This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Metals and Mining: Shining Past Week

NEW YORK ( TheStreet) -- Shares of coal stocks Alpha Natural Resources (ANR - Get Report), Cliffs Natural Resources (CLF) and Patriot Coal (PCX) ticked up higher to accumulate significant gains this past week. Yanzhou Coal Mining (YZC), Mines Management (MGN - Get Report) and Gold Fields (GFI - Get Report) were among the losers.

Alpha Natural Resources gained 15% last week after the company's board of directors approved a share repurchase program to buyback almost $600 million of its outstanding common stock. The company's chief executive said that this repurchase affirms a long-standing commitment to maximizing shareholder value.

Cliffs Natural Resources was up 13.2% after iron ore prices peaked to three-month highs. Cliffs, being the largest iron ore producer in North America, derives 62% of its revenue from the North American iron ore segment. Last week, iron ore prices hit three-month highs to reach above $180 per ton amid strong demand from China and fears of supply outages. Meanwhile, Patriot Coal accumulated 12.5%.

Harmony Gold Mining (HMY - Get Report) gained 10.9% after it announced positive 2012 production guidance. The company expects its output for 2012 between 1.45 million and 1.55 million ounces from almost 1.3 million ounces in 2011. Also, Harmony sees capital expenditure for the next financial year increasing by 16% to $505 million.

Silver producers Endeavour Silver (EXK) and Coeur d'Alene Mines (CDE) rose 10.7% and 9.8%, respectively. Steel major AK Steel Holding (AKS) moved up 10.1%.

Peabody Energy (BTU) surged 9.8% after Japan's Fair Trade Commission approved the joint Peabody Energy-ArcelorMittal bid for Macarthur Coal for an aggregate value of $5.02 billion. Meanwhile, a similar approval is being sought from China's Ministry of Commerce. ArcelorMittal (MT) gained 3.2% last week.

Carpenter Technology (CRS) increased 9.3%. On Aug. 26, the company went ex-dividend with shareholders being eligible for a dividend of 18 cents per share. Horsehead Holding (ZINC) rose 9.3%.

Nucor (NUE) soared 9% after Morgan Stanley recommended the stock as a defensive play with considerable upside in the steel sector. Morgan Stanley has raised the stock's rating to overweight from equal weight saying NUE's variable and low-cost structure, more solid balance sheet and high-dividend yield would limit its downside risk even in volatile trading. Arch Coal (ACI) piled 9%.

Teck Resources (TCK) increased 8%. Toronto-based DBRS Limited has upgraded Teck's credit rating upwards to BBB with a stable trend from BBB (low) citing improved financial position, reflecting decreased debt.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
ANR $0.82 -1.97%
CNR $0.94 -4.06%
GFI $4.32 5.37%
HMY $1.97 3.68%
MGN $0.54 1.58%

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs