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Daily Highlights: Sept 24, 2009

Thu, 24 Sep 2009 13:05:03 GMT

Crude Oil drops nearer to $68 after unexpected US supply gain.EU raids cement makers, Holcim & Cemex in Spain, as part of a price-fixing probe.Euro falls from one-year high versus Dollar before meeting of G-20 leaders.European Commission proposed new bloc-wide regulatory bodies to supervise banks.Fed highlighted signs of recovery as it left rates steady.[More...]

Seeds Of A Recovery?

Fri, 01 May 2009 19:42:46 GMT

The initial first-quarter GDP reported was greeted with a great amount of fanfare, despite a terrible headline number. Though the economy contracted at a 6.1% pace - marking the first time we have booked back to back quarters of down 6% or more since the end of WWII - some of the details in the report showed reasons for optimism. As an investor, I realize that you are less concerned with the details that economists seemingly over-analyze and more concerned with what the report means to your portfolio. So, today, I'm going to show you where some of the investment opportunities and risks lie in the current environment. Consumers Opened Their Wallets The biggest positive surprise in the report was that Personal Consumption Expenditures ("PCE") actually contributed 1.50 points to[More...]

Latin American Markets

Fri, 09 Jan 2009 12:45:00 GMT

Latin America is widely regarded as a growth play in the equity markets. The explanation for this view is that the region is a commodity producer -- agricultural goods in Brazil and Argentina, metals in Brazil, Chile and Peru, oil in Venezuela and Ecuador, natural gas in Bolivia, etc. In general, that's a fair vision. However it must be better understood. Not all commodities are the same, and not all countries have the same economic policy or the same stage of development It is well known that there is a high correlation between economic growth and commodities prices. In the past few years, this correlation has increased since the main source of growth was the emerging economies, in which economic growth is more intensive in commodities. For the future, we expect this correlation to increase even more, as emerging economies will keep on leading the growth and developed economies, particularly the U.S., will rely a lot on government investments in[More...]

Cemex: Solid Play On Infrastructure

Tue, 23 Dec 2008 13:47:00 GMT

"I think we have bottomed in some sectors, including commodities and materials," explains Glenn Rogers. In Internet Wealth Builder, he says, "President-elect Obama will pour hundreds of billions into projects. The Chinese and the Europeans have also committed huge amounts to infrastructure." To play this trend, he looks at [More...]

From Eisenhower To Obama… The Firms Poised To Cash In On The New U.S. Infrastructure Revolution

Tue, 09 Dec 2008 21:51:00 GMT

Tuesday, December 9, 2008: Issue: #581 by Martin Denholm, Managing Editor, The Smart Profits Report Pack your bags, folks - “There’s no more Wall Street.” That’s the damning verdict from Alan Greenberg, former CEO of Bear Stearns. Speaking on Bloomberg’s “Money and Politics” show on Monday, Greenberg declared that the existing Wall Street investment banking model is dead. I’m not sure about death, but the broader U.S. economy is like a 2:00 AM drunk, continuing to stumble towards the end of a mind-altering 2008, with little long-term relief in sight. Will it ever find its way home again? One of President-elect Barack Obama’s most ambitious and large-scale plans quite literally seeks to dig America out of this mess - and here’s how you can profit, too. But you’d better act fast - some of Wall Street’s[More...]

When The U.S. Sneezes, The Rest Of The World...

Sat, 25 Oct 2008 18:07:00 GMT

One of the most jaw-dropping news items I saw this week was the announcement by Volvo, the world's second largest truckmaker, that it had "won just 115 European orders in the third quarter, down from 41,970 a year earlier," according to a Bloomberg report, "Volvo, Scania Miss Profit Estimates, Cut Truck Output." In my mind, that extraordinary 99.7 percent drop makes a clear statement about the suddenly precarious state of the global economy. Indeed, a report in today's Wall Street Journal, "Fresh Tumult as Signs of Recession Go[More...]

Brazil Investments Relying on China, U.S. - Zacks Analyst Interviews

Fri, 24 Oct 2008 16:18:00 GMT

In today's Zacks Analyst Interview, Mark Vickery speaks with Claudio Freitas, CFA about the following ADRs: Companhia Energetica de Minas Gerais - CEMIG (CIG), Companhia Paranaense de Energia - COPEL (ELP), Tele Norte Leste Participacoes SA ? Telemar (TNE), Brasil Telecom Participacoes SA (BRP), Petroleo Brasileiro SA ? Petrobras (PBR), Companhia Vale do Rio Doce (RIO), Cemex SAB de CV[More...]

CEMEX Weak Results Continue - Analyst Blog

Mon, 20 Oct 2008 16:41:00 GMT

CEMEX (CX) is a leading global producer of cement and ready-mix products, with operations concentrated in major cement markets of four continents. CEMEX serves clients ranging from individual homebuilders to large industrial contractors. We are keeping our Sell rating on CEMEX. The company posted weak results in the third quarter of 2008 together with a 74% year-over-year decline in net income. The continued weak cement volumes in Spain and U.S. are problematic. The short-term outlook for the company remains highly uncertain based on the downtrend in the residential, industrial/commercial sector and the infrastructure sector as well due to the fall in the real estate prices throughout the world. Moreover, the current credit crunch and the recession in U.S. is a matter of huge concern. We believe that the government takeover of the[More...]

Analyst Comments: Sanmina-SCI, CEMEX, Aladdin, Credit Suisse, Ford

Mon, 28 Jul 2008 21:55:00 GMT

Sanmina-SCI Corporation (SANM) provides end-to-end electronic manufacturing services (EMS) including product design, engineering, testing, volume production of systems, components, and subassemblies, as well as after-market services and support. The company has shown some growth in its core EMS segment and has a reduced cost structure. But it is currently struggling with industry-wide weakness. After exiting its PC business, Sanmina will focus on its core business and margin improvement. Sanmina-SCI Corporation's shares are currently trading at 11.5x our 2008 EPS estimate of $0.14. On a P/S multiple, the stock is trading at 0.1x our 2008 revenue/share estimate of $15.26. This P/E multiple is below the industry averages, but in line with some of its closest peers. Sanmina targets operating margin of 4% with a double digit gross margin growth.[More...]

Sunday Thoughts for July 20th 2008

Mon, 21 Jul 2008 06:44:00 GMT

Working on tonight’s commentary. Check back later tonight.[More...]

Waste is OK, but Don't Burn Bunnies

Sat, 17 Oct 2009 11:47:00 GMT

Oct. 17--THERE ARE GREEN energy ideas that make good sense, and then there are green energy concepts that make you turn green.
Problem is that AdBlue, which is stored in a 4-gallon tank to supplement diesel fuel, costs about $32 a gallon.
The problem with that is, you'd end up having to pay four bucks to use the restroom.

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EPA Sues Cemex for Allegedly Polluting Boulder County, Colo.

Wed, 07 Jan 2009 17:53:00 GMT

Jan. 7--A Lyons cement plant failed to install the best pollution controls while tainting Boulder County's air for possibly more than a decade, according to a lawsuit filed Tuesday by the U.S. Environmental Protection Agency.
In the action filed in U.S. District Court in Denver, the EPA alleges that Cemex Inc., which produces Portland cement at its Lyons facility, committed several federal violations since early 1997 after it made plant modifications to improve production.
The EPA says those improvements led to violations of the Clean Air Act, and it's asking the court to assess civil penalties that could reach into the billions of dollars.

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Detroit 3 Put Focus on Fuel Efficiency: Even a Slim Advantage is Touted in Campaigns

Wed, 08 Oct 2008 14:56:00 GMT

Oct. 8--Domestic automakers have retooled their marketing messages and are taking aim, when possible, at Honda and Toyota, in an attempt to change public perceptions of the Detroit Three as inefficient when it comes to gas mileage.
In response, automakers are slashing advertising budgets and infusing their remaining commercials with fuel economy messages whenever they can find an advantage over competitors, even if that advantage is razor-thin.
For much of the summer, General Motors Corp. was running an advertisement as part of its "Truth" campaign saying GMC Acadia gets an "EPA estimated 24 highway MPG. That's better than a Honda Pilot.

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Movers: WaMu, Lehman, AIG, GM, Chipotle, Cemex

Mon, 15 Sep 2008 14:51:00 GMT

Washington Mutual (WM) shares rise 0.10 to 2.93 after American Banker reports JPMorgan (JPM) is in advanced discussions to buy WM, sources said.
Net interest income is expected to be in line with the second quarter.
Lehman Brothers (LEH) shares fall 0.49 to 3.73 as S&P Ratings Services says its ratings on Lehman and all related entities remain on CreditWatch, but revises CreditWatch listing to developing from negative.

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EPA Fines Dixon Cement Plant

Wed, 10 Sep 2008 22:49:00 GMT

Sep. 10--DIXON -- The same day St. Marys Cement officials told employees the plant would soon stop production, leaving 90 workers jobless, the company agreed to pay an $800,000 fine for violating federal clean air standards.
The Justice Department and the Environmental Protection Agency said in a news release Monday that the plant, which produces Portland cement, was in violation of the Federal Clean Air Act.
That's 5 months after the plant will close, according to St. Marys' officials, who said Monday afternoon that the plant was "temporarily" shutting down in December because of the poor economy.

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CEMENT: The Nationwide Housing Slowdown and Higher Energy Prices Have Dealt a One-Two Punch to Houston Concrete Companies

Tue, 19 Aug 2008 17:55:00 GMT

Aug. 19--Just a few years ago, companies were importing cement to keep up with demand, and drivers couldn't get trucks to construction sites fast enough.
Now, a housing slowdown and high fuel prices are hurting Houston concrete companies with a national reach.
Housing starts nationwide in 2008 are expected to be 36 percent lower than last year, marking the third year of declines, according to Skokie, Ill.-based Portland Cement Association.

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CEMENT: The Nationwide Housing Slowdown and Higher Energy Prices Have Dealt a One-Two Punch to Houston Concrete Companies

Tue, 19 Aug 2008 09:48:00 GMT

Aug. 19--Just a few years ago, companies were importing cement to keep up with demand, and drivers couldn't get trucks to construction sites fast enough.
Now, a housing slowdown and high fuel prices are hurting Houston concrete companies with a national reach.
Housing starts nationwide in 2008 are expected to be 36 percent lower than last year, marking the third year of declines, according to Skokie, Ill.-based Portland Cement Association.

[More...]

CEMEX Reports Third Quarter 2009 Results

Tue, 27 Oct 2009 23:47:00 GMT

CEMEX, S.A.B. de C.V. (NYSE: CX), announced today that consolidated net sales in the three months that ended on September 30, 2009, decreased to US$4.2 billion versus US$5.8 billion in the comparable period in 2008, representing a decrease of 27%, or a decrease of 19% when adjusting for the exclusion of our Venezuelan operations, the sale of our assets in the Canary Islands, and currency fluctuations.
EBITDA, on a sequential basis, declined 1% in the third quarter of 2009 compared to the second quarter of 2009.
CEMEX's Consolidated Third Quarter Financial and Operational Highlights

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CEMEX Announces Resolutions of Extraordinary General Shareholders Meeting

Fri, 04 Sep 2009 17:48:00 GMT

The approved resolutions are as follows:
An increase in the variable portion of the capital stock of up to 4.8 billion shares (equivalent to 1.6 billion CPOs or 160 million ADSs).
The subscription and payment of the new shares represented by CPOs may be done indistinctively through a public offer or through the issuance of convertible bonds.

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CEMEX Announces Extraordinary General Shareholders Meeting

Fri, 14 Aug 2009 22:47:00 GMT

CEMEX, S.A.B. de C.V. (NYSE: CX) announced today that its Board of
I. Resolution regarding a proposal of the Board of Directors to increase the variable portion of the capital stock, and to issue bonds convertible into shares; for which purpose a proposal will be made to issue up to 4.8 billion unsubscribed shares (equivalent to 1.6 billion CPOs or 160 million ADSs), to be initially held in the company's treasury and subsequently subscribed by the investing public through a public offer, in accordance with article 53 of the Securities Market Law or, if applicable, to effect the conversion of bonds issued pursuant to article 210 Bis of the Negotiable Instruments and Credit Transactions Law; preemptive subscription rights shall not be available in either case.
The shares representing the increase in the capital stock will be represented by ordinary participation certificates ("CEMEX.CPO"), each CPO representing three ordinary shares.

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CEMEX Announces Completion of Comprehensive Refinancing

Fri, 14 Aug 2009 14:48:00 GMT

CEMEX, S.A.B. de C.V. (NYSE: CX) announced today that it has completed its previously announced refinancing of the majority of the Company's outstanding debt.
The refinancing plan extends the maturities of approximately US$15 billion in syndicated and bilateral obligations with approximately 75 banks and private placement noteholders, providing for a semi-annual amortization schedule, with a final maturity of February 14, 2014.
Key components of the refinancing plan include:

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CEMEX Continues to Make Progress on Its Refinancing Plan

Mon, 10 Aug 2009 22:18:00 GMT

CEMEX, S.A.B. de C.V. (NYSE: CX) informed regarding its refinancing process that, as of today, creditors representing 100 percent of the debt that is proposed to be refinanced, have given indication that they will support the refinancing plan.[More...]

CEMEX Reports Second Quarter 2009 Results

Tue, 28 Jul 2009 22:58:00 GMT

CEMEX, S.A.B. de C.V. (NYSE: CX), announced today that consolidated net sales decreased to US$4.2 billion versus US$6.3 billion in the comparable period in 2008, representing a decrease of 34%, or a decrease of 20% when adjusting for the exclusion of our Venezuelan operations, the sale of our assets in the Canary Islands, and currency fluctuations. EBITDA decreased 41% in the second quarter of 2009 to US$812 million from US$1.4 billion in the same period of 2008, or 27% when adjusting for divestments and currency fluctuations.[More...]

Finacity Announces a 2-Year MXN 2.2 Billion Trade Receivable Securitization Facility for CEMEX, S.A.B. de C.V. Mexican Subsidiaries

Fri, 17 Jul 2009 01:26:00 GMT

NEW YORK, NY -- -- 07/16/09 -- Finacity Corporation announced today that as Arranger it has successfully facilitated the execution of a 'AAA.mx'-rated, CNBV-registered MXN 2,200,000,000 trade receivables securitization facility for a trust that has acquired CEMEX Mexico and CEMEX Concretos receivables on a non recourse basis. CEMEX Mexico and CEMEX Concretos are subsidiaries of CEMEX, S.A.B. de C.V. . Finacity will serve as the Bond Administrator in this transaction and will provide daily and monthly reports to various constituents and investors offering visibility into the transaction's assets, collateral values, and receivables performance. Ixe Casa de Bolsa, S.A. de C.V., Ixe Grupo Financiero acted as the sole underwriter in this transaction.[More...]

CEMEX Completes MXN$2.2 Billion Securitization of Accounts Receivables

Thu, 16 Jul 2009 20:58:00 GMT

CEMEX, S.A.B. de C.V. (NYSE: CX) announced today that it has successfully raised MXN$2.2 billion (approximately US$160 million), through the securitization of accounts receivables of the Company’s CEMEX Mexico and CEMEX Concretos units.[More...]

CEMEX Receives United Nations’ Habitat Business Award

Tue, 07 Jul 2009 20:02:00 GMT

CEMEX, S.A.B. de C.V. (NYSE:CX), announced today that it received the United Nations’ Habitat Business Award in the category of Accessible Housing Solutions for its programs Patrimonio Hoy and Centros Productivos de Autoempleo.[More...]

CEMEX Declares Strabag Withdrawal Notice Invalid

Fri, 03 Jul 2009 19:46:00 GMT

CEMEX, S.A.B. de C.V. (NYSE: CX), announced today that on Wednesday, July 1, 2009, CEMEX received notice from Strabag SE that it was withdrawing from the Share Purchase Agreement signed between the companies on June 30, 2008.
The Agreement was for the sale of CEMEX Austria and CEMEX Hungary to Strabag for a consideration of â‚¬310 million.
CEMEX has provided Strabag written notice that it considers its withdrawal notice invalid due to Strabag's continued breach of the Agreement.

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