Rio Tinto said it was on track to produce 295 million tons of the steel-making material in 2014, up from 266 million last year.» Read More
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Global miner Rio Tinto first-half profit fell 6%, hurt by higher costs and unfavorable exchange rates despite selling its copper, iron ore, and other industrial commodities at sharply higher prices.
Stocks ended sharply lower on several disappointing earnings reports and concerns about the housing industry. "The housing story has gone from bad to worse. It's pretty clear that the subprime market is not as well contained as a lot of people had been thinking," said David Rosenberg, North American economist at Merrill Lynch.
BHP Billiton, the world's top miner, reported a series of annual production records on Tuesday, highlighted by a 17% jump in fourth-quarter copper output.
Miner BHP Billiton will not launch a $45 billion bid for U.S. aluminum giant Alcoa, The Australian newspaper reported on Friday, citing unnamed sources.
Stronger than expected earnings from IBM helped to push the Dow Jones Industrial Average to a record close above 14,000 for the first time - just two days after the Dow broke above that level on an intraday basis. The S&P 500 also closed at a record high.
One area of trading that has seen explosive growth this year is the options market. Year over year trading volume in June jumped over 30% and is up 25% for the first half of the year, according to the Options Industry Council.
A newspaper in Australia is reporting that BHP Billiton is not interested in acquiring U.S. Aluminum company Alcoa.
Speculation in London newspapers over the weekend about a potential $50 billion offer on the way for Alcoa from BHP Billiton is among the largest of possible deals for traders to focus on today.
Merger news and corporate announcements were some of the catalysts behind the most actively traded stocks on Thursday.
Rio Tinto's offer has the support of the Canadian aluminum producer's board and trumps a hostile offer from U.S. aluminum giant Alcoa. The offer is "compelling" and in keeping with Rio Tinto's strategy of focusing on high-quality assets, Rio Tinto Finance Director Guy Elliott told "Worldwide Exchange."
Holders of Alcan call options are happy today, especially those who picked up "out-of-the-money" Alcan calls.
Private equity corporate raiders who have so far sidestepped the mining sector despite widespread consolidation, could soon reset their sights, global accounting and consulting firm Ernst & Young said on Wednesday.
Stocks closed with losses of more than 1% after investors were spooked by earnings warnings from two major retailers amid persistent concerns regarding the housing market and subprime mortgages. "Home Depot's cautious comments set the negative tone," said Dan McMahon, head of listed trading at CIBC World Markets.
Those who bought Alcoa July call options on Monday managed to catch a break in spite of lackluster quarterly results. Late Monday the aluminum maker posted revenue figures below analysts' estimates -- the very type of news that can hammer a company's shares and evaporate the value of call options.
BHP Billiton, the world's biggest miner, is in talks with private equity firms to team up for a possible $40 billion bid for U.S. aluminum company Alcoa, London's Times newspaper said on Tuesday.
Alcan the big Canadian aluminum maker, said Friday that a $28.6-billion hostile takeover offer from Alcoa remains inadequate, and that it is pursuing alternatives such as talks with other groups.
Alcoa says it could raise its hostile $28.6 billion offer for Alcan if warranted, but the Canadian aluminum maker has rebuffed requests for talks, a regulatory filing showed on Tuesday.
Alcan has rebuffed requests by Alcoa for a meeting to discuss Alcoa's hostile $28.6 billion offer for the Canadian aluminum producer, a regulatory filing showed on Tuesday.
Earnings news and clinical trial data were some of the catalysts behind the most actively traded stocks on Monday.