CORDOBA, ARGENTINA--February 9, 2010--Researched by Industrial Info Resources (Sugar Land, Texas)--The construction of a $2.2 billion alumina refinery is to soon begin in the city of Barcarena in Para State, northern Brazil. The project is being developed through Companhia de Alumina do Para S.A. (CAP), a joint venture that is 61% owned by giant mining company Vale S. A. (NYSE:VALE) (Rio de Janeiro, Brazil), 20% by Norsk Hydro ASA (OSE:NHY) (Oslo, Norway) and 19% by Dubai Aluminium Company Limited (Dubai, United Arab Emirates).
BANGALORE, INDIA--April 24, 2009--Researched by Industrial Info Resources (Sugar Land, Texas)--State-owned Dubai Aluminium Company Limited (DUBAL) (Dubai, United Arab Emirates) plans to acquire a 19% stake in Companhia Alumina do Para (CAP), a subsidiary of mining company Companhia Vale do Rio Doce (NYSE:RIO) (Vale) (Rio de Janeiro, Brazil). The deal is expected to be finalized soon, provided that both parties agree upon certain conditions. Vale would hold a 61% stake in CAP, while Norway's Hydro Aluminium AS (Oslo), a subsidiary of Norsk Hydro ASA (OSE:NHY) (Oslo), will hold a stake of 20%.
According to Reuters, Vale S.A. (VALE) has signed an agreement with Hong Kong based Norsk Hydro ASA (NHY) to sell its aluminum business for $4.9 billion. According to the deal, Vale will receive $1.1 billion in cash and a 22% stake in Norsk Hydro, which is equivalent to $3.1 billion. Besides, $700 million is estimated ...
Recently, Norway-based energy firm StatoilHydro ASA (STO) gained a permit from the country’s top petroleum resources regulatory agency, the Norwegian Petroleum Directorate, to drill wellbore 25/2-17 in production license 442.
The company plans to drill “wildcat” wells (those drilled in an area where no current oil or gas production exists) on the license using semi-submersible facility [...]
StatoilHydro ASA (STO) is a Norway-based major international integrated oil and gas company. The company emerged in its present shape following the acquisition of Norsk Hydro’s (NHY) oil and gas business, which was completed on October 1, 2007.
We are maintaining our Hold recommendation on StatoilHydro ADRs following the company’s weak ...
Major indices closed this quarter here the details:
Nasdaq 0,9%
Dow Jones 0,2%
S&P 500 0,5%
Here The Weekly Movers:
GAINERS
HSW International, Inc.
(HSWI) AMREP Corporation
(AXR) Miramar Mining Corporation
(MNG) eLong, Inc.
(LONG) LJ International, Inc.
(JADE) U.S. Global Investors, Inc.
(GROW)
LOSERS
Norsk Hydro ASA
(NHY) Edge Petroleum Corp.
(EPEX) KMG Chemicals, Inc.
(KMGB) iBasis, Inc.
(IBAS) Tuesday Morning Corporation
(TUES) The PMI Group, Inc.
(PMI)
MOST NOTEWORTHY: General Motors, Green Mountain Coffee, Orexigen and Norsk Hydro were today's noteworthy upgrades:
Banc of America upgraded shares of General Motors Corporation (NYSE: GM) to Neutral from Sell as they believe the agreement with the United Auto Workers union offsets a worsening outlook for sales.
Piper Jaffray upgraded shares of Green Mountain Coffee Roasters (NASDAQ: GMCR) to Outperform from Market Perform after a meeting with management as they believe shares offer a compelling buying opportunity at current levels based on their 2009 estimates.
JMP Securities upgraded shares of Orexigen Therapeutics (NASDAQ: OREX) to Strong Buy from Market Outperform as they believe the company's lead product candidates, Empatic and Contrave, could become front-line therapies for obesity due to improved durability of efficacy, increased safety and tolerability, and lack of addiction.
Norsk Hydro (NYSE: NHY) was upgraded to Buy from Hold at Citigroup. The firm sees upside in the stock from the volume growth and further improvements in downstream operations.
OTHER UPGRADES:
Lehman upgraded Temple Inland (NYSE TIN) to Overweight from Equal Weight.
Ciena Corporation (NASDAQ: CIEN) was upgraded to Buy from Neutral at Merrill Lynch.
HSBC upgraded ENI SpA (NYSE: E) to Overweight from Neutral.
Nollenberger raised shares of Symyx Technologies (NASDAQ: SMMX) to Buy from Neutral.
The Economic Calendar is quiet in the early part of this week but there are important reports at the end of the week. The Earnings Calendar is as busy as it can get.
MOST NOTEWORTHY: Dominion Resources (D), Digene (DIGE) and Deutsche Bank (DB) were today's noteworthy downgrades:
BMO Capital downgraded shares of Dominion Resources Inc. (NYSE: D) to Market Perform from Outperform citing the sale proceeds for its onshore U.S. E&P properties that were below expectations.
Digene Corp. (NASDAQ: DIGE) was downgraded to Sell from Neutral at Ferris Baker Watts based on the acquisition by Qiagen (NASDAQ: QGEN). Digene was also downgraded at SummerStreet to Neutral from Buy, as the firm views the Qiagen's acquisition for $1.6B as reasonable.
Deutsche Bank (NYSE: DB) was downgraded to Underweight from Neutral at JP Morgan, as the firm sees better value in traditional credit-exposed banks.
OTHER DOWNGRADES:
Norsk Hydro (NYSE: NHY) and BP PLC (NYSE: BP) were downgraded to Hold from Buy at Citigroup.
Quiksilver Inc. (NYSE: ZQK) was downgraded to Neutral from Outperform at Robert W Baird due to valuation.
Banc of America downgraded shares of SunTrust Banks Inc. (NYSE: STI) to Neutral from Buy on valuation as they believe further sales of Coke may not be very accretive to EPS.
LifePoint Hospitals Inc. (NASDAQ: LPNT) was downgraded to Hold from Buy at Jefferies based on valuation.
Clear Channel Outdoors Holdings Inc. (NYSE: CCO) was downgraded to Hold from Buy at DBAB on valuation.
Matrix USA downgraded shares of Apollo Group Inc. (NASDAQ: APOL) to Hold from Buy to reflect rising costs and lower enrollment rates.
Matrix also downgraded True Religion Apparel Inc. (NASDAQ: TRLG) to Hold from Buy on valuation.
Norsk Hydro ASA (NYSE: NHY) announced yesterday that it acquired 1.6 million shares of the common stock of Ascent Solar Technologies Inc. (NASDAQ: ASTI) in a private placement. The shares purchased...
If you are a business podcaster looking for more listeners, you've come to the right place. Update your RSS feeds using our specs and effectively syndicate your podcasts to AOL, ABC, CBS, Fox, MNG, Hearst and other leading media outlets. For more information, please email us at info@streetiq.com.
Are you creating a special series or covering an event? Submit links to your podcasts and photos along with captions and shownotes to buzz@streetiq.com.
.gif){kind=logo}
