Orlando, FL -- (SBWIRE) -- 09/09/2013 -- Hot Stock Profits provides investors and traders with valuable trading tools and content as well as micro-cap stock alerts via eMail and text messages. To Join Our Text Message Alerts Service Just Text The Word Stocks To 555888 From Your Cell Phone. Our Focus Today Is On Vale SA (ADR)(NYSE:VALE), Barrick Gold Corporation (USA) (NYSE:ABX).
Vale SA (ADR)(NYSE:VALE) shares gained 0.58% and closed at $15.62. The company on August 7 said its net profit plunged in the second quarter as a sharp depreciation in the local currency bludgeoned its financial results while softening commodities prices weighed on cash flow.
The company’s net profit sank 84% in the April-to-June period from a year earlier, to $424 million, falling well short of expectations. Analysts had expected the firm to post $2.68 billion in net profit.
The company received an average of $99.21 per ton of iron ore in the second quarter, down 11% from the first three months of the year. The drop reflected a broader trend in the seaborne iron-ore market, which hit a trough in late May as slower-than-expected economic growth in China led steel producers there to draw from stocks.
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Barrick Gold Corporation (USA) (NYSE:ABX) shares climbed 0.90% to $19.08. The company on August 22 said it has agreed to sell three of its high-cost gold mines in Australia to Gold Fields Ltd (GFIJ.J) for $300 million.
The sale is the latest move by Toronto-based Barrick to re-shape its portfolio and focus on lower cost assets, as it seeks to shore up its balance sheet in the face of weaker metal prices and ballooning capital expenditure costs at its Pascua-Lama gold project high in the South American Andes.
Additionally, Barrick Gold on July 15 reports that the Copiapo Court of Appeals has ruled that the company must complete Pascua-Lama's water management system in compliance with the project's environmental permit to the satisfaction of Chile's Superintendence of the Environment before resuming construction activities in Chile.
Is ABX going to continue its rally or drop like a rock? Find out with a free trend analysis HERE
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