Shares Of Metals Manufacturers Up On Price Rises

HARTFORD, Conn. (AP) — Shares of three metals manufacturers and a mining company jumped Tuesday as an analyst said he expects stronger third-quarter results on rising prices.

In a client note, Credit Suisse analyst David Gagliano changed his estimate for Alcoa Inc. to a loss of 10 cents per share from his previous estimated loss of 20 cents per share.

And he adjusted his estimate for Century Aluminum Co. to a loss of 30 cents per share from a loss of 55 cents per share.

Gagliano also raised his profit estimate for Freeport-McMoRan Copper & Gold to $1.75 per share from 57 cents per share.

And he raised his estimate for Newmont Mining to 67 cents per share from 56 cents per share.

Analysts surveyed by Thomson Reuters expect, on average, a loss of 10 cents per share for Alcoa and 23 cents per share for Century Aluminum. Analysts expect Freeport-McMoRan to earn $1.02 per share and estimate that Newmont Mining will earn 55 cents per share.