.
Another bit of news that has yet to be confirmed on China is they may now direct stimulus efforts to the rural areas of the country which could make up for a lot of the slowdown in urban areas. If that's the case, it could change the dynamics, although it would take time to ramp up.
On the other hand, if steel production in China start to increase again, that could offer support, although it wouldn't be anything that would push prices up dramatically, even in the best case scenario.
Even with the expected increase of steel prices in September of up to $30 a ton (probably), in the fourth quarter expectations are scrap prices will come under pressure and drop. That is based on the belief scrap steel supply will increase during that period.
The recent increase in scrap prices should also push more steel into scrap yards, which will of course bring more supply than needed, driving steel prices back down.
This could create a domino effect in other steel products and cut into margins and earnings.
Ak Steel has been cutting capacity in a low steel demand market, and U.S. Steel has a high debt load which cuts back on their flexibility and has made it extremely difficult to be profitable, as the last six quarters have shown.
On the other hand Nucor and Steel Dynamics (Nasdaq:STLD) have been able to turn a profit in slow times, and are positioned strongly to be able to at least be profitable whatever way the market turns, which should be down in the short term.
Credit Suisse (NYSE:CS) recently said that U.S. Steel and AK Steel are particularly vulnerable to a fall in prices.
On the China part of the issue, much depends on how they continue to go forward with the cooling off of the real estate market in urban areas. At this time about growth is about 3 percent lower than before, and that definitely cuts into steel demand.
Another bit of news that has yet to be confirmed on China is they may now direct stimulus efforts to the rural areas of the country which could make up for a lot of the slowdown in urban areas. If that's the case, it could change the dynamics, although it would take time to ramp up.
On the other hand, if steel production in China start to increase again, that could offer support, although it wouldn't be anything that would push prices up dramatically, even in the best case scenario.
Even with the expected increase of steel prices in September of up to $30 a ton (probably), in the fourth quarter expectations are scrap prices will come under pressure and drop. That is based on the belief scrap steel supply will increase during that period.
The recent increase in scrap prices should also push more steel into scrap yards, which will of course bring more supply than needed, driving steel prices back down.
This could create a domino effect in other steel products and cut into margins and earnings.
Ak Steel has been cutting capacity in a low steel demand market, and U.S. Steel has a high debt load which cuts back on their flexibility and has made it extremely difficult to be profitable, as the last six quarters have shown.
On the other hand Nucor and Steel Dynamics (Nasdaq:STLD) have been able to turn a profit in slow times, and are positioned strongly to be able to at least be profitable whatever way the market turns, which should be down in the short term.
Wednesday, June 23, 2010
Credit Suisse (NYSE:CS) Covering 8 More Oil and Gas Stocks
Credit Suisse (NYSE:CS) has initiated coverage on eight more oil and gas stocks, including Penn Virginia (NYSE:PVA), Berry Petroleum (NYSE:BRY), Comstock Resources (NYSE:CRK), Swift Energy Company (NYSE:SFY), Rosetta Resources (Nasdaq:ROSE), Petroleum Development (Nasdaq:PETD), GMX Resources (Nasdaq:GMXR) and Rex Energy (Nasdaq:REXX).
The giants bank started these five off at "Outperform" ratings: Penn Virginia, Berry Petroleum, Comstock Resources, Swift Energy Company and Rosetta Resources.
Identified as neutral were Petroleum Development, GMX Resources and Rex Energy.
The price target from highest to lowest was Comstock Resources, with a price target of $43, and standing at $22.15 as of 3:13 PM EDT today. The price target for Berry Petroleum is $40, standing today at $30.24, as of 3:11 PM EDT.
Moving to price targets between $30 and $39 a share, we start with Swift Energy Company, with a target of $39 share, and at 29.82 as of 3:17 PM EDT. Next is Penn Virginia, which is expected to reach $33 a share, and is at $22.16 at 3:15 PM EDT. Finally comes Rosetta Resources, which Credit Suisse expects to reach $31, and is at $22.71 at 3:17 PM EDT.
At a price target of $29 a share is Petroleum Development, which stands at 26.19 at 3:20 PM EDT.
Rex Energy as a target of $13 attached to it, which today is at $10.72 a share at 3:21 PM EDT.
Last with an $8 a share price target is GMX Resources, which isn't that far from there, now at 7.12 at 3:22 PM EDT.
The giants bank started these five off at "Outperform" ratings: Penn Virginia, Berry Petroleum, Comstock Resources, Swift Energy Company and Rosetta Resources.
Identified as neutral were Petroleum Development, GMX Resources and Rex Energy.
The price target from highest to lowest was Comstock Resources, with a price target of $43, and standing at $22.15 as of 3:13 PM EDT today. The price target for Berry Petroleum is $40, standing today at $30.24, as of 3:11 PM EDT.
Moving to price targets between $30 and $39 a share, we start with Swift Energy Company, with a target of $39 share, and at 29.82 as of 3:17 PM EDT. Next is Penn Virginia, which is expected to reach $33 a share, and is at $22.16 at 3:15 PM EDT. Finally comes Rosetta Resources, which Credit Suisse expects to reach $31, and is at $22.71 at 3:17 PM EDT.
At a price target of $29 a share is Petroleum Development, which stands at 26.19 at 3:20 PM EDT.
Rex Energy as a target of $13 attached to it, which today is at $10.72 a share at 3:21 PM EDT.
Last with an $8 a share price target is GMX Resources, which isn't that far from there, now at 7.12 at 3:22 PM EDT.
Noranda Aluminum (NYSE:NOR) Gets Solid Analyst Marks
Noranda Aluminum (NYSE:NOR) received new coverage from Morgan Stanley (NYSE:MS) and Bank of America (NYSE:BAC), both of which like what they see. Credit Suisse, which already covers Noranda, also gave them solid marks on their near future.
Morgan Stanley just started covering Noranada, and thir first rating for the was an "Overweight," setting a price target of $11.
Bank of America also initiated coverage on Noranda, starting them off with a "Buy" rating, while also looking at a price target of $11 a share.
Finally, Credit Suisse announced they were giving the company an "Outperform," while setting an $11 price target as well.
You don't see a lot of times when analysts all give the same price target for a company, but here you have it in all three cases.
The producer of rolled aluminum coils and other aluminum products was at $7.71 a share, a $0.05 gain, or 0.64% move, as of 12:09 PM EDT.
Morgan Stanley just started covering Noranada, and thir first rating for the was an "Overweight," setting a price target of $11.
Bank of America also initiated coverage on Noranda, starting them off with a "Buy" rating, while also looking at a price target of $11 a share.
Finally, Credit Suisse announced they were giving the company an "Outperform," while setting an $11 price target as well.
You don't see a lot of times when analysts all give the same price target for a company, but here you have it in all three cases.
The producer of rolled aluminum coils and other aluminum products was at $7.71 a share, a $0.05 gain, or 0.64% move, as of 12:09 PM EDT.
Thursday, April 15, 2010
Deutsche (NYSE:DB) Steals Commodity Head from Credit Suisse (NYSE:CS)
Deutsche Bank (NYSE:DB) robbed Gunnar Hoest from Credit Suisse (NYSE:CS) to head up its commodities department, while Credit Swiss then replaced Hoest with Alexander Toone, who will be moved from the London office of the company to its Asian commodity business.
Hoest will start for Deutsche staring in June, also as head of their Asian commodities unit, while Toone heads for the Singapore office to lead the Asia-Pacific commodities business of Credit Suisse.
Hoest is taking the place of Simon Grenfell, who is moving to London to lead metals sales and origination.
Commodities are continuing to be one of the more targeted sectors by large banks, as a number of former revenue streams have been hit by regulation around the world, leaving tighter markets to choose from to generate revenue and profits.
The commodity market is considered one of the more lucrative and desirable sectors at this time, even though prices have reached high levels across the board, with a few exceptions like natural gas and agricultural commodities.
Hoest will start for Deutsche staring in June, also as head of their Asian commodities unit, while Toone heads for the Singapore office to lead the Asia-Pacific commodities business of Credit Suisse.
Hoest is taking the place of Simon Grenfell, who is moving to London to lead metals sales and origination.
Commodities are continuing to be one of the more targeted sectors by large banks, as a number of former revenue streams have been hit by regulation around the world, leaving tighter markets to choose from to generate revenue and profits.
The commodity market is considered one of the more lucrative and desirable sectors at this time, even though prices have reached high levels across the board, with a few exceptions like natural gas and agricultural commodities.
Wednesday, April 14, 2010
Credit Suisse (NYSE:CS) Issuing $66.6 Million in Structured Notes Linked to Commodities
Credit Suisse (NYSE:CS) announced it will be issuing $66.6 million in structured notes which will be linked to the commodities futures index - Standard & Poor’s GSCI.
The GSCI is a benchmark index of 24 raw materials.
Parameters of the structured notes are they will have a floor of 5 percent and a ceiling of 17 percent. Those are guaranteed as long as the index doesn't fall by over 20 percent from the level started at.
J.P. Morgan (NYSE:JPM) is handling the sale of the notes.
The GSCI is a benchmark index of 24 raw materials.
Parameters of the structured notes are they will have a floor of 5 percent and a ceiling of 17 percent. Those are guaranteed as long as the index doesn't fall by over 20 percent from the level started at.
J.P. Morgan (NYSE:JPM) is handling the sale of the notes.
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