Freeport McMoran (FCX), the largest publicly traded copper company, reported 1st quarter earnings this morning before the open. The numbers were good: revenues up 24%, operating income up 62% and net income up 81%. That’s no surprise as copper prices…
$107
The only sectors that have really performed well since the Jan 22-23 lows are energy and basic materials. Along the same lines, Brazil, an economy and stock market dominated by commodity producers (national oil company Petrobas and miner Compania Vale…
Today is one of those days where the market is higher but nobody seems to know why. So I did a little detective work. The first thing is that it’s only two groups that are really up big: basic materials…
“The stats are very bullish.” – Tony Rosado (subscription required), IAG Energy Brokers Oil closed today at an all time high around $80 a barrel. Despite OPEC deciding to raise production by 500,000 barrels a day yesterday, oil still managed…
On Monday we had a mid afternoon swoon as the impetus from the Fed move began to wear off. But markets recovered on news of a Tuesday morning meeting between Bernanke, Treasury Secretary Paulson and Senate Banking Committee Chairman Christopher Dodd….
When I opened up The Wall Street Journal first thing this morning I could hardly believe my eyes. The front page announced two monster deals: Private equity firm Blackstone’s acquisition of Equity Office Properties (NYSE: EOP) (subscription required), the #1 office…
Driven by torrid growth in China base metals have experienced a phenomenal bull market the last few years. Copper has gone from around 75 cents/lb. three years ago to more than $3.50/lb. today. Nickel has gone from around $2/lb. towards…