From Staff Reports Just what motivated Alcoa Inc (AA) to dump its stake in China's biggest aluminum company this week is not clear, but the $1.8 billion cash infusion should appease suffering stockholders while giving the aluminum giant maneuvering room. It’s only been a few months since Alcoa's hostile attempt to buy Canadian rival Alcan […]
Archives for September 2007
September 2007 - Page 8 of 12 - Money Morning - Only the News You Can Profit From
Cotton Futures Set to Jump 66% on Rising Incomes in Asia, Global Shortages
By MoneyWeek Magazine Cotton is becoming an increasingly hot commodity. Global demand is expected to exceed supply by 1.6 million tons this year, the biggest shortfall in five years. Moreover, prices for cotton futures are set to jump 66%, from 60 cents to $1 a pound, according to Roland Jansen of the Mother Earth Fund. […]
Harley Davidson Takes A Spill
From Staff Reports Harley Davidson Inc. stock (NYSE: HOG) has taken a hard spill after announcing it expects earnings to fall this year. "Our U.S. dealers' retail sales have fallen sharply during August," said Harley Chief Executive Officer Jim Ziemer. "Against the current economic background, we no longer expect worldwide dealer retail sales to increase […]
Greenspan 'Didn't Really Get' Mortgage Boom
From Staff Reports Just a week after he said that market bubbles were human nature, former U.S. Federal Reserve Chairman Alan Greenspan now says that he didn't really get" how the boom in subprime lending might hurt the economy, according to CBS Television and Bloomberg News. Greenspan also endorsed how his successor – current Fed […]
Euro Debt Market Faces 'Pivotal' Test With $140 Billion Maturing
From Staff Reports Companies in Europe face a situation in which they need to refinance nearly $140 billion worth of commercial by the end of next week, according to Deutsche Bank AG, Germany's biggest bank. This will increase corporate borrowing costs. According to Bloomberg News, Deutsche Bank Credit Strategist Jim Reid wrote in a research […]
World Bank Suggests Investor-Friendly Changes to Stabilize Chinas Rocketing Economy
By Mike Caggeso Staff Writer A slew of cold-hard statistics came out of China yesterday (Wednesday), reinforcing the nation's need to manage growth, interest rates and inflation. The World Bank's quarterly report said China's GDP is expected to grow a staggering 11.3% in 2007 and around 11% in 2008. Its CPI index (the bellwether for […]
The $900 Million 'Mystery Trade'
By Keith Fitz-Gerald Contributing Editor I wrote to you recently about an unusual series of S&P 500 Index (SPY) options trades worth $900 million or more – give or take a few zeros. In fact, as it turned out, we were one of the first – if not the actual first – mainstream news organizations […]
Rio Tinto Antes up $350 Million for Ivanhoe's Mongolia Mining Deal
From Staff Reports Global mining giant Rio Tinto PLC. (RTP) Â has agreed to provide a credit facility of up to $350 million to Ivanhoe Mines Ltd. (IVN), its partner in Mongolia's Oyu Tolgoi copper-gold project. The credit agreement is part of an interim-funding deal to keep mining project-development work moving, and will also lead to […]
Alcoa Sells Chalco Stake for $2 Billion
From Staff Reports Alcoa Inc. (AA ), the biggest U.S.-based aluminum producer, has sold its nearly 7% stake in China's largest aluminum maker for $2 billion. The Pittsburgh-based Alcoa sold its interest in Aluminum Corporation of China Ltd., also known as Chalco (ACH ), for the equivalent of $2.23 a share, a 15% discount to […]
U.S. Global Investors to Focus on Global Infrastructure Investment Opportunities
From Staff Reports In a move that underscores the profit potential of global infrastructure projects, mutual-fund manager U.S. Global Investors Inc. (GROW) has installed a new global strategist who will focus exclusively on these opportunities. U.S. Global Investors – a stock that's favored by several of Money Morning's analysts – said this week that it […]