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Strategies & Market Trends : Commodities - The Coming Bull Market -- Ignore unavailable to you. Want to Upgrade?

To: KatayamaGorobei who wrote (31)	6/1/2001 10:30:53 AM
From: craig crawford	Respond to of 1643

Thursday May 31, 10:02 am Eastern Time Press Release SOURCE: Friedman, Billings, Ramsey & Co., Inc. FBR Initiates Coverage on Arch Coal, Inc. biz.yahoo.com ARLINGTON, Va., May 31 /PRNewswire/ -- Friedman, Billings, Ramsey & Co., Inc., a subsidiary of Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR - news), today initiated coverage on Arch Coal, Inc. (NYSE: ACI - news) with a ``Buy'' rating and an 18-month price target of $57 per share. In the 34-page report, Senior Energy Analyst David Khani, CFA, identified Arch Coal as the second-largest coal mining company in the United States, and said the company is well-positioned to benefit from higher spot coal prices over the next three years as fixed contracts expire or get marked-to-market. Arch Coal is a dominant supplier of low-sulfur coal, the demand for which has grown with the implementation of Phase II of the Clean Air Act in January 2000. Mr. Khani said he expects coal demand could jump from 1 percent to 5 percent per year between 2001-2005.

To: KatayamaGorobei who wrote (31)	6/1/2001 10:43:17 AM
From: craig crawford	Respond to of 1643

I don't know much about IBP, but we have to be careful though and look for companies that actually produce food, as opposed to companies that process food and buy from producers. If they have to buy on the open markets rising prices could hurt their earnings. Interesting part of the puzzle and worth watching though as this company is showing from it's guidance that demand for meat products is high. I found this interesting: In July 1996, Callicrate joined a handful of cattlemen in suing the nation's largest meatpacker, alleging that IBP Inc. (NYSE:IBP - news) illegally cornered the beef market and conspired to fix prices. That suit has languished in the Alabama courts. Tyson Senior Chairman Don Tyson twice told IBP President Richard Bond in March that he was concerned about the combined companies' ability to meet earnings targets and fulfill debt obligations post-merger since both Tyson's staple chicken operation and IBP's cattle business were slowing, Bond said. Those conversations came before the Dakota Dunes, South Dakota-based IBP was forced to restate nearly two years worth of earnings, primarily to reflect accounting irregularities at its DFG unit, which it acquired in 1998, Bond said.