Commodities - The Coming Bull Market Message Board

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Strategies & Market Trends : Commodities - The Coming Bull Market

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To: Frank Pembleton who wrote (258)	6/15/2001 3:02:52 PM
From: craig crawford	Read Replies (1) of 1643

Thursday June 14, 12:00 pm Eastern Time RESEARCH ALERT-Goldman narrows Phelps Dodge 2001 loss view NEW YORK, June 14 (Reuters) - Goldman Sachs on Thursday said it had narrowed its 2001 loss estimate for Phelps Dodge Corp. (NYSE:PD - news) to 25 cents a share from 52 cents due to potential production cuts by the world's No. 2 copper producer because of low copper prices and weakening demand. Analysts Alberto Arias and Don Newman said in a research note that Phelps Dodge may be forced to curtail up to 120,000 tonnes of copper production from its high-cost Tyrone and Chino mines in New Mexico before the end of July. The analysts said this ``should have a positive impact on the copper market and on Phelps Dodge's investment fundamentals.'' However, they said they maintained their market performer rating on Phelps Dodge shares due to high debt levels and high power prices that are hurting the company's costs at its U.S. Southwest operations. Shares of Phelps Dodge, which said on Tuesday it would cut about 80 jobs, or 15 percent of its work force at its Tyrone facility, closed at $42.80 on Wednesday on the New York Stock Exchange, off a 52-week high of $57.

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