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Rio Tinto Calls Aussie Mining Tax A Sovereign Risk
Sunday, May 23, 2010 - 10:20pm | 125Rio Tinto (NYSE: RTP), one of the three largest iron ore producers in the world, called Australia's proposed 40% tax increase on mining firms the company's top sovereign risk while adding that it is reviewing all of its Australian investments. Plans for the tax, which would not take effect until...
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Traders Take Profits in Rio Tinto Puts
Friday, May 21, 2010 - 10:45am | 122Shares of Rio Tinto PLC (NYSE: RTP) are off 4.41% on the session, currently trading $41.63. The stock has been falling sharply for the past two weeks, from a recent high of $62.50. Options traders are betting that the slide may be over in the name as they are selling out of their long put holdings...
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Materials and Miners Crushed (JOYG, BUCY, FCX, CENX)
Wednesday, May 19, 2010 - 11:42am | 117Materials and mining stocks are getting absolutely clobbered today as investors shun the risk trade and dump anything commodity related. Here are how some key names are faring in early trading: Joy Global (NASDAQ: JOYG) is down $3.29, or 6.63%, to $46.37. Bucyrus International (NASDAQ: BUCY) is...
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Metals Reverse Early Gains (X, AA, FCX)
Tuesday, May 18, 2010 - 4:00pm | 135Shares of economically-sensitive metals stocks have reversed early gains and are now sitting on sharp losses. Commodities were up this morning as the euro strengthened. However, the euro reversed gains quickly and now sits on a fresh four-year low against the dollar. U.S. Steel (NYSE: X), which was...
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Buyers Swarm Into Copper (FCX)
Tuesday, May 18, 2010 - 3:42pm | 178The action in COMEX Copper futures trading today was interesting to say the least. The theme of the day across most every asset class was de-risking, as investors continue to seek refuge from the crisis unfolding in the Euro zone. Just about every single risk asset has been hammered during today's...
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Puts Volume Grows in Sterlite (SLT)
Tuesday, May 18, 2010 - 1:27pm | 84Shares of Sterlite Industries (NYSE: SLT) are selling off by 2.61% today, currently trading $14.90. The stock has recently traded below the 50-day and 200-day moving averages, which is a bearish sign. The put/call ratio is running at 576x the norm today with the June $15 put purchased over 2,000...
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Could Australian Resource Tax Come to the US? (BHP, RTP, XOM)
Monday, May 17, 2010 - 2:34pm | 409The Australian government’s proposed 40% super profits tax has caused a considerable uproar among mining companies operating in that country. BHP Billiton (NYSE:BHP) has said it would use all its influence to defeat the tax. Rio Tinto plc (NYSE:RTP) and Xstrata have also complained loudly about the...
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Puts Rolled in Freeport (FCX)
Monday, May 17, 2010 - 2:27pm | 99Shares of FREEPORT-MCMORAN COPPER & GOLD (NYSE: FCX) are lower on the session by 4.10%, currently trading $66.86, and bears are continuing to target the name. I am detecting a bearish put roll in the name, where the May $60 puts were sold and the June $65 puts were purchased 10,000 times....
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8 Big US Companies With High E.U. Exposure (CCL, ERTS, FLSR, FLS, HAR, IFF, MIL, PM)
Monday, May 17, 2010 - 1:45pm | 409The Australian government’s proposed 40% super profits tax has caused a considerable uproar among mining companies operating in that country. BHP Billiton (NYSE:BHP) has said it would use all its influence to defeat the tax. Rio Tinto plc (NYSE:RTP) and Xstrata have also complained loudly about the...
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Tablet PCs vs. Tablet Devices (AAPL, HP, PALM, DELL, GOOG, RIMM, AMZN, MSFT)
Monday, May 17, 2010 - 1:40pm | 409The Australian government’s proposed 40% super profits tax has caused a considerable uproar among mining companies operating in that country. BHP Billiton (NYSE:BHP) has said it would use all its influence to defeat the tax. Rio Tinto plc (NYSE:RTP) and Xstrata have also complained loudly about the...
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Common Refrain (FCX, VIX)
Monday, May 17, 2010 - 12:35pm | 114Oil down, gold up, commodities down, volatility up. That's been the refrain on Wall Street for the last few weeks and nothing is different today. Oil is trading under $70 a barrel to its lowest level in three months. Gold is holding steady around $1,233 an ounce after surging past $1,245 last week...
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Fake Inflation, Real Deflation: Gold $1230 and Oil Under $70 (GLD, SGOL, GDX, USO, OIL, OIH)
Monday, May 17, 2010 - 12:21pm | 409The Australian government’s proposed 40% super profits tax has caused a considerable uproar among mining companies operating in that country. BHP Billiton (NYSE:BHP) has said it would use all its influence to defeat the tax. Rio Tinto plc (NYSE:RTP) and Xstrata have also complained loudly about the...
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Asian Stocks Fall (CAN, RTP)
Sunday, May 16, 2010 - 11:49pm | 107Asian stocks are coming under selling pressure Monday as concerns over European debt levels weigh on investors once again. Japan's Nikkei 225 average is down 2.0 percent with euro weakness pulling down exporters. Canon Inc. (NYSE: CAN), which receives 31 percent on its revenue fro europe fell 2.1...
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Watching SPX's 50-Day SMA 05-13-2010
Thursday, May 13, 2010 - 2:38pm | 797Cusick's Corner The latest weekly jobless claims were 444,000 while analysts were expecting 440,000 which was somewhat in-line with estimates. The market initially had a tepid response to the jobless news, traded relatively flat, but now drifting lower. I am keeping an eye on the SPX's 50-Day...
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Titanium Metals Breaks to New 52-Week High
Thursday, May 13, 2010 - 12:24pm | 110Shares of Titanium Metals Corp (NYSE: TIE) are moving higher by over 4.80% to $17.89 and hitting new 52-week highs along the way. Call options are also being bought in the name today with call volume currently running at 2.94x the daily average and 75% of all calls purchased being purchases on the...