A number of analysts commented on different aspects of Goldcorp (NYSE:GG) recent, with the majority of them taking on a bullish tone.
JPMorgan (NYSE:JPM) recently boosted its price target on Goldcorp from $60 to $68.
Deutsche Bank (NYSE:DB) also recently upgraded Goldcorp from a "Hold" rating to a "Buy" rating.
Also upgrading the gold mining giant was HSBC (NYSE:HBC), which boosted the company from a "Neutral" to an "Overweight."
Goldcorp Inc. participates in the acquisition, exploration, development, and operation of precious metal properties in North and South America.
Goldcorp closed Thursday at $48.36, dropping $0.29, or 0.60 percent.
Showing posts with label HSBC. Show all posts
Showing posts with label HSBC. Show all posts
Friday, May 20, 2011
Thursday, October 28, 2010
JPMorgan (NYSE:JPM) and HSBC (NYSE:HBC) Sued Again Over Alleged Manipulation of Silver Prices
The ongoing allegations against HSBC Holdings Plc (NYSE:HBC) and JPMorgan Chase & Co. (NYSE:JPM) were boosted, as another lawsuit was filed against the two companies in reference to accusations they manipulated silver futures and options prices for financial gain.
What vehicle was allegedly used to attain the price manipulation was what is called "spoof" orders.
How they work is a financial institution submits "a large order which is not executed but influences prices and is then withdrawn before it reasonably can be executed."
The first complaint against the two banks, filed by investor, Peter Laskaris, said this, "These price changes directly result, at least in one substantial part, from defendants' reduction in their concentration and other reductions of their unlawful activities in the silver markets since the government investigation."
The second suit was filed on Wednesday, October 27, basically making the same allegations of the original lawsuit.
Filed on behalf of Brian Beatty, claims the two banks attempted to game the system by taking huge short positions in silver futures contracts in order to hold prices down.
Silver prices have allegedly soared by 50 percent since the banks lowered their trading in silver futures when it became public concerning what they were doing.
What vehicle was allegedly used to attain the price manipulation was what is called "spoof" orders.
How they work is a financial institution submits "a large order which is not executed but influences prices and is then withdrawn before it reasonably can be executed."
The first complaint against the two banks, filed by investor, Peter Laskaris, said this, "These price changes directly result, at least in one substantial part, from defendants' reduction in their concentration and other reductions of their unlawful activities in the silver markets since the government investigation."
The second suit was filed on Wednesday, October 27, basically making the same allegations of the original lawsuit.
Filed on behalf of Brian Beatty, claims the two banks attempted to game the system by taking huge short positions in silver futures contracts in order to hold prices down.
Silver prices have allegedly soared by 50 percent since the banks lowered their trading in silver futures when it became public concerning what they were doing.
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).
Thursday, September 2, 2010
Potash (NYSE:POT) Getting Interest from Sinochem as they Hire HSBC (NYSE:HBC)
Adding credence to the rumor China's Sinochem may be interested in acquiring Potash Corp. (NYSE:POT), they hired HSBC (NYSE:HBC) to advise them on the options available to them.
This isn't to say there is a definitely going to be a bid from Sinochem, but it does show the seriousness to China of losing the resource to a major competitor.
China is buying stakes in companies, and entire companies, in an effort to prepare for the tremendous demand in food and raw materials the country will experience in the near future.
Potash has said in the past that they've held talks with Sinochem, but it's hard to know if it's a negotiation tactic or serious overtures.
Either way, there can be no doubt China in general is very interested in Potash Corp., and Sinochem is one of the stronger companies they have to bid for them.
One problem is a bidding war could start, and it would depend on how serious BHP Billiton is in securing Potash and its assets as to how high they could go.
This isn't to say there is a definitely going to be a bid from Sinochem, but it does show the seriousness to China of losing the resource to a major competitor.
China is buying stakes in companies, and entire companies, in an effort to prepare for the tremendous demand in food and raw materials the country will experience in the near future.
Potash has said in the past that they've held talks with Sinochem, but it's hard to know if it's a negotiation tactic or serious overtures.
Either way, there can be no doubt China in general is very interested in Potash Corp., and Sinochem is one of the stronger companies they have to bid for them.
One problem is a bidding war could start, and it would depend on how serious BHP Billiton is in securing Potash and its assets as to how high they could go.
Massey (NYSE:MEE), Arch Coal (NYSE:ACI) Upgraded by HSBC (NYSE:HBC)
HSBC (NYSE:HBC) evidently believes the coal industry is beaten down, and upgraded Massey Energy Co. (NYSE:MEE) and Arch Coal (NYSE:ACI) Wednesday.
They upgraded Massey Energy from "Neutral" to "Overweight." The coal mining company has lost 47 percent of its share price since the explosion at the West Virginia mine.
Arch Coal also had a rating upgrade from “Neutral” to “Overweight” by HSBC, with a price target of $30 a share on the company.
Arch Coal closed at $23.99 Wednesday, gaining $1.49, or 6.65 percent a share. Massey ended the session at $30.77, an increase of $2.01, or 6.99 percent.
They upgraded Massey Energy from "Neutral" to "Overweight." The coal mining company has lost 47 percent of its share price since the explosion at the West Virginia mine.
Arch Coal also had a rating upgrade from “Neutral” to “Overweight” by HSBC, with a price target of $30 a share on the company.
Arch Coal closed at $23.99 Wednesday, gaining $1.49, or 6.65 percent a share. Massey ended the session at $30.77, an increase of $2.01, or 6.99 percent.
Monday, August 30, 2010
Goldman (NYSE:GS), Bank of America (NBSE:BAC), Morgan Stanley (NYSE:MS) Fighting for Managing Share Sale in India
Approximately 17 banks are vying for the job of managing the share sale of state-run Steel Authority of India Ltd., including Goldman Sachs(NYSE:GS), Bank of America (NBSE:BAC) and Morgan Stanley (NYSE:MS).
This is a continuation of the divestation of assets by the Indian government in order to raise capital to pay down its debt.
Presentations from the many banks will be made on August 31 and September 1, according to Steel Secretary Atul Chaturvedi.
Among the other notable banks competing for the job are Deutsche Bank AG (NYSE:DB), HSBC Holdings Plc (NYSE: HBC) and Nomura Holdings Inc. (NYSE:NMR).
Chaturvedi said he wants a minimum of five banks managing the share sale.
Short term there isn't much value for the bankers, as the fees collected are extremely small. They participate in hopes of winning more investment bank work in India.
The Indian government has a goal of raising $8.5 billion through the sale of assets for the year.
This is a continuation of the divestation of assets by the Indian government in order to raise capital to pay down its debt.
Presentations from the many banks will be made on August 31 and September 1, according to Steel Secretary Atul Chaturvedi.
Among the other notable banks competing for the job are Deutsche Bank AG (NYSE:DB), HSBC Holdings Plc (NYSE: HBC) and Nomura Holdings Inc. (NYSE:NMR).
Chaturvedi said he wants a minimum of five banks managing the share sale.
Short term there isn't much value for the bankers, as the fees collected are extremely small. They participate in hopes of winning more investment bank work in India.
The Indian government has a goal of raising $8.5 billion through the sale of assets for the year.
Thursday, August 26, 2010
HSBC (NYSE:HBC) Downgrades Trina Solar (NYSE:TSL)
Although some of the solar companies have given optimistic guidance after their recent quarterly reports, specifically in reference to growth, companies like Trina Solar (NYSE:TSL), and others, show there is a strong weakness in margins, and that will continue to weight down the solar sector, and consequently, HSBC (NYSE:HBC) downgraded them from "Overweight" to "Neutral."
The price target was also lowered from $31 to $27.
Even with the downgrade and lowering of the price target, it does give room for some growth for Trina.
It seems this is a response to the aggressive expansion guidance in light of pressured margins, which of course could crush earnings in the industry.
Almost all the major solar competitors said the same thing, seeming to indicate they're worried and concerned about the economic conditions, but are ignoring them and pushing forward, based on demand, according to the companies.
The result will almost assuredly be consolidation, as these companies aren't in position to expand in a low margin atmosphere, and some of them will be weakened going forward, preparing the way for some to be taken over.
The price target was also lowered from $31 to $27.
Even with the downgrade and lowering of the price target, it does give room for some growth for Trina.
It seems this is a response to the aggressive expansion guidance in light of pressured margins, which of course could crush earnings in the industry.
Almost all the major solar competitors said the same thing, seeming to indicate they're worried and concerned about the economic conditions, but are ignoring them and pushing forward, based on demand, according to the companies.
The result will almost assuredly be consolidation, as these companies aren't in position to expand in a low margin atmosphere, and some of them will be weakened going forward, preparing the way for some to be taken over.
Friday, July 30, 2010
HBSC (NYSE:HBC) Takes Lead on BP (NYSE:BP) Vietnam Asset Sale
BP (NYSE:BP) has hired HSBC Holdings Plc (NYSE:HBC) to help them sell their stake in the Nam Con Son natural-gas field in Vietnam. The value of the asset is close to $1.3 billion.
It's no secret BP is attempting to raise capital to fund existing and future liabilities connected to the Gulf oil spill, and they've very publicly let it be known the assets in Vietnam were available for acquisition.
Included in the Vietnam assets are a power station, pipeline and gas field.
BP recently upped the amount of assets they want to divest of to raise capital from about $10 billion to $30 billion. They garnered $7 billion of that recently with the sell of assets to Apache Corp (NYSE:APA), which included Egyptian and North American projects.
South American assets in Venezuela, Colombia and Argentina may be next on the block. Russia has already expressed some interest in the Venezuelan holdings.
Barclays Plc (NYSE:BCS) was recently hired to help sell the assets BP holds in Columbia.
India's giant exploration company, Oil & Natural Gas Corp., may team up with Vietnam Oil & Gas Group to acquire the Nam Con Son field. They already hold a 45 percent stake in the project.
It's no secret BP is attempting to raise capital to fund existing and future liabilities connected to the Gulf oil spill, and they've very publicly let it be known the assets in Vietnam were available for acquisition.
Included in the Vietnam assets are a power station, pipeline and gas field.
BP recently upped the amount of assets they want to divest of to raise capital from about $10 billion to $30 billion. They garnered $7 billion of that recently with the sell of assets to Apache Corp (NYSE:APA), which included Egyptian and North American projects.
South American assets in Venezuela, Colombia and Argentina may be next on the block. Russia has already expressed some interest in the Venezuelan holdings.
Barclays Plc (NYSE:BCS) was recently hired to help sell the assets BP holds in Columbia.
India's giant exploration company, Oil & Natural Gas Corp., may team up with Vietnam Oil & Gas Group to acquire the Nam Con Son field. They already hold a 45 percent stake in the project.
Tuesday, June 8, 2010
HSBC (NYSE:HBC) Upgrades Freeport-Mcmoran (NYSE:FCX)
HSBC (NYSE:HBC) upgraded Freeport-Mcmoran (NYSE:FCX) today from "Neutral" to "Overweight" while cutting their price target on the company from $85 to $80.
The mixed signals are from the uncertainties of the copper market which is highly dependent on demand from China, which is expected to drop as they attack the inflation in connection to their property market, which is a large user of copper.
Over the last 30 days or so, Freeport-Mcmoran has plunged in price by 22 percent, and 15 percent just over the last several days.
With Freeport trading at a forward price-to-earnings ratios of 7.25, it could be reaching a bottom and could be a time to buy, as some analysts believe the selloff in copper stocks has been overdone.
Even so, there is some caution to retain even at these levels, as some of the major Chinese cities experienced drops in property sales as high as 70 percent over the last month, and that has to cut deeply into copper demand.
The mixed signals are from the uncertainties of the copper market which is highly dependent on demand from China, which is expected to drop as they attack the inflation in connection to their property market, which is a large user of copper.
Over the last 30 days or so, Freeport-Mcmoran has plunged in price by 22 percent, and 15 percent just over the last several days.
With Freeport trading at a forward price-to-earnings ratios of 7.25, it could be reaching a bottom and could be a time to buy, as some analysts believe the selloff in copper stocks has been overdone.
Even so, there is some caution to retain even at these levels, as some of the major Chinese cities experienced drops in property sales as high as 70 percent over the last month, and that has to cut deeply into copper demand.
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