EmailThe materials sector is trading +2.2% versus the broader market is +1.2%.
In earnings: CMC +5.7%.
In broker news: IPI +5.9% (Intrepid Potash upgraded to Outperform at Credit
Agricole), TCK +5.2% (Teck Resources target lowered to $60 at RBC Capital Mkts
on reduced coal sales and increased coal cost guidance), IVN +3.5% (Ivanhoe Mines: RIO
exercises its remaining warrants in IVN, increasing stake to 46.5% from 42% -
Dahlman Rose), WY +2.6% (Weyerhaeuser initiated with Outperform at Keefe
Bruyette), MCP +1.3% (Molycorp: Dahlman Rose discusses convertible issuance;
lowers tgt to $120 from $125).
In sector news: CHOP +13.9% (China Gerui Provides update on share repurchase
program; as of 6/20, co has repurchased 780,273 ordinary shares at an average
price of $3.82 per share), LQMT +10.1% (Liquidmetal trading over 15% higher
today following speculation related to inclusion on the Apple (AAPL) iPhone),
GORO +8.1% (Gold Resource advances Oaxaca Mining unit with 2 new exploration
programs), TLR +8.0% (Timberline Resources commences 30,000-foot drill program
at South Eureka, Nevada).
XG +5.0% (Extorre Gold Mines enters bought deal private placement of 2.4 mln
shares at a price $10.50; Extorre Gold Mines reports increase in scope of Cerro
Moro Project and release date for economic study). SYT +3.8% (Syngenta sets out
path to expand global leadership; describes sales growth in second quarter 2011
as robust; sales of key crops expected to more than double to surpass $17 bln
post 2015), RTI +3.7% (RTI Intl Metals signs engine supply agreement).
RIO +2.8% (Altair Nanotechnologies announces additional extension of share
subscription agreement with Canon Investment Holdings), WY +2.7% (Weyerhaeuser
reports that American Industrial Partners signs agreement to acquire the co's
Northwest Hardwoods Business Unit), KBR +2.7% (KBR and Shell (RDS.A) unit form
new alliance in which KBR will market, sell and provide technology and design
packages with Shell Global Solutions on hydroprocessing solutions).
GRZ -4.2% (Gold Reserve announces notification of delisting from NYSE Amex),
SNOFF -41.5% (Altair Nanotechnologies announces additional extension of share
subscription agreement with Canon Investment Holdings; Sino-Forest: Fitch
downgraded last night the ratings of Sino-Forest to 'BB-'; on Rating Watch
Negative).
than one year.
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