Friday, March 7, 2014

It Doesn't Matter What They Mine: "The Miner Massacre...."

From Barron's Stocks to Watch Today:
The market is playing whack-a-mole with miners of all stripes today. There are the coal miners, with Alpha Natural Resources (ANR) and Peabody Energy (BTU) getting smacked. There are the base-metal miners like Freeport-McMoRan Copper & Gold (FCX), which have been hammered. And even gold miners like Newmont Mining (NEM) and Agnico-Eagle Mines (AEM) are down hard.

Sterne Agee’s Michael Dudas and Satyadeep Jain explain why:
Broadly, metals and mining shares down 3%-4% while met focused names pressured 7-9%. While this morning’s release of the February employment report has generated possible marginal confidence in a more hawkish Fed, and a dollar bounce, recent Chinese credit market concerns caused industrial commodity spot prices in copper, met coal and iron ore to retreat around 5%....MORE