Mines Management was among the major gainers, up 38%. The company has been carrying on its exploration activities, with its corporate development team seeking additional resource opportunities in the North and South Americas. Hecla Mining up 29.7%, joined the advancers' list. The stock is offering attractive returns to investors due to the run-up in metals stocks. Base metals and precious metals have been rallying on the weaker dollar index and the Fed's recent quantitative easing package, reigniting confidence in the U.S. economy.
Coeur d'Alene Mines gained 20% last week after it reaffirmed its full year 2010 production guidance, estimating a 135% increase in gold production to about 170,000 ounces.
Coal producers stocks advanced on the strong global demand for steel-making coal and renewed merger talks in the industry. Alpha Natural Resources (ANR) and Massey Energy (MEE), together accounting for almost a third of domestic metallurgical production, are negotiating an acquisition deal, Bloomberg reports. Recently, Alpha made a takeover offer for Massey.Massey Energy increased 11.1%, as demand for metallurgical coal has been weakening in the U.S. and some parts of Europe, leading to a situation where supplies fall short of demand and pushing the prices higher. Peabody Energy (BTU) accumulated 9.3% after it became known that Peabody and Alpha Natural Resources are seeking to buy Australia-based Whitehaven Coal through a formal bidding process, Bloomberg reports. The company, which is valued at $3.6 billion, is also attracting other potential bidders such as China Shenhua Energy and Yanzhou Coal Mining (YZC). With coal prices on a roll, coal stock Patriot Coal (PCX) escalated 17.3% during the past one week. Despite reporting a net loss during the third quarter, Patriot Coal operates in a strong coal market. Looking ahead to the fourth quarter, the company estimates sales volume in the range of 8 to 8.4 million tons. Meanwhile, North American Palladium (PAL) and Platinum Group Metals (PLG) advanced 17.9% and 20%, respectively. There were no losers among the metals and mining stocks past week as gains in the metals complex pushed stocks higher.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV