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Ear on the Street
Algoma Steel (AGA : TSX : $33.42)
Reduction in shipments estimate in fourth quarter
BMO Nesbitt Burns maintains a "sector outperform", target price is $45.00
Advantage Energy Income Fund (AVN.UN : TSX : $12.83)
Makes distribution cut and provides 2007 outlook
CIBC World Markets maintains a "sector underperform", target price is $10.50
Carfinco Income Fund (CFN.UN : TSX : $4.00)
Attacking niche others fear
Blackmont Capital initiates coverage with a "speculative buy", 12-month target price is $4.75
CanWest Global Communications (CGS : TSX : $11.61 | CWG : NYSE : US$9.87)
Recent share price appreciation behind downgrade
TD Newcrest downgrades to "buy", 12-month target price is $13.50
CI Financial Income Fund (CIX.UN : TSX : $26.05)
Buyback and market growth to provide support
CIBC World Markets maintains a "sector perform", target price raised to $28.50
CSI Wireless (CSY : TSX : $2.10)
F07 revenue guidance provided
Haywood Securities maintains a "sector perform", target price raised to $2.20
Canadian Tire Corporation (CTC.A : TSX : $69.75)
Weather hampers short-term; however, long-term remains bright
CIBC World Markets maintains a "sector perform", target price is $76.00
Desjardins Securities maintains a "buy", target price is $80.00
Raymond James maintains a "market perform", 6-12 month target price is $78.00
RBC Capital Markets maintains a "outperform", target price is $89.00
bcMetals Corporation (C : TSX-V : $1.26)
Taseko increases bid
Haywood Securities maintains a "sector perform", target price raised to $1.25
Great Canadian Gaming (GCD : TSX : $12.56)
Turnaround story in progress
RBC Capital Markets initiates coverage with a "sector perform", target price is $12.00
Gateway Casinos Income Fund (GCI.UN : TSX : $18.19)
Relatively attractive
RBC Capital Markets upgrades to "outperform", target price raised to $20.00
Gennum Corp. (GND : TSX : $13.99)
Cost cuts to benefit Q4; uncertainty remains going forward
Blackmont Capital downgrades to "hold", 12-month target price is $14.00
CIBC World Markets reiterates "sector perform", target price is $15.00
Highpine Oil & Gas (HPX : TSX : $15.12)
Corporate update provided
BMO Nesbitt Burns continues to rate a "outperform", target price is $20.00
Loblaw Companies (L : TSX : $51.44)
Looking ahead to new strategic plan
CIBC World Markets maintains a "sector underperform", target price is $42.00
MDS Inc. (MDS : TSX : $20.17 | MDZ : NYSE : US$17.10)
Strategic decisions surrounding Pharma Services may take place in short to mid-term
TD Newcrest maintains a "hold", 12-month target price is $22.00
Magna Entertainment (D) (MEC.A : TSX : $4.95 | MECA : NASDAQ : US$4.18)
Updates slot roll-out at Gulfstream Park
GMP Securities maintains a "buy", target price is US$8.00
Magna International (MG.A : TSX : $93.25 | MGA : NYSE : US$79.53)
Negative takeaway from December production data
BMO Nesbitt Burns maintains a "market perform", target price is US$80.00
Metro Inc. (MRU.A : TSX : $37.86)
Market to focus on A&P integration during upcoming earnings call
CIBC World Markets maintains a "sector perform", target price is $38.00
RBC Capital Markets maintains a "sector perform", target price is $38.00
Methanex Corp. (MX : TSX : $32.49 | MEOH : NASDAQ : US$27.60)
Lower prices in North America and Europe
RBC Capital Markets maintains a "underperform", target price is US$23.00
Nova Chemicals Corp (NCX : TSX : $34.59 | NYSE : US$29.38)
Ethylene/polyolefin margin expected to decline in Q4
CIBC World Markets maintains "sector perform", 12-month target price is US$31.00
New Flyer Industries Inc. (NFI.UN : TSX : $8.50)
Q4 warning
BMO Capital Markets maintains "outperform", 12-month target price is $9.00
CIBC World Markets maintains "sector perform", 12-month target price is $9.00
Nortel Networks Corp. (NT : TSX : $31.78 | NYSE : US$27.02)
Possibly to swap its GSM business for Alcatel-Lucent's PBX business
GMP Securities maintains "buy", 12-month target price is $35.00
Precision Drilling (PD.UN : TSX : $26.47 | PDS : NYSE : US$22.55)
Distribution cut more than expected
Raymond James downgrades to "market perform", 6-12 month target price is cut to $26.00
RBC Capital Markets maintains "outperform", 12-month target price is raised to $34.00
Research In Motion (RIM : TSX : $143.93 | RIMM : NASDAQ : US$122.14)
More T-Mobile dealers are selling Pearl
TD Newcrest maintains "action list buy", 12-month target price is US$165.00
Stratos Global (SGB : TSX : $5.27)
To report Q4 in mid-February
TD Newcrest maintains "action list buy", 12-month target price is $8.00
sxr Uranium One (SXR : TSX : $14.59)
New Street coverage
Raymond James maintains "market perform", 6-12 month target price is raised to $15.00
RBC Capital Markets initiates coverage with a "outperform", 12-month target price is $20.00
TransAlta Corp. (TA : TSX : $26.14)
Awarded a 25-year power purchase agreement by New Brunswick Power
BMO Capital Markets maintains "underperform", 12-month target price is $22.00
RBC Capital Markets maintains "underperform", 12-month target price is $24.00
Breaker Energy Ltd. (WAV.A : TSX : $5.60)
2007 production guidance remains in tact
BMO Nesbitt Burns maintains a "market perform", target price is $6.50
WebTech Wireless Inc. (WEW : TSX-V : $5.56)
New Street coverage
GMP Securities maintains "buy", 12-month target price is $6.50
Xceed Mortgage Corp. (XMC : TSX : $6.22)
Strong Q4 EPS
Blackmont Capital maintains "buy", 12-month target price is $8.00
BMO Capital Markets maintains "market perform", 12-month target price is raised to $6.50
Desjardins Securities maintains a "hold", target price is $7.20
GMP Securities maintains "buy", 12-month target price is $8.60
TD Newcrest maintains "hold", 12-month target price is raised to $6.50
TSX Group (X : TSX : $50.49)
To report Q4 on January 31
CIBC World Markets upgrades to "sector outperform", 12-month target price is raised to $60.00
TD Newcrest maintains "hold", 12-month target price is raised to $49.00
Zarlink Semiconductor (ZL : TSX : $2.55)
To report Q3 on January 25
Blackmont Capital maintains "buy", 12-month target price is $3.60
Signature Devices, Inc. to Develop Two Arcade Games for Global VR, World's Leading Coin-Operated Video Game Manufacturer
Signature Devices Inc. (OTC-BB: SDVI), a leading developer and publisher of advanced 3-D interactive games and simulation technology has been awarded contracts to develop two arcade games for GLOBAL VR (www.globalvr.com), the world's foremost manufacturer of coin-operated video games that are based on home PC gaming technology.
"We are delighted that GLOBAL VR has again selected us to develop interactive coin-operated video games for distribution on a worldwide scale says Kenneth Hurley, CEO of Signature Devices, Inc. "This is indicative of the quality of games we produce for category leading companies in and their satisfaction with our company and our staff of talented programmers, designers and game creators."
"We are taking advantage of the ever increasing video game market" said Kenneth Hurley, CEO, "According to market research firm NPD Group, U.S. sales of software, hardware and accessories were up 19 percent to $12.5 billion in 2006. Signature Devices is a premier developer and receives royalties from the video games we develop."
Veteran game programmer Kenneth Hurley and several other industry veterans founded Redwood City, CA-based Signature Devices, Inc. in 2002. Signature Devices, Inc. has a long list of noteworthy PC and Xbox game credits including "SAMURAI SHODOWN V" for Xbox, "King of Fighters '94 Rebout" for Xbox, "Farcry" and "Medal of Honor - Pacific Assault," and many others. In addition, its Graffiti Entertainment subsidiary publishes video games from independent developers. This includes "Crazy Frog Racer" for the PC, "Chain of Command: Eastern Front" for the PC, "Red Jets" for the PC, "Back To Stone" for the Nintendo Game Boy. Advance, and "Mazes of Fate" for the Nintendo Game Boy. Advance.
About Graffiti Entertainment LLC and Signature Devices, Inc.:
Based in Sunnyvale, Calif., Graffiti Entertainment, LLC (www.GraffitiEntertainment.com) is a full service developer and publisher of interactive entertainment software for advanced entertainment consoles. Its focus is on creating, developing, and publishing trend setting titles with mass-market appeal. It is a wholly owned subsidiary of Signature Devices Inc., (OTC-BB SDVI or www.signaturedevices.com) that creates, develops and manufactures advanced information technology, including computer systems, software and electronics products. One of the company's premiere technologies includes a blend of hardware and software for Image generation technology used in video games and simulations.
Forward-Looking Statements:
Tranzeo Wireless and ABC Communications Deliver a Joint Deployment of WiMAX 3.5GHz Into Whistler, British Columbia
Tranzeo Wireless (TSX: TZT) has joined forces with Quesnel based ABC Communications to begin rolling out Wireless 3.5GHz WiMAX coverage throughout the city of Whistler, British Columbia, Canada. Tranzeo's newly developed 3.5GHz WiMAX solutions will be deployed using ABC Communication's spectrum licenses. This next generation of products will offer cost effective, robust high speed wireless broadband to the community.
"Forming strategic alliances with wireless solution providers like ABC Communications allows both parties to diversify into new markets and capitalize on the ever growing need for wireless broadband," said Tony Kot Vice President Sales & Marketing. "We have a long history of supplying ABC Communications with products and believe working closely with their team in the Whistler area will help both companies gain greater market share."
ABC Communications has grown its wireless broadband Network throughout the BC Interior using Tranzeo's high value unlicensed 802.11 products. "We are pleased to be able to combine our spectrum licences in the 3.5GHz WiMAX frequencies with Tranzeo's new WiMAX products," said Bob Allen, president of ABC Communications. "The superior range and security of these WiMAX products will allow us to deliver high speed Internet and VOIP at new cost efficiencies throughout our markets."
About ABC Communications:
Formed in 1989, ABC Communications (www.abccomm.com) is the largest interior B.C. based provider of integrated telecommunications products and services. ABC provides dial-up, ADSL and wireless Internet, web and domain name services, data networks and cabling, commercial phone systems and retail technology products to the North Central and Okanagan areas of the province. With over 50 staff members and thousands of satisfied customers ABC has become a provincial leader in providing last mile connectivity to rural locations. When it was awarded 3.5GHz wireless spectrum licenses by Industry Canada throughout much of the BC Interior in 2004, ABC was able to offer new levels of data security and reliability through WiMAX technologies. ABC has also been a trusted supplier to the Provincial Government, connecting rural schools and government offices to Victoria.
About Tranzeo:
Tranzeo Wireless Technologies Inc. (TSX: TZT) has emerged as an industry leader in designing, manufacturing and distributing high-speed wireless broadband communication systems globally. Our continued commitment to design excellence and years of experience provide our clients with industry-specific wireless Point-to-Point and Point to Multi-Point solutions.
We offer the most technically advanced wireless Broadband communication equipment available in the 900MHz, 2.4GHz, 3.5GHz, 4.9GHz, and 5.8GHz Wireless spectrums and employ direct sequence spread spectrum (DSSS) and Orthogonal Frequency Division Multiplexing (OFDM) technology for robust connectivity and long-range performance. Simplicity of use, ease of implementation and cost-effectiveness are the benefits of our solutions. Installation is quick and easy. Network Managers can easily connect office buildings, campuses and remote sites. The Wireless network is operational in a fraction of the time it takes to cable and install traditional wired networks and can be remotely monitored and configured from anywhere in the world. For more information on our wireless solutions, go to www.tranzeo.com.
Forward-Looking Statements This press release may contain forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, revenues, and other expectations. These statements reflect our current expectations and are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in the wireless data communications market.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tranzeo Wireless Technologies Inc.
Matt Johansen
Investor Relations
(604) 460-6002
Email: mjohansen@tranzeo.com
Website: http://www.tranzeo.com
San Gold Develops Additional High Grade at Rice Lake
San Gold Corporation (SGR: TSX-V) is pleased to report that mining development on the 28th level (4200 feet) of the Rice Lake Gold Mine has identified consistent and extremely high face grade values within an upward extension of the "93" Vein. Face sampling so far has averaged 1.76 oz/ton (60.27 g/tonne) over an average true width of 5 feet (1.5 m) and a strike length of 175 feet (53.3 m). Individual face grades assayed up to 4.16 oz/ton over a true width of 6.0 feet (1.83 m). Coarse, visible gold was routinely encountered throughout this development. Development continues toward drill hole #28-98-24 which assayed 0.85 oz/ton (29.11 g/tonne) over 11.4 feet (3.5 m), and is located 200 feet (60.1 m) to the north of the current development face on the 28th level.
This is San Golds second significant high grade development in as many months at the Rice Lake Gold Mine.
The "93" vein is a shear hosted tabular quartz vein located 500 feet east of and striking parallel to the similar high grade "98" vein, which is also being developed currently by San Gold (see press release dated Nov. 1, 2006). This vein represents an upward extension of previously mined areas from lower mine levels and is above the current resource extents and not part of any current resource or reserve estimate. This vein remains completely open and untested above the 28th level. Over 175 feet of lateral mine development has been completed to date on this vein by San Gold, representing less than half of the estimated strike length of this vein. 20 faces were sampled and 140 chip samples were assayed for gold with individual values ranging from 0.08 oz/ton to 8.41 oz/ton.
The above programs were carried out under the supervision of W.S. Ferreira, M.Sc., P.Geo., and D. Ginn, P.Geo., the Qualified Persons for San Gold under National Instrument 43-101. Chip, muck and mill samples are assayed on site in the companys assay lab using the fire assay method with an AA and gravimetric finish. San Golds quality control and assurance program includes the insertion of blanks and standards, the retention of pulps and rejects, and spot checks utilizing independent labs including TSL Laboratories in Saskatoon, SK and Accurassay Laboratories of Thunder Bay, ON.
For further information contact Dale Ginn, President of San Gold Corporation at (204) 794-5818
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Weekly Update January 21, 2007
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Updates on Hudson Resources and NStein which both had important new developments this past week.
Hudson Resources (HUD.V $1.35)
www.hudsonresources.ca
Hudson was initially featured last June near $0.90 and we were fortunate to see the stock run to $2.10 a couple weeks later. Unfortunately though, the stock spent the summer drifting lower and spent the entire fourth quarter in the $0.70's and $0.80's The last time we heard from the company was in November and the delays forced a lot of investors to throw in the towel. The most unfortunate part of diamond exploration is the length of time it takes to see results and the majority of small or microcap investors just don't have the patience.
On Wednesday the stock was halted to announced new diamond counts from a 350kg representative subsample of the 50-tonne bulk sample extracted from the Garnet Lake kimberlite dike in Greenland. These initial numbers looked good and pushed the stock to $1.60 on strong buying. Unfortunately, we saw a lot of selling at the same time and it didn't take long for a pullback as I suspect many people expect we'll be in for long delays again. I wish I could say different but the only updates we ever see from this end are what the company puts out in news releases, so we're flying equally blind here.
A lot of investors have locked in profit this week and will likely continue to do so in stages as more results are released during Q1. However, as with most good diamond plays, investors will retain a certain percentage mid to longer term. Once we see results from the full 50 tonne bulk sample, and then grades, we'll have a better picture as to whether this will be a commercial diamond mine or not (the first in Greenland). As we've already seen though, patience is a key element in making money on these.
We identified the positive fundamentals at an early enough stage that very good money could be made, patience and risk tolerance however, are something unique to every individual.
NStein (EIN.V $0.90)
www.nstein.com
We introduced Nstein in last week's editorial and Thursday the company announced a very important contract. This contract may have been the reason we saw it run to $1.14 mid month as someone (not necessarily with nstein) likely knew this deal was near closure. Following that run (and before the news), a large seller showed up near $0.90 and was holding the stock back short term as everytime it approached this mark, it spooked buyers. Personally I would just ignore this volatility as NStein is intended as a mid to longer term play for us with much greater growth potential.
The announcement Thursday... "nStein has signed a contract with a world-renowned media company", is apparently with a VERY well known media giant. I tried to squeeze a name out of the company late in the week but had no luck. NStein is governed by a non-disclosure agreement for competitive reasons. They "may" be allowed to release the name in a few months, but no guarantee. I tried the angle that their employees will have to service the contract and as such, the name will have to leak out. This got me no where - so we wait.
Even without the specific name, this is a key development for NStein. As I've already indicated, they deal with numerous very large corporations already. However, reading between the lines, this carries significance not only in terms of revenue, but it will open a lot of very large doors with other major corporations (particular on the media side). The underlying notion is that Nstein technology will give this media company a competitive advantage. Large corporations must innovate to compete, and often this means being forced to offer the same type of services as your competition. NStein being the market leader with proprietary technology, means the competition over time may have no choice but to provide the same services.
For reference, last week's report can be found here:
www.stockhouse.com/shfn/sheditorial.asp
Blog Link
The Microcap Blog is updated Monday to Thursday evening with a summary of noteable microcap news for the day. Also send me your stock tips, rumours, etc. and I will post them for others to read. Direct link is available from the home page of www.microcap.com
Danny Deadlock
Microcap.com
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ENERGY STRATEGIES
While it rarely pays to count on mid range weather forecasts, talk of a late January cold blast and talk of extremely warm 2007 could be suggesting that overall energy demand for 2007 could end up being stronger than current expectations. It should also be noted that the excess crude stocks situation in the US has been dramatically altered over the last three months, that Russia is considering an oil production cutback, and perhaps most importantly that sub-$54 crude oil pricing might begin to change attitudes inside OPEC. With the US crude stocks going from a burdensome 23 million barrel surplus in mid October to a current deficit of 9 million barrels (as of January 5th), one could conclude that a large portion of the US crude oil surplus condition has been remedied. With Venezuelan President Hugo Chavez recently moving to nationalize more US businesses in his country, it would certainly seem as if his regime is set to expand its socialist grip on that country, and that could eventually result in some domestic unrest, which in turn could end up threatening the flow of Venezuelan supply. However, we would suggest that the prospect of additional OPEC production cuts, regional oil shortages in Eastern European markets and perhaps a significant reduction Canadian Natural gas exports will end up being the forces that finally bring about a solid bottom in energy prices. In the near term, the market remains vulnerable to mild weather, macroeconomic concerns and the fact that the most recent US weekly inventory readings showed moderately large builds in product stocks. In short, we think that oil prices have moved into the bottoming range or more appropriately into a strong fundamental value zone and that a return to normal weather might be enough to end the long liquidation. In fact, with the chance of a January 20-22 Artic cold blast pushing down into the heart of North America, it is possible that the shorts will soon be presented with a change of conditions. Some traders think that a late burst of cold air will only push US January energy demand up toward average levels and therefore one should probably not be in a hurry to pick a major bottom in energy prices. However, the contraction in US crude oil inventories over the last three months is a major fundamental development, and if we had to guess, we would say that the change in the US crude stocks surplus condition was a primary reason by many OPEC members were not inclined to live up to their production cut promises. In the end, we think the Russian/Belarus conflict and the threat of reduced Canadian Natural gas exports will be the source of a coming major bottoming in oil prices. In the meantime, we can't rule out a spike down washout to the $50.00 level, but at the lower level some marginal oil production would be called into question, and we would assume that OPEC would quickly get over its shortcomings and rise to the occasion. Some OPEC members like Iran are already seeing a shortfall of revenues at the rate of $688 million per month (as compared to the end of December), and down by $1.9 billion per month from the 2006 highs. Usually OPEC decides to act when other factors (perhaps a change in the US weather) are already providing the basis of a bottoming, and that is why the oil market tends to form violent bottoms. We also think that the January price collapse resulted in a large portion of the speculative money being washed out of energy plays and that is it is now time for the real bullish fundamentals to kick back in.
Free Play......
15 17 21 24 29 39 44
07 16 18 19 25 31 34
05 18 30 32 38 39 41
30 56 62 97
15 16 18 23 30 32 35
10 11 15 23 26 45 47
14 22 29 31 38 40 47
02 04 18 25 31 35 41
01 08 10 14 26 46 47
03 21 25 26 30 39 42
29 37 40 73
The British Columbia Transmission Corporation (BCTC), the Crown corporation responsible for B.C.’s power transmission lines, updated on January 15 the status of the proposed Northwest transmission line project. This project is very important for the future development of the Turnagain Nickel Project. (See attached map).
The BCTS posting reads as follows:
“BCTC’s September 28,2006 posting identified a 440 km corridor for a potential 287 kV Northwest Transmission Line (NTL) Project, made up of 4 basic sections between Skeena and Iskut. In the near term, BCTC consideration of a potential NTL Project is focused on the 335 km between Skeena and Bob Quinn (Skeena Substation to Aiyansh 101 km, Aiyansh to Meziadin 108 km, and Meziadin to Bob Quinn 126 km).
“Timing.
“At this point, BCTC is considering an in service date of fall 2009 for the section from Meziadin to Bob Quinn with a temporary connection into the existing 138 kV line at Meziadin. Planning on the sections between Skeena and Meziadin is still based on an in service date of the fall of 2010.”
This is very good news for Hard Creek shareholders. The timing of this important infrastructure project is excellent for any projected mine development at the Turnagain property.
Mark Jarvis
President
Hard Creek Nickel
Undervalued Stock #1 ========== ---------- Bemis Company, Inc. (NYSE: BMS) ---------- Insiders Names: Timothy Mangaello, Roger D. O Shaughnessy, Paul S. Peercy, Philip G. WeaverInsiders Positions: DirectorsInsiders Action: 6,170 shrs on 1/9/2007Insiders Total Holdings: 18,179 shrs -------------------------------------------------------Undervaluation Merits... P/S Ratio = 1.04 (Industry Average 1.14)P/B Ratio = 2.52 (Industry Average 4.05)P/CF Ratio = 11.38 (Industry Average 11.62) Industry: Containers & Packaging ---------- Bemis Company, Inc. (NYSE: BMS)
Ear on the Street
Astral Media (ACM.A : TSX : $45.39)
More clarity provided on Alliance Atlantis purchase by CanWest
Desjardins Securities upgrades to "buy", target price raised to $53.00
ATCO Ltd. (ACO.X : TSX : $46.38)
Increasing estimates
RBC Capital Markets maintains a "sector perform", target price is $48.00
Altus Group Income Fund (AIF.UN : TSX : $11.75)
Positive macro developments
Canaccord Adams maintains a "buy", target price raised to $13.50
Angiotech Pharmaceuticals (ANP : TSX : $10.50 | ANPI : NASDAQ : US$8.94)
Wins patent case in Netherlands
Blackmont Capital maintains a "buy", target price is US$13.50
Desjardins Securities maintains a "hold", target price is US$10.50
RBC Capital Markets maintains a "outperform", target price is US$13.00
Scotia Capital Markets maintains a "sector outperform", target price is US$14.00
Brookfield Asset Management (BAM.A : TSX : $56.66 | BAM : NYSE : US$48.26)
Makes bid to acquire The Mills
BMO Nesbitt Burns maintains a "market perform", target price is $53.00
Bank of Montreal (BMO : TSX : $69.17)
New 2008 EPS estimates
Credit Suisse maintains "neutral", 12-month target price is raised to $74.00
Bank of Nova Scotia (BNS : TSX : $51.63)
New 2008 EPS estimates
Credit Suisse maintains "neutral", 12-month target price is raised to $56.00
Buhler Industries (BUI : TSX : $5.61)
CFO to become President
Blackmont Capital maintains a "sell", 12-month target price is $4.90
Raymond James maintains a "underperform", 6-12 month target price is $4.95
Cogeco Cable (CCA : TSX : $39.97)
Looks attractive at current levels
Haywood Securities maintains a "sector perform", target price raised to $45.00
RBC Capital Markets maintains a "outperform", target price is $44.00
Calpine Power Income Fund (CF.UN : TSX : $12.75)
Harbinger bids for B units
Canaccord Adams maintains a "hold", target price is $13.50
Desjardins Securities reiterates "hold", target price is $14.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $12.50
COGECO Inc. (CGO : TSX : $37.00)
Reflecting discount to value of CCA shares held by the parent
Haywood Securities maintains a "sector perform", target price raised to $40.50
CanWest Global Communications (CGS : TSX : $11.47)
Multiple paid for AAC Specialty TV higher than originally appeared
Desjardins Securities maintains a "hold", target price is $11.00
Corus Entertainment (CJR.B : TSX : $47.20)
Clarity on AAC deal provides upside for Corus
Desjardins Securities reiterates "buy", target price raised to $58.00
Consol. Thompson Iron Mines (CLM : TSX-V : $3.20)
Declines to make bid for Wabush
GMP Securities maintains a "buy", target price cut to $5.00
CIBC (CM : TSX : $101.05)
New 2008 EPS estimates
Credit Suisse maintains "outperform", 12-month target price is raised to $110.00
Cardiome Pharma (COM : TSX : $12.80 | CRME : NASDAQ : US$10.90)
Raising funds; seen as a necessary step
Blackmont Capital maintains a "buy", 12-month target price is cut to $19.00
RBC Capital Markets maintains a "outperform", target price is $17.00
Cognos Inc. (CSN : TSX : $50.74 | COGN : NASDAQ : US$43.22)
Strategic acquisition of Celequest
CIBC World Markets maintains a "sector outperform", target price is US$50.00
Catalyst Paper (CTL : TSX : $3.89)
Recent share price appreciation behind downgrade
TD Newcrest downgrades to "reduce", 12-month target price is $3.50
Eveready Income Fund (EIS.UN : TSX : $5.73)
Strong capex program despite industry weakness
Blackmont Capital maintains "buy", 12-month target price is $7.75
Emergis (EME : TSX : $5.21)
Turnaround not seen until second half of 2007
Credit Suisse downgrades to "underperform", target price cut to $5.00
Enbridge Income Fund (ENF.UN : TSX : $12.34)
Overvalued at current prices
Canaccord Adams initiates coverage with a "sell", target price is $10.00
EPCOR Power L.P. (EP.UN : TSX : $27.60)
Increased estimates after talks with management
BMO Nesbitt Burns maintains a "market perform", target price raised to $27.00
Fairborne Energy Trust (FEL.UN : TSX : $9.20)
New Street coverage
Blackmont Capital initiates coverage with a "buy", 12-month target price is $10.00
Focus Energy Trust (FET.UN : TSX : $17.68)
New Street coverage
Blackmont Capital initiates coverage with a "buy", 12-month target price is $18.75
Great-West Lifeco (GWO : TSX : $34.65)
New 2008 EPS estimates
Credit Suisse maintains "neutral", 12-month target price is raised to $35.00
Industrial Alliance Ins & Fin (IAG : TSX : $35.36)
New 2008 EPS estimates
Credit Suisse maintains "outperform", 12-month target price is raised to $40.00
IBI Income Fund (IBG.UN : TSX : $12.30)
Analysts upgrade 2008 earning estimates
Canaccord Adams maintains "buy", 12-month target price is raised to $14.50
Iamgold Corp. (IMG : TSX : $10.18 | IAG : NYSE : US$8.69)
Discovers two new zones on Westwood Mooshla project
TD Newcrest maintains "action list buy", 12-month target price is US$16.00
MAG Silver Corp. (MAG : TSX-V : $7.45)
Exceptional new results
Raymond James emphasizes "strong buy", target price raised to $10.00
Manulife Financial (MFC : TSX : $39.27)
New 2008 EPS estimates
Credit Suisse maintains "outperform", 12-month target price is raised to $43.00
Metro Inc. (MRU.A : TSX : $37.85)
Looking for continued strength
TD Newcrest maintains a "buy", 12-month target price is $41.00
National Bank of Canada (NA : TSX : $64.14)
New 2008 EPS estimates
Credit Suisse maintains "outperform", 12-month target price is raised to $70.00
Nevsun Resources (NSU : TSX : $2.51)
Bisha permit imminet
Haywood Securities maintains "sector outperform", 12-month target price is $5.00
Nortel Networks Corp. (NT : TSX : $31.95 | NYSE : US$27.23)
Alliance with Microsoft should drive growth
GMP Securities maintains "buy", 12-month target price is $35.00
Open Text (OTC : TSX : $23.25 | OTEX : NASDAQ : US$19.80)
The larger integration issues are sloved
Credit Suisse upgrades to "outperform", 12-month target price is raised to US$28.00
Progress Energy Trust (PGX.UN : TSX : $11.18)
Cuts distribution by 29%
Blackmont Capital initiates coverage with a "hold", 12-month target price is $11.00
CIBC World Markets maintains "sector perform", 12-month target price is $13.00
Raymond James initiates coverage with a "strong buy", 6-12 month target price is $15.25
Paramount Energy Trust (PMT.UN : TSX : $12.10)
New Street coverage
Blackmont Capital initiates coverage with a "hold", 12-month target price is $11.75
Paramount Resources (POU : TSX : $18.56)
Successful spinout of Northern assets into MGM Energy
GMP Securities maintains "buy", 12-month target price is $35.00
Radiant Communications (RCN : TSX-V : $1.05)
Partners with OneConnect
Haywood Securities maintains "sector outperform", 12-month target price is $1.70
Royal Bank of Canada (RY : TSX : $54.25)
New 2008 EPS estimates
Credit Suisse maintains "outperform", 12-month target price is raised to $62.00
Shoppers Drug Mart (SC : TSX : $50.28)
Chairman and CEO will depart
Blackmont Capital maintains "hold", 12-month target price is $54.00
RBC Capital Markets maintains "outperform", 12-month target price is $60.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $57.00
Sun Life Financial Inc. (SLF : TSX : $49.81)
New 2008 EPS estimates
Credit Suisse maintains "outperform", 12-month target price is raised to $55.00
Silver Wheaton (SLW : TSX : $11.34)
Invest in Strategic Nevada Resources
Blackmont Capital maintains "buy", 12-month target price is $15.00
sxr Uranium One (SXR : TSX : $14.16)
Additional prospecting rights granted for the Dominion project
Canaccord Adams maintains "buy", 12-month target price is raised to $19.30
Trinidad Energy Services (TDG.UN : TSX : $13.04)
To add five rigs to the U.S. fleet
Blackmont Capital maintains "buy", 12-month target price is $14.50
TD Bank (TD : TSX : $69.20)
New 2008 EPS estimates
Credit Suisse maintains "outperform", 12-month target price is raised to $77.00
Trilogy Energy Trust (TET.UN : TSX : $10.59)
New Street coverage
Blackmont Capital initiates coverage with a "buy", 12-month target price is $12.50
Titan Exploration Ltd. (TTN.A : TSX : $2.52)
Termination of the proposed acquisition of Trimox Energy
Blackmont Capital downgrades to "market perform", 6-12 month target price is cut to $2.75
GMP Securities maintains "buy", 12-month target price is $5.75
Tournigan Gold (TVC : TSX-V : $3.09)
Drill results from three holes confirm the continuity of the Jahodna mineralization to depth
Canaccord Adams maintains "buy", 12-month target price is $3.20
Breaker Energy Ltd. (WAV.A : TSX : $5.46)
Operational update provided
Blackmont Capital reiterates a "buy", 12-month target price is $7.00
Workbrain Corp (WB : TSX : $11.40)
Revenue not seen outperforming until the latter half of this year
Credit Suisse downgrades to "underperform", target price is $9.50
Whiterock REIT (WRK.UN : TSX : $13.95)
Puts itself for sale
Blackmont Capital maintains a "buy", target price is $15.50
National Bank Financial upgrades to "sector perform", 12-month target price is $14.50
Xceed Mortgage Corp. (XMC : TSX : $5.75)
To report Q4 today
Blackmont Capital maintains "buy", 12-month target price is $8.00
TSX Group (X : TSX : $48.99)
New Street coverage
BMO Capital Markets maintains "market perform", 12-month target price is $53.00
CIBC World Markets initiates coverage with a "sector perform", 12-month target price is $51.00
Yamana Gold Inc. (YRI : TSX : $14.11 | AUY : NYSE : US$12.08)
Exploration results from Gualcamayo
Raymond James maintains "strong buy", 6-12 month target price is $17.75
I don't freakin' believe this.
Must be looking for more PP investors.
North American Gem Inc. will be attending the upcoming Cambridge House Vancouver Resource Investment Conference on January 21-22, 2007 at the Vancouver Convention & Exhibition Centre 200 - 999 Canada Place. Please visit booth #1308 to learn more about North American Gems current objectives.
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Ear on the Street
Andina Minerals (ADM : TSX-V : $3.20)
Potential looking bright
Haywood Securities maintains a "sector outperform", 12-month target price is $4.30
Angiotech Pharmaceuticals (ANP : TSX : $10.64 | ANPI : NASDAQ : US$9.05)
PXT patent appeal denied by UK Court of Appeal
Scotia Capital Markets maintains a "sector perform", 1-year target price is US$14.00
Avenir Diversified Income Tr. (AVF.UN : TSX : $6.87)
Revised forecasts
Canaccord Adams maintains a "buy", target price is $9.00
Aurora Energy Resources (AXU : TSX : $15.10)
Final 2006 drill results from Jacques Lake zone confirm continuity at depth
Canaccord Adams maintains a "hold", target price is $15.00
Biovail (BVF : TSX : $24.40 | NYSE : US$20.79)
Netherlands approves Wellbutrin XR
RBC Capital Markets maintains a "outperform", target price is US$23.00
Scotia Capital Markets maintains a "sector perform", 1-year target price is US$21.00
CanWest Global Communications (CGS : TSX : $11.11)
Contingent option may become contingent liability
Scotia Capital Markets maintains a "sector perform", 1-year target price is $11.50
Cineplex Galaxy Inc Fund (CGX.UN : TSX : $13.43)
Outlook for 2007 remains solid
CIBC World Markets reiterates "sector outperform", target price is $13.50
Cumberland Resources (CLG : TSX : $6.53 | AMEX : US$5.58)
Preparing for construction
Raymond James maintains a "strong buy", 6-12 month target price is $7.75
Canetic Resources Trust (CNE.UN : TSX : $15.30 | CNE : NYSE : US$13.02)
Announces 17% distribution cut
BMO Nesbitt Burns maintains a "outperform", target price is $16.50
CIBC World Markets maintains a "sector perform", target price is $16.00
Raymond James maintains a "outperform", 6-12 month target price is $18.75
RBC Capital Markets maintains a "sector perform", 12-month target price is $13.00
Scotia Capital Markets maintains a "sector perform", 1-year target price is $15.50
Cangene Corp. (CNJ : TSX : $8.08)
Biodefense contracts not included in current market value
GMP Securities reiterates "buy", 12-month target price is $13.50
Labopharm Inc. (DDS : TSX : $7.03 | DDSS : NASDAQ : US$6.00)
FDA accepts resubmission for OD Tramadol
Blackmont Capital maintains "buy", 12-month target price is $9.00
RBC Capital Markets maintains "sector perform", 12-month target price is $7.75
Scotia Capital Markets maintains "sector perform", 12-month target price is $7.50
Danier Leather (DL : TSX : $7.51)
Posts exceptional results
BMO Nesbitt Burns upgrades to "outperform", target price raised to $10.00
CIBC World Markets maintains a "sector perform", target price is $8.00
Ember Resources (EBR : TSX : $2.59)
Oversold
Blackmont Capital maintains "buy", 12-month target price is $3.75
Eldorado Gold (ELD : TSX : $6.44)
Recent share price appreciation behind downgrade
Raymond James downgrades to "market perform", 6-12 month target price is $6.75
Emera Inc. (EMA : TSX : $22.67)
Invests in St. Lucia utility
BMO Nesbitt Burns maintains a "market perform", target price is $22.00
Canaccord Adams maintains a "buy", target price is $25.00
RBC Capital Markets maintains a "sector perform", target price is $22.00
TD Newcrest maintains a "hold", 12-month target price is $23.00
Forzani Group (FGL : TSX : $18.53)
Confidence built during meetings with management
Scotia Capital Markets reiterates "sector outperform", 1-year target price is $21.50
FNX Mining Company (FNX : TSX : $18.20)
Provides 2007 production and Capex guidance
BMO Nesbitt Burns maintains a "market perform", target price is $17.65
CIBC World Markets maintains a "sector perform", target price is $20.00
GMP Securities maintains a "buy", target price is $30.00
RBC Capital Markets maintains a "outperform", target price is $24.00
GBS Gold International (GBS : TSX : $3.53)
Commerical production begins
Haywood Securities maintains "sector outperform", 12-month target price is $5.45
Sun Gro Horticultural Inc Fd (GRO.UN : TSX : $7.35)
Acquisition of Sun-Up Horticulture
BMO Capital Markets maintains "market perform", 12-month target price is raised to $7.35
IPSCO Inc. (IPS : TSX : $106.85 | NYSE : US$90.90)
Scrap steel price surges
Scotia Capital Markets maintains "sector outperform", 12-month target price is $136.00
Ivernia Inc. (IVW : TSX : $1.50)
Record production and sales in Q4
Haywood Securities maintains "sector outperform", 12-month target price is $1.80
Kereco Energy (KCO : TSX : $6.19)
Revises down 2007 production guidance slightly
BMO Capital Markets maintains "market perform", 12-month target price is $8.00
GMP Securities maintains "buy", 12-month target price is $11.50
Raymond James reiterates "outperform", 6-12 month target price is $10.75
The Keg Royalties Income Fd (KEG.UN : TSX : $12.07)
Q4 shows record sales growth
RBC Capital Markets maintains "outperform", 12-month target price is raised to $13.50
Maple Leaf Foods (MFI : TSX : $13.51)
Nova Scotia poultry processing plant closed
TD Newcrest maintains "reduce", 12-month target price is $11.50
MGM Energy (MGX : TSX : $6.00)
New Street coverage
Canaccord Adams initiates coverage with a "buy", 12-month target price is $7.00
NAL Oil & Gas Trust (NAE.UN : TSX : $12.36)
A relative safe stock with good yield
TD Newcrest maintains "buy", 12-month target price is $13.00
Nortel Networks Corp. (NT : TSX : $31.92 | NYSE : US$27.18)
A contract win with British Telecom
TD Newcrest maintains "hold", 12-month target price is US$25.00
Quadra Mining Ltd. (QUA : TSX : $8.85)
Significant CU intersection discovered at Sierra Gorda
Raymond James maintains "outperform", 6-12 month target price is $14.00
Research In Motion (RIM : TSX : $146.58 | RIMM : NASDAQ : US$124.89)
Releases additional financial information for the past two fiscal quarters
Scotia Capital Markets maintains "sector outperform", 12-month target price is $211.00
Trinidad Energy Services (TDG.UN : TSX : $13.17)
To build five rigs for the U.S. market
Canaccord Adams maintains "buy", 12-month target price is $20.50
Raymond James maintains "strong buy", 6-12 month target price is $19.00
RBC Capital Markets maintains "sector perform", 12-month target price is $15.00
Teknion Corporation (TKN : TSX : $3.82)
Signs of a sales/profit rebound?
BMO Capital Markets maintains "market perform", 12-month target price is $4.50
Talisman Energy (TLM : TSX : $18.34 | NYSE : US$15.60)
Sale of North Sea assets for US$550 million
Desjardins Securities maintains "top pick", 12-month target price is $25.00
Raymond James maintains "outperform", 6-12 month target price is $25.50
TransCanada Corp. (TRP : TSX : $38.86 | NYSE : US$33.09)
Analysts fine-tune 2008 outlook
BMO Capital Markets maintains "market perform", 12-month target price is $40.00
Ur-Energy (URE : TSX : $4.07)
An upbeat update on Lost Soldier and Lost Creek projects
Raymond James downgrades to "outperform", 6-12 month target price is $4.80
Whiterock REIT (WRK.UN : TSX : $14.71)
Puts itself up for sale
Blackmont Capital maintains "buy", 12-month target price is $15.50
YM BioSciences (YM : TSX : $4.20)
2007 will be a key year
Canaccord Adams maintains "buy", 12-month target price is raised to $7.00
Sunni allies give 'qualified support' for Bush's Iraq strategy
http://www.msnbc.msn.com/id/16691554/
Greed.. Downfall of civilisation.
Kodiak Mobilizes Drill to Test Nickel Targets at Caribou
Kodiak Exploration Limited announces mobilization of its Phase II diamond drilling program at Caribou Lake, Northwest Territories. The drilling is planned to test the economic potential of this nickeliferous layered intrusion at depth, along the nine-kilometre nickel-copper-cobalt trend that was established by Kodiak's shallow Phase I drilling in 2006.
The Phase I drill program demonstrated that the upper part of the Caribou Lake layered mafic intrusion contains significant amounts of nickel sulphides, which were intersected in 33 of 50 holes over widths up to 69.71 metres. Kodiak's second phase of drilling is planned to test the base of the intrusion where economic concentrations of nickel, copper and cobalt sulphides and platinum group elements are believed most likely to have pooled.
Kodiak plans to commence its deep drill program by testing several priority targets along the base of the intrusion. Those targets have been identified using three-dimensional magnetic images which indicate the most likely locations of structural "traps" for concentrations of mineralized materials. Many of the targets identified for Phase II deep drilling lie below areas with abundant nickel, copper and cobalt sulphides on surface, and coincide with clusters of EM responses identified by Kodiak's geophysicists. Individual targets range from 200 to 500 metres long and from 200 to 700 metres wide. Each of these targets is large enough to host a significant ore body.
Recent microprobe analyses by Dr. Walter Peredery, P. Geo. have shown that olivine grains from the marginal gabbro, and from magnetite peridotite and pyroxenite of the Middle Layered Series, are strongly depleted in nickel. These results indicate that the system of nickel extraction from olivine into sulphides at Caribou Lake has been very efficient, and compares favourably with nickel depletion seen in olivines from Norils'k and Voisey's Bay. Pentlandite granules identified in many core samples from the iron-rich marginal and upper parts of the intrusion confirm that extraction of nickel into the sulphide fraction has taken place.
The microprobe analyses also show that the nickel content of olivine increases with magnesium concentration, which increases downward in the system. Platinum group elements have also been shown to increase downward, with the highest values to date obtained from peridotite of the Lower Layered Series. The highest concentrations of magnesium-rich olivine, nickel and platinum group elements are expected to occur at the base of the intrusion, where significant concentrations of nickel sulphides are considered likely to have pooled in structurally low areas due to gravitational settling. It is these structural traps which are the targets of Kodiak's Phase II drill program.
The information contained in this document has been reviewed and approved by Dr. Walter Peredery, P. Geo., and Trevor Bremner, P. Geo., who are qualified persons for the Caribou Lake project under the definitions established by National Instrument 43-101. Dr. Peredery and Mr. Bremner are independent consultants to Kodiak.
Further information, including maps, drill sections and photographs, is available on Kodiak's Web site at http://www.kodiakexp.com
BIOTECH HOLDINGS SALES OF SUCANON SHOW QUARTERLY GROWTH
Vancouver, B.C., January 16, 2007 - Biotech Holdings (the "Company", CDNX: BIO.V; OTC BB: BIOHF) reports that sales for the quarter ended December 31, 2006 exceeded the combined sales of the first two quarters, ended September 30, 2006, by $55,692 or 73%. The sales during the quarter ended December 31, 2006, at $127,194, exceeds sales of $99,137 generated during the quarter ended December 31, 2005, and is the second-largest quarterly sales total recorded to date. The Company's interim financial statements, complete with Management Discussion and Analysis for the third quarter, ended December 31, 2006, will be issued in February, 2007, with filing to www.sedar.com, where all prior financial statements together with Management Discussion and Analysis are available.
In addition to the year-over-year sales increase, sales during the December 31, 2006 quarter itself increased each month, suggesting a trend of sales growth following the Company's resumption of advertising support for the product and the Company's managers taking over the marketing of Sucanon in Mexico in September, 2006.
For further information, contact Austin Rand at Biotech Holdings, 1 888 216 1111 (toll-free) 8 a.m. to 4 p.m. Pacific time. For background information on Biotech Holdings, or to receive news updates, see www.biotechltd.com.
Gold & Silver
BMO’s Coxe advocates overweighted positions in gold, base metals
By: Dorothy Kosich
Posted: '16-JAN-07 08:00' GMT © Mineweb 1997-2006
RENO, NV (Mineweb.com) --In spite of a slowing U.S. economy, a housing slowdown, strong oil prices, soaring precious metals prices, and tightening by all major central banks, BMO’s Global Portfolio Strategist Donald G.M. Coxe noted financial markets performed splendidly in 2006.
In his latest investment article, Coxe recommended that investors continue to maintain an overweighted position in gold whether through mining company stocks or the ETF.
Coxe suggested that “the serial debauching of corporate bonds and the dissemination of junk derivatives through the financial system means that, if a true global slowdown comes, system risk will return.” Therefore, he proposed that “gold’s true value these days is not as an inflation hedge, but as a protection against serious problems for the dollar and/or the financial system.”
Despite declining base metals prices, Coxe continues to be bullish on copper, zinc and other metals. “When global economic growth once again turns upward, the base metals will lead the commodity recovery, because their supply/demand profile is clearer than that of oil, and they aren’t burdened with the mystique of gold,” he advised.
Coxe advocated that investors continue to maintain an overweighted exposure in mining stocks with long reserve life indicts in politically secure regions. Base metals have no OPEC to stop their downward corrections, but great orebodies are still rare, and the mining majors are richer than before.”
“Takeovers will continue, so stocks of strong companies will not fall as far as metals prices. Whenever the global recovery resumes, base metals should be the top-performing commodity asset class,” he claimed.
Ashford Joins PMI Gold Corporation as V.P. of Corporate Communications
January 16, 2007, Vancouver BC - PMI Gold Corporation (TSX/V:PMV) -
Former National Hockey League Referee and former Vancouver Park Board Chair, Malcolm Ashford, has joined PMI GOLD as the company's new Vice President, Corporate Communications effective immediately.
According to Douglas MacQuarrie, President and CEO, "we are delighted to have someone with Malcolm's background and experience join our Executive Team at PMI GOLD. Malcolm brings a wealth of knowledge and ability in the areas of communications, marketing and public and media relations to our group. His proven track record of accomplishment will add significantly to our human capital as we move forward as a company."
Ashford is well known in BC's business community and has held senior executive positions in both the private and public sector. He comes to PMI GOLD with significant experience in business and economic development, strategic planning and customer service excellence. He was an elected Commissioner on the Vancouver Park Board for twelve years, serving as the Board Chair for three of those years. He is a graduate of UBC's Faculty of Commerce [Marketing].
"I am very excited about joining the senior management of PMI GOLD, stated Ashford. The company is poised for major growth over the next twelve to twenty four months and being part of that will be a great experience. What really impresses me is that PMI GOLD is here for the long term and corporate social responsibility is an underpinning principle of the company. We share a lot of the same values and business ethics and working with this company will be rewarding for those reasons."
PMI Gold's properties now include the former Nkran, Adubiaso and Abore mines, which collectively produced 730,000 ounces of gold prior to their closing in 2003. The concessions cover 470 sq km over a 70 km length of the Asankrangwa Gold Belt in Ghana. Ghana is Africa's second largest gold producer and has recently attracted some US$1.5 billion in committed foreign investment due to its long mining history, prospective resource base, reasonable taxation and stable government.
Cripple Creek mine sues former employees in $3m gold/silver theft
By: Dorothy Kosich
Posted: '17-JAN-07 08:00' GMT © Mineweb 1997-2006
RENO, NV (Mineweb.com) --The Denver Post reported Monday that a RICO lawsuit has been filed in a Denver federal court against three former Cripple Creek & Victor Gold Mining employees and their associates, accusing them of stealing more than $3 million in gold and silver over 11 years.
Cripple Creek & Victor Gold Mining, a subsidiary of AngloGold Ashanti, claims that former employees Daniel Blake Persons, John Hurtt, Peter Quammen, Michael Goss, Brian Moores and Goss’s wife Shasta allegedly diverted a line carrying gold and silver-bearing fluid to a homemade recovery filter.
With Shasta Goss’s reported assistance, the group allegedly shipped the stolen metals to John Edward Rego and his California companies Regold and Auto Wrench, where it was refined and sold on the open market. Rego and his companies are all named as defendants in the federal lawsuit. However, Rego insisted that he did not know the product was stolen.
On September 23, 2006, Colorado District Attorney John Newsome announced that Parsons, 37, Hurtt, 45, and Quammen, 35, each faced one charge of felony theft and another charge of conspiracy to commit theft.
The state criminal charges cover the actions of the defendants from January 2003 to February 2006. Prosecutors claimed that the trio earned $1.7 million after refiner Rego allegedly received his share.
Colorado’s largest gold mining operation, Cripple Creek is located in Victor, 45 miles southwest of Colorado Springs.
Gold: a long term bull market in sight
By: Barry Sergeant
Posted: '16-JAN-07 13:00' GMT © Mineweb 1997-2006
JOHANNESBURG (Mineweb.com) --The Bank Credit Analyst (BCA) has identified four pillars cementing the case for a long-term bull market in gold bullion. Gold bugs will be relieved by the finding that the long-term uptrend in gold prices remains intact; the caveat is that investors should wait before buying.
BCA Research identifies as the first pillar global liquidity settings, which are likely to remain “plentiful because inflation will stay low”. Inflation rate profiles differ across the world, but the latterly feared crude oil price shock appears to have receded. In the world’s biggest economy, the US, the inflation profile could now even be on the path to returning to disinflation.
Core US consumer price inflation was static in November, reinforcing the likelihood that threats and worries over inflation are now on the backburner. The surge in inflation early in 2006 had completely lost momentum, not least on a slowing US economy. Retailing, which comprises around 50% of the US’s CPI basket, is now experiencing severe disinflation, as retailers slash prices to prop up demand.
The second pillar identified by BCA Research is simply that investor demand for gold will rise in response to higher gold prices, after an extended bear market. While this may sound counterintuitive, the profile of the dollar gold price since early in 2002, when the latest bull market set in, closely shadows the progression of the dollar gold price during the 1970s, the previous gold bull market. The latter developed into a very big bull market indeed, one that many investors refuse to forget.
The third pillar is identified as central bank transactions in gold bullion; this “could take time to re-emerge after the wave of liquidation in recent years”. Central banks, mindful of geopolitical risk and the persistent dollar bear market, have taken to increasing and diversifying foreign reserves. For a number of countries, gold is a natural choice as an additional or increased component of national foreign reserves.
The fourth pillar is seen as Chinese and Indian private sector gold demand; this should improve as the wealth and incomes of individuals in those countries continue to rise. Chinese and Indian private sector buyers have long been major private sector buyers of gold bullion.
A number of experts offer further factors in describing the possible forward profile of gold bullion prices. Stephen D. Walker, a director of global mining research at
RBC Capital Markets, argues that crude oil prices remain “an important catalyst for gold, likely reflecting geopolitical risk rather than an inflation concern. We believe oil will remain a key driver although any weakness in gold price would be offset by strong physical demand from India, the Middle East and Asia”.
As for gold equities, RBCCM points to current offerings of 30% to 50% upside to its target prices for various stocks. Among Tier I producers, RBCCM attaches “outperform” recommendations to Goldcorp, AngloGold Ashanti, Freeport; “sector perform” rankings to Harmony, Newcrest, Barrick, Kinross (pro forma) and Newmont, while Gold Fields is rated as “underperform”.
Among Tier II producers, Centerra is rated as “top pick”, while IAMGOLD and Lihir are ranked as “outperform”; “sector performance” is seen for Bema, Agnico-Eagle, Yamana, Randgold Resources, Western Areas; Meridian Gold is ranked as “underperform”.
Among Tier III gold diggers, “outperform” rankings go to Hecla, Jaguar, and Perseverance; “sector perform” recommendations attach to Eldorado, Alamos, High River Gold, while “underperform” rankings are accorded to Celtic, Oxus and Peter Hambro Mining.
Among emerging gold diggers, Anatolia is seen as top pick; “outperform” recommendations go to Axmin, Banro, European Goldfields, Gabriel, Greystar, Moto Gold; “sector performance” is seen for NovaGold, International Minerals, and Ballarat Goldfields, while Bendigo Mining is ranked “underperform”.
Then of course there is the value of the dollar. Sluggish US economic growth in the next few quarters is likely to give disinflation further traction, and bring the country’s key core inflation rates back into the comfort zone (2% or less) of the Federal Reserve, the US central bank. This would leave policymakers leeway to cut interest rates in 2007, and while this would stimulate economic activity in the US, it would also undermine the value of the dollar, traditionally a stimulus for higher dollar commodity prices.
The Federal Reserve raised its core interest rate to 5¼% on December 12, stating that while recent indicators had been mixed, “the economy seems likely to expand at a moderate pace on balance over coming quarters”.
According to guru investor Bill Gross, MD of Pimco, the world’s biggest bond fund, the Federal Reserve is likely to respond to stimuli “sometime within the next six months with a series of cuts intended to re-stimulate growth . . . “ PIMCO is looking for the core Federal Reserve interest rate to be at 4¼% by December 2007.
In conclusion, BCA Research states that in the near term, “gold prices are vulnerable to cyclical headwinds and could correct further”. As such, significant pullbacks should be viewed as buying opportunities.
Ear on the Street
Amica Mature Lifestyles (ACC : TSX : $10.00)
Execution is the focus
National Bank Financial maintains a "outperform", target price raised to $10.50
Anooraq Resources (ARQ : TSX-V : $1.17 | ANO : AMEX : US$0.98)
Settlement agreement finalized with controlling BEE shareholder
Raymond James maintains a "outperform", 6-12 month target price is $1.50
Bonavista Energy Trust (BNP.UN : TSX : $27.73)
Should prosper in new environment
TD Newcrest upgrades to "buy", 12-month target price is cut to $28.00
Boralex Power Income Fund (BPT.UN : TSX : $9.60)
Announces process to look into maximizing unit holder value
National Bank Financial maintains a "sector perform", target price is $9.00
Calpine Power Income Fund (CF.UN : TSX : $12.75)
Settlement agreement with CCPL reached
TD Newcrest maintains a "hold", 12-month target price is $12.25
CanWest Global Communications (CGS : TSX : $10.95)
Focus on use of ANZ asset sale proceeds
CIBC World Markets upgrades to "sector outperform", target price raised to $14.00
Canadian National Railway (CNR : TSX : $53.29 | CNI : NYSE : US$45.22)
Recent sell-off provides attractive buying opportunity
BMO Nesbitt Burns maintains a "outperform", target price is $60.00
Countryside Power Income Fund (COU.UN : TSX : $8.70)
Settlement reached on USEB investment
Desjardins Securities upgrades to "buy", target price raised to $9.00
RBC Capital Markets upgrades to "outperform", target price raised to $10.00
Crescent Point Energy Trust (CPG.UN : TSX : $15.99)
Mission finally completed?
National Bank Financial maintains a "sector perform", target price is $17.00
TD Newcrest maintains a "buy", 12-month target price is cut to $17.50
Chartwell Seniors Housing REIT (CSH.UN : TSX : $15.03)
Ventas bid for Sunrise, a positive for Chartwell
BMO Nesbitt Burns maintains a "market perform", target price raised to $15.50
Scotia Capital Markets maintains a "sector perform", 1-year target price is $15.20
Catalyst Paper (CTL : TSX : $4.03)
Corner suite departures, as expected
Desjardins Securities maintains a "sell", target price is $3.00
Raymond James maintains a "underperform", 6-12 month target price is $3.50
RBC Capital Markets maintains a "underperform", target price is $3.25
Dundee REIT (D.UN : TSX : $39.92)
Attractive leverage to increasing office fundamentals
BMO Nesbitt Burns initiates coverage with a "outperform", target price is $44.00
Eldorado Gold (ELD : TSX : $6.30)
Vila Nova resource and prefeasibility study released
Blackmont Capital maintains a "hold", 12-month target price is $6.00
EXFO Electro-Optical Engin. (EXF : TSX : $7.39 | EXFO : NASDAQ : US$6.30)
Growth opportunities highlighted at analyst day
National Bank Financial maintains a "outperform", target price is US$7.00
Groupe Laperriere & Verreault (GLV.A : TSX : $31.90)
Minerals Processing group receives $45 million in new orders
Blackmont Capital maintains a "buy", 12-month target price is $35.00
IGM Financial (IGM : TSX : $47.50)
IGM to acquire Putnam Investments instead of Power Financial?
Credit Suisse maintains a "outperform", target price is $58.00
The Keg Royalties Income Fd (KEG.UN : TSX : $12.11)
Strong same-store sales growth
Canaccord Adams upgrades to "buy", target price raised to $12.40
Lundin Mining (LUN : TSX : $38.86)
To grow through drill-bit and acquisitions
National Bank Financial initiates coverage with a "sector perform", 12-month target price is $43.50
MacDonald Dettwiler & Assoc. (MDA : TSX : $48.22)
NASA increased the value of the Canadarm contract
CIBC World Markets maintains "sector outperform", 12-month target price is $55.00
March Networks (MN : TSX : $11.91)
Wal-Mart cuts demand
BMO Capital Markets downgrades to "market perform", 12-month target price is cut to $12.00
Canaccord Adams maintains "sell", 12-month target price is cut to $11.00
CIBC World Markets maintains "sector perform", 12-month target price is cut to $14.00
RBC Capital Markets maintains "outperform", 12-month target price is cut to $17.00
Scotia Capital Markets downgrades to "sector perform", 12-month target price is cut to $11.00
Nortel Networks Corp. (NT : TSX : $31.91 | NYSE : US$27.15)
Contract win with British Telecom
RBC Capital Markets maintains "sector perform", 12-month target price is US$28.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $33.10
Onex Corporation (OCX : TSX : $28.38)
In bigger deals than in the past
RBC Capital Markets maintains "outperform", 12-month target price is raised to $35.00
Progress Energy Trust (PGX.UN : TSX : $11.59)
Upgrade on price decline
TD Newcrest upgrades to "buy", 12-month target price is cut to $12.00
Peerless Energy (PRY.A : TSX : $3.60)
Active drilling program through 2007
Haywood Securities maintains "sector outperform", 12-month target price is raised to $5.00
ProspEx Resources (PSX : TSX : $4.19)
Annual production target reached
Raymond James maintains "outperform", 6-12 month target price is $5.25
PrimeWest Energy Trust (PWI.UN : TSX : $21.83 | PWI : NYSE : US$18.61)
Closes $350 million financing
BMO Capital Markets maintains "underperform", 12-month target price is cut to $21.00
National Bank Financial maintains "sector perform", 12-month target price is $24.00
Pizza Pizza (PZA.UN : TSX : $8.57)
5% Q2 same-store sales growth
Canaccord Adams maintains "buy", 12-month target price is raised to $8.90
Quebecor Inc. (QBR.B : TSX : $40.56)
Upside remains
BMO Capital Markets maintains "market perform", 12-month target price is raised to $45.00
CIBC World Markets maintains "sector perform", 12-month target price is raised to $45.00
Quadra Mining Ltd. (QUA : TSX : $8.80)
Better-than-expected Q4 production
Raymond James maintains "outperform", 6-12 month target price is $14.00
Rogers Communications (RCI.B : TSX : $38.33 | RG : NYSE : US$32.50)
Improved outlook for cable industry
BMO Capital Markets maintains "outperform", 12-month target price is raised to $45.00
SFK Pulp Fund (SFK.UN : TSX : $4.70)
Announced a bought deal financing
BMO Capital Markets downgrades to "underperform", 12-month target price is $4.50
Shiningbank Energy Income Fund (SHN.UN : TSX : $12.91)
Upgrade on price decline
TD Newcrest upgrades to "buy", 12-month target price is cut to $14.50
Strathmore Minerals (STM : TSX-V : $3.30)
2007 will see an active exploration year
National Bank Financial maintains "sector perform", 12-month target price is $3.70
Sunrise Senior Living REIT (SZR.UN : TSX : $14.89)
Ventas to buy Sunrise
BMO Capital Markets maintains "market perform", 12-month target price is raised to $15.00
CIBC World Markets maintains "sector underperform", 12-month target price is $15.00
RBC Capital Markets downgrades to "sector perform", 12-month target price is raised to $15.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $15.00
Teck Cominco Ltd. (TCK.B : TSX : $80.80)
Acquires additional land in Athabasca oil sands region
Desjardins Securities maintains "buy", 12-month target price is $97.85
Sino-Forest Corp. (TRE : TSX : $9.24)
Macquarie Bank denies bidding for Sino
Haywood Securities maintains "sector outperform", 12-month target price is $13.00
TransCanada Corp. (TRP : TSX : $39.18)
Increasing interest in Alberta natural gas storage
Credit Suisse maintains "outperform", 12-month target price is $45.00
True Energy Trust (TUI.UN : TSX : $5.77)
Intends to convert back to an E&P company
Canaccord Adams maintains "buy", 12-month target price is raised to $7.50
CIBC World Markets maintains "sector perform", 12-month target price is $7.25
Uni-Select Inc. (UNS : TSX : $29.00)
Management changes
Desjardins Securities maintains "buy", 12-month target price is $35.00
Vermilion Energy Trust (VET.UN : TSX : $32.43)
Crude oil spill in France
CIBC World Markets maintains "sector outperform", 12-month target price is $39.00
Van Houtte (VH : TSX : $22.15)
Considering strategic options to enhance shareholder value
National Bank Financial upgrades to "outperform", 12-month target price is raised to $25.00
Wellco Energy Services (WLL.UN : TSX : $6.85)
2007 capex will be 21% of 2006 level
Haywood Securities maintains "sector outperform", 12-month target price is cut to $7.75
YM BioSciences (YM : TSX : $4.10 | YMI : AMEX : US$3.49)
Third testmilifene milestone reached
RBC Capital Markets maintains "outperform", 12-month target price is $8.50
Ear on the Street
ACE Aviation Holdings (ACE.B : TSX : $33.85)
Completes Air Canada IPO
RBC Capital Markets reinstates with a "outperform", 1-year target price is $51.00
Agrium (AGU : TSX : $38.85 | NYSE : US$33.14)
Bullish corn outlook, yielding higher nitrogen prices, drives target price higher
RBC Capital Markets maintains a "sector perform", target price raised to US$37.00
Abitibi-Consolidated (A : TSX : $3.27 | ABY : NYSE : US$2.72)
Recent price appreciation behind downgrade
RBC Capital Markets downgrades to "underperform", target price is $2.50
Atlantic Power (ATP.UN : TSX : $10.96)
Weaker Canadian dollar forecast
RBC Capital Markets maintains a "sector perform", target price raised to $11.25
Anderson Energy (AXL : TSX : $3.74)
Announces initial 2007 capital budget
BMO Nesbitt Burns maintains a "market perform", target price is $4.50
Boralex Power Income Fund (BPT.UN : TSX : $9.56)
Another trust up for sale
BMO Nesbitt Burns maintains a "market perform", target price is $9.00
Canaccord Adams downgrades to "sell", target price is $9.00
Desjardins Securities reiterates "hold", target price raised to $10.00
Calpine Power Income Fund (CF.UN : TSX : $13.03)
Calpine Power buys B units, gets control of LP
Canaccord Adams maintains a "hold", target price is $13.50
Desjardins Securities reiterates "hold", target price raised to $14.00
Scotia Capital Markets maintains a "sector perform", 1-year target price is $12.50
Connacher Oil and Gas (CLL : TSX : $3.42)
Great Divide on track
GMP Securities reiterates "buy", target price is $6.30
Countryside Power Income Fund (COU.UN : TSX : $8.61)
Looks to be fairly reasonably valued
Desjardins Securities downgrades to "hold", target price is $8.00
RBC Capital Markets maintains a "sector perform", target price raised to $7.75
Crescent Point Energy Trust (CPG.UN : TSX : $16.30)
Company provides update and guidance
CIBC World Markets "sector perform", target price is $18.00
Haywood Securities maintains a "sector outperform", 12-month target price is $19.25
RBC Capital Markets maintains a "sector perform", target price cut to $15.00
Catalyst Paper (CTL : TSX : $4.14)
Recent price appreciation behind downgrade
RBC Capital Markets downgrades to "underperform", target price is $3.25
Churchill Corporation (CUQ : TSX : $6.30)
CEO increases confidence by speaking to strong fundamentals
Blackmont Capital maintains a "buy", 12-month target price is $7.00
Canexus Income Fund (CUS.UN : TSX : $7.19)
Increased U.S. dollar forecast
RBC Capital Markets maintains a "outperform", target price raised to $7.75
Consumers Waterheater Fund (CWI.UN : TSX : $13.52)
Future looking a little brighter
RBC Capital Markets maintains a "sector perform", target price raised to $13.75
Canadian Royalties Inc (CZZ : TSX : $2.70)
Expo resource almost doubles
Raymond James maintains a "strong buy", 6-12 month target price raised to $3.75
Descartes Systems Group (DSG : TSX : $4.24 | DSGX : NASDAQ : US$3.66)
More security demands at the border, the better
GMP Securities reiterates "focus buy", target price is $6.40
European Minerals (EPM : TSX : $0.86)
Announces revised resource/reserve statement
Canaccord Adams maintains a "buy", target price is $1.35
Fairborne Energy Trust (FEL.UN : TSX : $9.71)
Commodity forecast revisions
RBC Capital Markets downgrades to "underperform", target price cut to $8.00
Flint Energy Services Ltd. (FES : TSX : $27.22)
Two-for-one stock split
Blackmont Capital maintains "buy", 12-month target price is $40.50
Focus Energy Trust (FET.UN : TSX : $17.49)
Announces distribution cut
RBC Capital Markets maintains a "sector perform", target price cut to $15.75
Forzani Group (FGL : TSX : $18.40)
Weak holiday sales
Raymond James maintains "outperform", 6-12 month target price is $21.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $21.50
Futuremed Healthcare (FMD.UN : TSX : $9.80)
New Street coverage
BMO Capital Markets initiates coverage with a "market perform", 12-month target price is $10.25
Fairquest Energy (FQE : TSX : $2.72)
Operations update provided
Scotia Capital Markets maintains a "sector underperform", 1-year target price is $3.75
FUN Technologies (FUN : TSX : $2.30)
Q4 sales would be in line
CIBC World Markets maintains "sector outperform", 12-month target price is $7.00
Gateway Casinos Income Fund (GCI.UN : TSX : $18.12)
Flush with cash
Blackmont Capital maintains "buy", 12-month target price is $19.00
Great Lakes Carbon Inc. Fd (GLC.UN : TSX : $10.80)
Higher U.S. dollar assumption
RBC Capital Markets maintains "outperform", 12-month target price is raised to $11.50
Gennum Corp. (GND : TSX : $13.90)
To report Q4 on January 24
Raymond James maintains "outperform", 6-12 month target price is raised to $16.50
Galleon Energy (GO.A : TSX : $15.64)
New Street coverage
RBC Capital Markets initiates coverage with a "outperform", 12-month target price is $20.00
Imaging Dynamics Company (IDL : TSX : $2.59)
Q4 preview
Canaccord Adams maintains "hold", 12-month target price is $2.50
Mercer International (MRI.U : TSX : $10.40)
Higher pulp price forecasted
RBC Capital Markets maintains "outperform", 12-month target price is $14.00
Mission Oil & Gas (MSO : TSX : $11.84)
The Revised Plan of Arrange will go to the shareholders
Haywood Securities maintains "tender", 12-month target price is $12.00
Oilexco Inc. (OIL : TSX : $7.28)
2007 will be a very active drilling year
Haywood Securities maintains "sector outperform", 12-month target price is $13.00
Precision Drilling (PD.UN : TSX : $26.88 | PDS : NYSE : US$22.47)
Downgrade based on industry weakness
BMO Capital Markets maintains "underperform", 12-month target price is cut to $25.00
Potash Corp. of Saskatchewan (POT : TSX : $169.00 | NYSE : US$145.12)
Bullish corn outlook
RBC Capital Markets maintains "outperform", 12-month target price is raised to US$165.00
Primary Energy Recycling (PRI.UN : TSX : $10.60)
Positive implication of weaker Canadian dollar
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $10.00
Pason Systems (PSI : TSX : $12.66)
Recent price decline provides buying opportunities
RBC Capital Markets maintains "sector perform", 12-month target price is $16.00
Platinum Group Metals (PTM : TSX : $2.40)
Positive Pre-Feasibility study on the WBJV project
Raymond James maintains "strong buy", 6-12 month target price is $3.00
PrimeWest Energy Trust (PWI.UN : TSX : $21.88)
Closes equity and debt financing
Canaccord Adams upgrades to "buy", 12-month target price is cut to $24.00
RBC Capital Markets maintains "underperform", 12-month target price is $18.25
Royal Utilities Income Fund (RU.UN : TSX : $11.70)
Analysts roll forecasts forward
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $12.25
SFK Pulp Fund (SFK.UN : TSX : $4.70)
Downgrade due to unit price appreciation
RBC Capital Markets maintains "sector perform", 12-month target price is $5.00
Stantec Inc. (STN : TSX : $25.62 | SXC : NYSE : US$21.64)
Acquired U.S.-based Vollmier Associates
Raymond James maintains "outperform", 6-12 month target price is raised to $28.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $27.50
Stornoway Diamond (SWY : TSX : $1.17)
Positive diamond grades from Aviat property
Raymond James maintains "strong buy", 6-12 month target price is $1.70
TD Bank (TD : TSX : $68.89)
A different kind of bank
Desjardins Securities maintains "top pick", 12-month target price is $75.00
Sino-Forest Corp. (TRE : TSX : $9.06)
Hidden value waken by private equity speculation
Haywood Securities maintains "sector outperform", 12-month target price is $13.00
Torstar Corp. (TS.B : TSX : $19.42)
New Street coverage
Desjardins Securities initiates coverage with a "hold", 12-month target price is $21.00
UE Waterheater Income Fund (UWH.UN : TSX : $14.14)
Analysts roll forecasts forward
RBC Capital Markets maintains "sector perform", 12-month target price is raised to $13.00
Vermilion Energy Trust (VET.UN : TSX : $32.06)
Analysts roll out 2008 estimates
RBC Capital Markets upgrades to "outperform", 12-month target price is cut to $33.00
Van Houtte (VH : TSX : $22.10)
Exploring strategic options
GMP Securities maintains "buy", 12-month target price is raised to $29.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $23.00
West Fraser Timber Co. (WFT : TSX : $45.00)
Downgrade due to stock price appreciation
BMO Capital Markets upgrades to "market perform", 12-month target price is raised to $50.00
RBC Capital Markets downgrades to "sector perform", 12-month target price is $47.00
From Tuesday morning to Wednesday morning we expect : 5-10 cm of snow and less than 1 mm of rain
Progress Report at Blue Mountain Geothermal Site
VANCOUVER, BC (January 15, 2007) – Nevada Geothermal Power Inc. (NGP) (TSX-V: NGP, OTCBB: NGLPF) announces a progress update on the development at the Blue Mountain Geothermal site.
Blue Mountain Resource - Development Drilling Update
Well 38-14 has been drilled to 2006 feet with 13 7/8 inch production casing cemented in place. Drilling has been temporarily suspended with the hole at 2006 feet due to a major equipment breakdown that occurred on December 5th. The mechanical difficulty had been that the draw works motor seized and on December 9th the second motor that had been installed ran for less than 1 minute before it seized leaving the drill pipe suspended in the hole. The pipe was recovered on December 31, 2006 and the pipe laid down and the rig was subsequently released.
A replacement geothermal rig has been identified and is expected to be on site mid-February. The new contractor is reputable and very well known, with over twenty years of experience in the completion of geothermal production wells in Nevada. Well 38-14 is anticipated to be drilled to approximately 3500 feet and is expected to yield similar results to Well 28A-14. As per the news release on (October 18, 2006), Well 28A-14 encountered a “prolific” production zone between 2215 feet and hole bottom at 2815 feet.
Drilling problems at Well 38-14 have been resolved without any impact on the overall development schedule. This means that the Faulkner 1 Geothermal Power Plant at Blue Mountain will still be brought on line in 2009.
There has been considerable progress in the development of the Blue Mountain “Faulkner 1” power project:
The Company’s initial development well 26A-14 has a gross power capacity of 9.6 MW (enough to supply power to 7,000-10,000 homes). Furthermore, the 365 F°(185°C) temperature and the energy content of produced fluids per unit of volume was higher than anticipated at the depth encountered. New chemistry of representative geothermal waters from 26A-14 predicts source temperatures of 225-235°C (Thermochem Laboratory and Consulting Services Report, December18, 2006). Drilling and geothermometry results indicate that the Blue Mountain reservoir may be capable of supporting a flash-type geothermal plant which would result in lower capital and operating costs.
A 20-year Power Purchase Agreement (“PPA”) was completed in July 2006. According to this Agreement, Nevada Geothermal Power Company, NGP’s U.S. subsidiary will provide Nevada Power Company, a Nevada utility, with up to 35 MW (gross) 31.25 MW (net) of geothermal power and associated Renewable Energy Credits (RECs). In October 2006, Nevada Power Company filed the NGP PPA along with others as an amendment to its Resource Plan and submitted them to the Nevada Public Utilities Commission of Nevada (“NPUC”) for approval. NPUC approval of the power contract is anticipated early 2007.
Project Infrastructure
· System Impact Studies for the electrical grid connection of the Faulkner 1 Power Development Project have been completed. Additionally, a location north of Mill City, Nevada was approved for the Blue Mountain power line to connect with the SPPCo #162 (120 kV) transmission line in September 2006. Separately, a Facilities Study will be completed by February, 2007.
In November 2006 an initial Utility Environment Protection Act (UEPA) permit application was submitted to the Public Utility Commission. In addition, work has commenced on all of the other major permits required by the project.
NGP met with the Humboldt and Pershing County Commissions in November 2006 and also held public forums to discuss the Blue Mountain Faulkner 1 Power Development and the transmission line project. The commissioners of both Humboldt and Pershing and other public authorities have expressed their support for the Blue Mountain project.
About Nevada Geothermal Power Inc.
Nevada Geothermal Power Inc. is a renewable energy company exploring and developing geothermal projects in the United States to provide electrical energy that is clean, efficient and sustainable. NGP is committed to the geothermal industry and currently owns a 100% leasehold interest in the Blue Mountain, Pumpernickel, Black Warrior projects in Nevada and the Crump Geyser Project in southern Oregon.
China gold trade and consumption seen as increasing dramatically
By: Lawrence Williams
Posted: '15-JAN-07 09:00' GMT © Mineweb 1997-2006
LONDON (Mineweb.com) --Chinese citizens have been taking to gold as a significant investment option according to reported figures from the Shanghai Gold Exchange. Last year, for example, some 1,250 tonnes of gold were traded on the Exchange – up 38 percent on a year earlier. Figures for the current year could be substantially higher due to various new gold metal investment options which have become available, like the recently announced 100 gramme gold bars which make gold trading by individuals more accessible, rather than just by corporate entities. The previous smallest size of gold bar available was one kilogramme.
However trade does not mean offtake. Most traded gold will move between traders rather than take new gold off the market, although the new smaller size bars may mean an increase in physical demand. Nevertheless, Chinese consumption of physical gold is expected to continue to grow sharply, and local estimates put this at around 340 tonnes in 2006 and continuing to rise.
Meanwhile Chinese gold production is also rising – with estimates that 2006 output will have reached 230-240 tonnes. The country is currently the world’s fourth largest gold producer – after South Africa, the U. S. and Australia. Some observers anticipate China will be the world’s largest producer in ten years’ time as existing gold mines in the established gold mining countries become depleted moving the focus of production to new areas.
Chinese jewellery demand – particularly for white gold – is also reported as growing strongly, while industrial offtake, primarily in the electronics sector, is rising as well.
Thus there is little doubt that China is a very significant player indeed in the future direction of the world gold price. As more and more of a consumer society develops we would anticipate demand growing more rapidly than supply with a corresponding positive impact on the metal price.
Wan Guoli, a manager of the China Gold Association's International Cooperation division, was reported by Reuters in August as saying that current consumption is well in excess of that estimated by the World Gold Council and could almost double to 600 tonnes in five or six years, making the country the world’s second largest consumer of gold after India.
NOC.
Companies featured in the current edition of the newsletter: ADSX, ARGA, CYTR, HYTM, IRBO, ISON, LANW, NTRN, OXIS, POIG, RTK, SCLL, SWTS, VOII
The bulls trampled all over Wall Street last week, with all of the indexes posting sizable gains, helped by plunging oil prices and a few positive earnings announcements. The Dow finished the week up 158 points, and is up 0.7% for the year. The Nasdaq surged 68 points, and is now ahead a sizable 3.6% in just the first two weeks of trading. The S&P was up four out of the five days last week and closed up 21 points increasing its year to date gain to 0.9%. The Russell 2000 finished the week up 18 points, and is up 0.8% for the year.
Another collapse in prices of crude oil set the stage again for a rally in stocks, as the price of a barrel of crude fell from $56.31 a barrel to $52.99. Reassuring comments from Federal Reserve officials also helped calm inflation fears There was not much news on the earnings front but a few companies did post solid results. Alcoa and Genetech both posted solid results.
What should investors look for in the upcoming week? While all U.S. markets will be closed Monday in honor of the Martin Luther King holiday, a busy week of earnings will more than make up for the shortened trading schedule. Tuesday morning, Wells Fargo (NYSE: WFC), US Bancorp (NYSE: USB), and Charles Schwab (Nasdaq: SCHW) post results. Intel (Nasdaq: INTC) will announce earnings after the market close on Tuesday along with Linear Technology (NASDAQ: LLTC). Wednesday will be extremely active for announcements with reports from AMR Corp (NYSE: AMR), ASML Holding (Nasdaq: ASML), JP Morgan Chase (NYSE: JPM), Freeport-McMoRan (NYSE: FCX), Progressive (NYSE: PGR), Lennar (NYSE: LEN), Parker Hannifin (NYSE: PH), Mellon Financial (NYSE: MEL), and Southwest Air (NYSE: LUV) before the bell. Apple (Nasdaq: AAPL), Kinder Morgan Partners (NYSE: KMP), and Washington Mutual (NYSE: WM) will announce earnings after the market closes that day. Thursday is also going to be an active day for announcements with reports from Bank of New York (NYSE: BK), BB&T Corp. (NYSE: BBT), Motorcycle manufacturer Harley Davidson (NYSE: HOG), Continental Airlines (NYSE: CAL), United Health (NYSE: UNH), PPG Industries (NYSE: PPG), Merrill Lynch (NYSE: MER), and Novartis AG (NYSE: NVS) all before the bell. After the close announcements include Capital One (NYSE: COF) and IBM (NYSE: IBM). Reports continue Friday morning with reports from SunTrust Banks (NYSE: STI), Schlumberger (NYSE: SLB), Regions Financial (NYSE: RF), Citigroup (NYSE: C), General Electric (NYSE: GE), Johnson Controls (NYSE: JCI), and Motorola (NYSE: MOT).
Next week will be extremely active on the economic front as well. There are no economic events scheduled for Monday. The New York Empire State Index, before the open, will be the single announcement for Tuesday. Wednesday will be highly active for economic announcements beginning with the December Core PPI announced before the market opens. November Net Foreign Purchases will be announced later that morning followed almost immediately by the announcements of December Industrial Production and December Capacity Utilization. Weekly Crude Inventories will be announced mid-morning Wednesday. Investors will likely pay special attention to the release of the Fed’s Beige Book shortly before the market closes Wednesday afternoon. Thursday’s announcements include the December Core CPI, December Housing Starts and Building Permits, and the Weekly Initial Unemployment Claims before the bell. December Leading Indicators will be announced mid-morning and the January Philadelphia Fed Index will be announced at noon. The only economic announcement scheduled for Friday is the January Preliminary Michigan Sentiment Index. Some of the key economic events include San Francisco Fed President Yellen speaking on the economy in Arizona Wednesday, as well as St. Louis Fed President Poole speaking on GSE’s. Cleveland Fed President Pianalto is scheduled to speak on the economy in Dayton on Friday and Fed chief Bernanke will address the Senate Budget Committee in Washington, D.C.
The conference schedule for next week will be relatively tame. The three-day Goldman Sachs 2007 Energy Conference in New York, as well as the 2007 North American International Auto Show Conference in Detroit, begins Tuesday. The two-day New York Stock Exchange and Prudential Equity Group's Growth Conference in New York begins Wednesday. Deutsche Bank Securities 2007 Real Estate Outlook Conference will take place on Thursday in New York.
New 52-week high: Shares of Hythiam, Inc. (NASDAQ: HYTM), a healthcare services management company that licenses the PROMETA™ physiological protocols designed to treat substance dependence, surged 12.2% on strong volume last week, and in the process the company established a new all-time high. Hythiam said last week that a commercial evaluation of the PROMETA protocols by HealthNow New York Inc., a parent company of BlueCross BlueShield of Western New York and BlueShield of Northeastern New York, will be conducted as a central component for substance dependence disease management. The study includes 50 patients who will receive the PROMETA protocols for alcoholism, stimulants, and poly-addiction to alcohol and stimulants. Outcomes of the program will be measured at 90 days with additional follow-up extending through 6 months. Results that will be evaluated in the pilot include the ability to rapidly transition individuals back to their families and employers by converting their care to an out-patient treatment modality. The pilot will take place in the chemical dependency unit of TLC Health Network. The TLC Health Network is a HealthNow care provider. HealthNow has a total membership of over 720,000 patients. HealthNow said it would reimburse for the protocols after 90 days if the outcomes are successful. Hythiam previously announced that Horizon Blue Cross Blue Shield of New Jersey will conduct a commercial evaluation of the PROMETA protocols. Horizon BCBSNJ has a total membership in excess of 3.2 million The stock ended the week up $1.11 at $10.21.
Volume Alert: Shares of Applied Digital (NASDAQ: ADSX), a leading provider of identification and security technology, surged 12% on Friday on three times average volume, closing at its highest level in more than one month. The company said last week that its VeriChip Corporation subsidiary had been granted a patent by the U.S. Patent and Trademark Office for its portable RFID asset location system. The RFID tagging technology is combined with a portable receiver used to track the location of assets within a fixed setting. The asset location system utilizes portable receivers to collect RFID messages instead of relying on a network of fixed systems. This allows the system to identify the unique ID of the asset as well as its room location. The patent was issued as No. #7,116,230. The stock ended the week up 28 cents at $2.14.
Volume Alert: Shares of CytRx Corporation (NASDAQ: CYTR), a biopharmaceutical company focused on developing products primarily in the area of small molecules and ribonucleic acid interference (RNAi), surged 13% on Friday on more than two times average volume, and in the process established a new 52-week high and closed at their highest level since late 2003 as enthusiasm continues to increase for its RNAi business. Last week, CytRx along with a team of experts in RNAi, including Nobel Prize winner Craig C. Mello, created majority-owned subsidiary, RXi. In forming its subsidiary, CytRx assembled a team of some of the top scientists in the field, two of which come from Howard Hughes Medical Institute. Howard Hughes Medical Center is known for its cutting edge research into medical technology. Aside from being a Nobel Prize winner for his role in co-discovering RNAi, Craig C. Mello is an investigator for the institute. CytRx will maintain an 85 percent stake in the venture, while its scientific advisory team holds the remainder. RXi announced last week that it had entered into significant new agreements with the University of Massachusetts Medical School to license RNA interference intellectual property for all therapeutic applications. The agreements include a restricted therapeutic license with rights to sublicense for nanotransporters. Nanotransporters have been shown to deliver intact RNAi to a number of tissues in animal models. These licenses are contingent upon RXi's receipt of working capital funding in the upcoming months. The financial terms were not disclosed for competitive reasons. The stock closed the week at $2.45 up 65 cents on strong volume.
Medicine Bow Fuel & Power LLC. recently announced the entrance into a long-term contract to sell 100% of the ultra-low-sulfur diesel fuel from its planned coal-to-liquids (CTL) facility in Medicine Bow, Wyoming, to Sinclair Oil Corporation. Sinclair will in turn market the fuel in the Rocky Mountain region. During the latter stages of the process, the synthetic gas will be liquefied using Fischer- Tropsch technology licensed from Rentech Inc. (AMEX: RTK), a developer of alternative energy sources. The facility will use an indirect liquefaction process to convert coal resources into refined products that meet significant energy needs and at the same time reduces the environmental complications associated with coal combustion. The CTL facility will utilize certain coal gasification technology to produce synthetic gas. The synthetic gas will be cycled through a cleaning process so that all of the sulfur and carbon dioxide is removed. This process is designed to reduce greenhouse gas emissions and other environmental impacts associated with the traditional use of coal as a boiler fuel. Rentech’s stock ended the week up 8 cents at $3.74.
Isonics Corporation (NASDAQ: ISON), the developer of innovative solutions for the homeland security and semiconductor markets, announced last week that the company received a staff determination letter from the Nasdaq Stock Market Listings Qualification Department notifying the company that its common stock is not in compliance with the $1.00 per share minimum bid price requirement for continued inclusion under Nasdaq Marketplace Rule 4310(c)(4) and is subject to delisting from the Nasdaq Capital Market. The company is entitled to request a hearing, prior to January 17, 2007, with a Nasdaq Listings Qualification Panel to attempt to obtain an additional period to regain compliance with the Nasdaq listing requirements and will do so. Isonics expects to present alternative plans for regaining compliance with the Nasdaq listing requirements. Note that the company’s shareholders have already approved a reverse stock split, which would allow the company to immediately regain compliance and maintain its Nasdaq listing. Shares ended the week at $0.72, up $0.04.
Biotechnology company ImmuneRegen BioSciences, Inc., a wholly owned subsidiary of IR BioSciences Holdings, Inc. (OTCBB: IRBO), recently announced the results from tests conducted using the company’s proprietary compound Viprovex™ in a severe influenza treatment study. Virion Systems, Inc., a Maryland biotechnology corporation, conducted the tests evaluating ImmuneRegen's Viprovex™ as a measure in the possible treatment of influenza virus infection. The studies were performed using a cotton rat model system with the influenza A/Wuhan/359/95 (H3N2). This model is a strong, peer-reviewed model system for studying human influenza. The company is confident that this preliminary test data suggests that Viprovex could have positive effects in the treatment of influenza with the possibilities in the enhancement of innate immunity to influenza. Additional studies are presently underway in this and other influenza model systems to confirm and expand these results. Shares ended the week down 3 cents at $0.14.
Neutron Enterprises, Inc. (OTCBB: NTRN), a developer of digital media solutions, announced that the company completed the acquisition of Stock-Trak, Inc. Stock-Trak, Inc. is a leading provider of stock portfolio simulations for the educational and corporate markets. The previously announced acquisition is expected to boost the company's earnings in the first year. Stock-Trak's main site, stocktrak.com, provides educational stock market simulation services to over 800 college professors and over 50,000 students worldwide and its network of branded sites is used by over 100,000 middle and high school students each year. Neutron previously announced that it was working with Stock-Trak to develop a fantasy stock market competition. The acquisition is expected to accelerate the development of Neutron's new fantasy stock-market competition. As a part of the competition, contestants will demonstrate their stock-picking skills by selecting and managing a portfolio of stocks and competing for significant cash prizes. The stock ended the week up a dime at $2.16.
Language Access Network (OTC: LANW), a leader in video language interpretation services, announced that the company will not proceed with its offer to acquire privately-held Healinc Telecom, LLC. Last week, the company said that after a long and detailed due diligence process, acquiring Healinc Telecom, LLC., was not in the best interest of the company and its shareholders. The company also announced that its video interpretation service, known as Martti™, is now available for use at three pharmacy locations in Central Ohio. The Martti™ service is free to customers and will allow Kroger's pharmacies and their non-English speaking customers to connect to live interpreters in over 150 languages, including American Sign Language, Arabic, Japanese, Russian, Somali and Spanish. Shares ended the week at $3.00, down $0.30.
In a letter issued to stockholders last week, junior energy company Petrol Oil and Gas, Inc. (OTCBB: POIG), provided an update on recent corporate activities. The letter described Petrol’s progress in positioning itself for significant growth in 2007 and future years. The letter also discussed the company’s primary near-term goal as substantially increasing gas production from its Neodesha and Coal Creek properties in Kansas. Coal Creek, in particular, provides the key to the company’s growth. POIG has had delays in production from the location due to the need to de-water certain wells. Company revenue rose by a respectable 13% last year to approximately $6.8 million and many of the implemented initiatives were designed to build an oil and gas infrastructure capable of generating stable and growing production for the future. The stock ended the week up $0.02 at $0.52.
Cell biology company Stem Cell Innovations (OTCBB: SCLL), announced the issuance of an important patent last week covering human pluripotent stem cells in the United States. SCLL is currently developing PluriCells™, which represent a form of new human stem cell technology obtained from primordial germ cells of fetal tissue. PluriCells are different from embryonic stem cells and are believed to be outside the competitive patents on human embryonic stem cells. Primordial germ cells are one of only two types of cells known to be able to differentiate into more than 200 cell types found in the human body. Stem cell cultures produced from these cells show remarkable promise in advancing drug discovery and cell-based therapies for problems such as neurodegenerative disease. Stem Cell Innovations also recently announced a drug discovery program with the ALS Association. The stock ended the week up 5 cents at $0.19.
Sweet Success Enterprises, Inc. (OTCBB: SWTS), which has re-launched a product line made popular by Nestlé’s to tap into the rapidly growing demand for convenient and nutritious beverages, announced that the company has recently entered into an agreement with Kehe Food Distributors. Under the agreement, Kehe Food Distributors will carry the full line of available Sweet Success Fuel for Health™ beverages. Kehe is a leading natural and specialty foods distributor that services over 12,000 specialty food stores and supermarkets in 35 states. Kehe has already ordered Sweet Success products for their anticipated product placement in Texas-based food retailers. The company also recently announced the formation of a strategic alliance with Integrity Nutraceuticals International. This union will allow Sweet Success to utilize a variety of scientific research that shows the safety and effectiveness of Cinnulin PF®. Cinnulin PF® is the key ingredient in the company’s diabetic friendly beverage GlucaSafe™. Research suggests Cinnulin PF aids in maintaining healthy blood glucose, body composition, blood pressure and antioxidant function. The stock ended the week down $0.02 at $0.65.
It was certainly a volatile week for shareholders of VoIP, Inc. (OTCBB: VOII), a leading provider of Voice over Internet Protocol (VoIP) communications solutions for service providers, resellers and consumers. The company said early in the week that Google Mobile had expanded the use of Click-to-Call technology into China, as well as eight additional international markets using VoIP, Inc.'s network. Users who utilize Google for mobile searches in China now have the ability to call directly from their cell phones to an advertiser identified through Google's mobile search capability. VoIP's network is also being used by Google in the United States, United Kingdom, Germany and Japan, and recently expanded into France, Italy, the Netherlands, Spain, China, Ireland, India and Australia. VoIP receives an undisclosed fee each time it connects a call between the consumer and advertiser. This recent announcement of Google using the VoIP network in China follows the launch of Google Maps, which also uses VoIP's technology. Shortly thereafter, the company said in a regulatory filing that it was in default under an agreement with one if its lenders. Just one day later, the lender granted the company a waiver. Still, the news unnerved investors, causing the stock to end the week at $0.24, down 5 cents.
On the Wires: Applied Digital (NASDAQ: ADSX), announced that the company had appointed Allison F. Tomek as Vice President of Investor Relations and Corporate Communications. Ms. Tomek brings nine years of investor and media experience with small and mid-cap companies to the newly created position where she will act as the primary liaison to the investment community and media. Additional duties include Ms. Tomek supporting similar programs at Digital Angel Corporation and VeriChip Corporation. Isonics Corporation (NASDAQ: ISON), a developer of innovative solutions for the homeland security and semiconductor markets, announced last week that Dr. Patrick Taylor been appointed as the Director of Quality Assurance for the semiconductor division. Dr. Taylor received his Ph.D. in silicon surface chemistry from the University of Pittsburgh. Dr. Taylor worked as manager of quality assurance, lead scientist, and director of analytical services operation for12 years at SUMCO and was hired by Isonics to support the significant growth that the semiconductor division has experienced over the past year. Auriga Laboratories, Inc. (OTCBB: ARGA) announced last week that company has appointed Jae Yu as its Vice President of Finance. With13-plus years of financial and accounting experience, including Sarbanes-Oxley compliance and capital markets expertise, Mr. Yu joins Auriga from Youbet.com, Inc. where he was Principal Accounting Officer and Corporate Controller.
SPECIAL SITUATIONS:
OXIS International (OTCBB: OXIS) $0.22
Biomarkers are the wave of the future in personalized medicine and the market for biomarkers in the use of individual patient therapies is growing rapidly. So what exactly is a biomarker? A Biomarker is a substance that is used as an indicator of a biologic state and can be any kind of molecule that indicates the existence of living organisms. These anatomic, physiologic, biochemical or molecular parameters that are associated with the presence and severity of specific diseases and illnesses can represent a number of different substances. Medical Biomarkers can be substances that are already present or are introduced in an organism in order to examine organ function and health. Biological Biomarkers can be used in the detection of disease states and can also be used for the detection and isolation of particular cell types. What this innovative technology represents is a much smoother combination of diagnostics and therapeutics.
OXIS International, Inc. is a company that specializes in biomarker technologies. The company is involved in the development of technologies and products to research, diagnose, treat and prevent diseases of oxidative stress/inflammation. The company is the premier source for state of the art research products in the field of Oxidative Stress/Inflammation biomarkers. The company’s lead products are the Bioxytech® assay kits that are at the source of the OxisResearch® product line. These kits offer a way to simplify testing of Oxidative, Antioxidant, Nitrosative and Inflammatory biomarkers thought to play a central role in many human diseases including Cancer, Diabetes, Atherosclerosis, Stroke, Alzheimer’s, MS and ALS. Currently, the company has focused its commercialization efforts on programs in clinical cardiovascular markers and holds the rights to three therapeutic classes of compounds in the area of oxidative stress that include Lipid Soluble Antioxidants, GPx (glutathione peroxidase) mimics, and a highly potent antioxidant, Ergothioneine, that may be sold over-the-counter as a dietary supplement.
Imagine clinical trials and studies that no longer rely on data gathered through endpoints and a reduction time and cost of Phase I and II clinical studies. The use of biomarkers has been shown to increase the efficiency and reduce the risks of the drug development process. The new trial designs and clear guidelines for using efficacy and safety biomarkers in product development will increase the pace and reduce the cost of developing safe and effective medical products; this is expected to produce the most profitable segment of the market for companies in this industry. What does this change mean for Oxis? Worldwide, the market for biomarkers in clinical trials is expected to jump from revenues of $427 million in 2006 to more than $1 billion in 2010. In the near future, a person may want to undergo a yearly Oxis blood biomarker assessment. Any change in this oxidative index may raise a flag for a personalized medical assessment with his doctor to potentially prevent onset of cancer, stroke, heart attack, etc.
OXIS has also acquired a 51% interest in, with the option to purchase the remaining 49%, of BioCheck, Inc. BioCheck. is a company that provides high quality enzyme immunoassay research services and products including immunoassay kits for cardiac and tumor markers, infectious diseases, thyroid function, steroids, and fertility hormones. The company operates a 15,000 square-foot, U.S. Food and Drug Administration certified cGMP, and ISO device-manufacturing facility near San Francisco, California and has advanced developmental programs on two innovative cancer biomarkers, related to the Id-gene, and the HMGA2 gene. Id proteins play a significant role in the process of tumor related angiogenesis and other functions related to blood vessel formation. The HMGA2 gene has been implicated in aggressive forms of breast cancer.
The company is headed by a highly experienced executive management team that includes medical doctors and accomplished business directors with backgrounds in pharmaceutical, research and technology companies. Marvin S. Hausman, MD is the company’s Chairman, President and CEO. Dr Hausman has over 30 years of experience in the field drug development and clinical care with various pharmaceutical companies, including working in conjunction with Bristol-Myers International, Mead-Johnson Pharmaceutical Co., and E.R. Squibb. Dr. Hausman was a co-founder of Medco Research Inc, a NYSE-traded biopharmaceutical company that was acquired by King Pharmaceuticals Inc. He later founded Axonyx Inc, an Alzheimer’s disease company that in October 2006 merged with Torrey Pines Pharmaceuticals.
Recent events highlight the potential for the company’s technology. Perhaps Pfizer’s highly publicized recent failure with its heart drug Torcetrapib could have been prevented if it had a way of screening treated patients for levels of oxidized HDL. Using immunoassay technology like OXIS’s, it may have been able to target specific responsive HDL subsets of patients with atherosclerotic disease who would have better outcomes with its drug Torcetrapib. However, despite the company’s biomarkers having the potential to become standards of practice in predicting certain myocardial events as well as early diagnosing cancer, the company has a market capitalization of just approximately $10 million. With a proven management team and explosive opportunities for its more than 80 biomarker assays and/or kits, OXIS represents an intriguing opportunity for speculative investors.
Northern Peru Copper (NOC : TSX : $6.53)
Pre-feasibility study confirms the economics of the Galeno project
Raymond James maintains "strong buy", 6-12 month target price is $14.00
Ear on the Street
Alliance Atlantis Commun. (AAC.B : TSX : $52.08)
Deal expected to be done at $53/share
Scotia Capital Markets maintains a "sector outperform", 1-year target price is $53.00
Absolute Software (ABT : TSX : $8.61)
Panasonic extends Toughbook notebooks deal
GMP Securities downgrades to "hold", target price is $8.00
Air Canada (AC.B : TSX : $19.00)
Flying solo
CIBC World Markets initiates coverage with a "sector outperform", target price is $24.00
ACE Aviation Holdings (ACE.B : TSX : $33.65)
Lets Air Canada fly on its own
CIBC World Markets maintains a "sector perform", target price raised to $37.00
Astral Media (ACM.A : TSX : $44.66)
Releases Q1F07; solid start to fiscal 2007
BMO Nesbitt Burns maintains a "outperform", target price raised to $51.00
CIBC World Markets maintains a "sector perform", target price raised to $48.00
GMP Securities downgrades to "hold", target price raised to $48.00
RBC Capital Markets downgrades to "outperform", 1-year target price raised to $49.00
Scotia Capital Markets maintains a "sector outperform", 1-year target price is $53.50
TD Newcrest downgrades to "hold", 12-month target price is raised to $48.00
Alexis Nihon REIT (AN.UN : TSX : $18.12)
Why is Summit Reith buying 19.9% of Alexis Nihon?
Canaccord Adams maintains a "tender", target price raised to $17.80
RBC Capital Markets maintains a "outperform", target price raised to $18.00
Scotia Capital Markets maintains a "sector perform", 1-year target price is $18.00
Angiotech Pharmaceuticals (ANP : TSX : $9.61 | ANPI : NASDAQ : US$8.23)
Preliminary Taxus sales released by Boston Scientific
Raymond James maintains a "strong buy", 6-12 month target price cut to $18.50
Scotia Capital Markets reiterates "sector outperform", 12-month target price is cut to $14.00
Aspreva Pharmaceuticals (ASV : TSX : $23.22 | ASPV : NASDAQ : US$19.99)
Strong Q4 sales
Raymond James maintains "outperform", 6-12 month target price is US$30.00
ATS Automation Tooling Systems (ATA : TSX : $10.87)
Announces solar division deal
Blackmont Capital maintains "buy", 12-month target price is $13.70
Raymond James maintains a "outperform", 6-12 month target price is $16.00
Alimentation Couche-Tard (ATD.B : TSX : $26.20)
Current level looks attractive
Desjardins Securities maintains a "hold", target price is $29.00
TD Newcrest maintains a "buy", 12-month target price is $30.00
Bonnett's Energy Services (BT.UN : TSX : $15.14)
Releases 2007 capital program
Raymond James maintains a "strong buy", 6-12 month target price cut to $26.00
CAE Inc. (CAE : TSX : $11.67 | CGT : NYSE : US$9.95)
Current valuation looks inflated
Canaccord Adams maintains a "sell", target price is $8.00
Cogeco Cable (CCA : TSX : $38.75)
Increases growth outlook
BMO Nesbitt Burns upgrades to "outperform", target price raised to $45.00
CIBC World Markets maintains a "sector perform", target price raised to $40.00
Desjardins Securities reiterates "top pick", target price raised to $46.00
GMP Securities maintains a "buy", target price raised to $44.50
Haywood Securities maintains a "sector perform", target price raised to $39.00
RBC Capital Markets maintains a "outperform", target price raised to $44.00
Scotia Capital Markets continues to rate "sector outperform", 1-year target price raised to $50.00
TD Newcrest maintains a "hold", 12-month target price is raised to $37.00
Constellation Copper (CCU : TSX : $1.35)
Drill results from six more holes at San Javier del Cobre
GMP Securities maintains a "buy", target price is $2.95
COGECO Inc. (CGO : TSX : $34.82)
Cable and Media show growth in Q1
CIBC World Markets maintains a "sector perform", target price raised to $38.00
Desjardins Securities maintains a "top pick", target price raised to $41.00
Haywood Securities maintains a "sector perform", target price raised to $34.50
Scotia Capital Markets upgrades to "sector outperform", 1-year target price raised to $42.00
CanWest Global Communications (CGS : TSX : $10.63)
Taking over Alliance Atlantis
Scotia Capital Markets maintains a "sector perform", 1-year target price is $10.50
Corus Entertainment (CJR.B : TSX : $46.50 | CJR : NYSE : US$39.80)
Q1 EBITDA beats estimates
Scotia Capital Markets maintains a "sector outperform", target price raised to $51.00
Cominar REIT (CUF.UN : TSX : $23.97)
Summit accumulates 19.9% in Alexis Nihon
BMO Nesbitt Burns maintains a "outperform", target price raised to $25.00
Raymond James maintains "strong buy", 6-12 month target price is $24.00
Daylight Resources Trust (DAY.UN : TSX : $9.46)
Weak guidance; distribution cut by 23%
Scotia Capital Markets maintains a "sector perform", 1-year target price cut to $9.25
Energy Metals (EMC : TSX : $10.00)
Merger with High Plains approved by shareholders
Raymond James maintains a "strong buy", 6-12 month target price is $11.50
Focus Energy Trust (FET.UN : TSX : $17.26)
Surprise distribution cut
BMO Nesbitt Burns maintains a "outperform", target price cut to $19.00
Canaccord Adams maintains a "hold", target price cut to $17.00
CIBC World Markets maintains a "sector perform", target price cut to $20.25
Scotia Capital Markets maintains a "sector outperform", 1-year target price is $20.50
Fairquest Energy (FQE : TSX : $2.55)
Exits 2006 in line with guidance
GMP Securities reiterates "buy", target price cut to $4.25
Raymond James maintains "strong buy", 6-12 month target price is $5.00
Gammon Lake Resources (GAM : TSX : $18.81 | GRS : AMEX : US$16.08)
Announces commercial production at Ocampo
Scotia Capital Markets maintains a "sector outperform", 1-year target price is $24.00
TD Newcrest increases rating to "buy", 12-month target price is $24.00
CGI Group (GIB.A : TSX : $7.99 | GIB : NYSE : US$6.84)
Looking for a solid 2007
Scotia Capital Markets maintains a "sector outperform", 1-year target price is $10.00
GENIVAR Income Fund (GNV.UN : TSX : $13.10)
Acquires Kazmar Associates
Raymond James maintains "strong buy", 6-12 month target price is $16.00
Galleon Energy (GO.A : TSX : $15.12)
Provides Q4/06 operational update
GMP Securities maintains a "buy", target price cut to $23.50
Scotia Capital Markets maintains a "sector outperform", 1-year target price is $23.00
TD Newcrest maintains a "buy", 12-month target price is cut to $20.00
Gluskin Sheff + Associates (GS : TSX : $14.75)
Well positioned for growth
TD Newcrest initiates coverage with a "buy", 12-month target price is $19.00
Home Equity Income Trust (HEQ.UN : TSX : $12.00)
Adds CIBC to referral network
Raymond James maintains a "outperform", 6-12 month target price is $14.50
Scotia Capital Markets maintains a "sector perform", 1-year target price is $13.00
Inmet Mining (IMN : TSX : $56.90)
Released Petaquilla feasibility study
CIBC World Markets maintains "sector outperform", 12-month target price is $75.00
Raymond James maintains a "outperform", 6-12 month target price is $85.00
Quebecor World (IQW : TSX : $14.15 | NYSE : US$12.11)
Challenges to persist
RBC Capital Markets initiates coverage with a "underperform", target price is US$12.50
Iteration Energy (ITX : TSX : $4.16)
Strength seen continuing
BMO Nesbitt Burns maintains a "market perform", target price raised to $4.75
RBC Capital Markets upgrades to "outperform", target price raised to $5.25
LionOre Mining International (LIM : TSX : $12.84)
Nkomati optimization increases reserves
GMP Securities maintains "buy", 12-month target price is $14.00
Livingston Intl Income Fund (LIV.UN : TSX : $23.96)
Trade volumes is likely to decline
Scotia Capital Markets maintains "sector perform", 12-month target price is $21.00
MDS Inc. (MDS : TSX : $20.72 | MDZ : NYSE : US$17.72)
FDA issues letter to clients
Scotia Capital Markets maintains "sector perform", 12-month target price is $21.00
Magna International (MG.A : TSX : $93.16 | MGA : NYSE : US$79.67)
Cautious 2007 guidance
BMO Capital Markets maintains "market perform", 12-month target price is US$80.00
CIBC World Markets maintains "sector perform", 12-month target price is US$78.00
RBC Capital Markets maintains "outperform", 12-month target price is not given
Scotia Capital Markets maintains "sector underperform", 12-month target price is US$79.00
Northern Peru Copper (NOC : TSX : $6.53)
Pre-feasibility study confirms the economics of the Galeno project
Raymond James maintains "strong buy", 6-12 month target price is $14.00
Paramount Resources (POU : TSX : $19.24)
Northern spin-out approved by shareholders
GMP Securities maintains "buy", 12-month target price is $36.00
PrimeWest Energy Trust (PWI.UN : TSX : $21.59 | PWI : NYSE : US$18.44)
Balance sheet improves by equity offering
CIBC World Markets upgrades to "sector perform", 12-month target price is cut to $23.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $23.00
Quebecor Inc. (QBR.B : TSX : $39.58)
New Street coverage
RBC Capital Markets initiates coverage with a "outperform", 12-month target price is $45.00
RioCan Real Estate Investment (REI.UN : TSX : $25.56)
Decides against U.S. joint venture
Raymond James maintains "outperform", 6-12 month target price is $26.50
RBC Capital Markets maintains "sector perform", 12-month target price is $27.00
Scotia Capital Markets maintains "sector perform", 12-month target price is $24.50
RSX Energy (RSX : TSX-V : $3.24)
Drilling update diversifies the outlook for production growth in 2007
Raymond James maintains "outperform", 6-12 month target price is $5.00
SemBioSys Genetics (SBS : TSX : $3.80)
Positive insulin pre-clinical data
Raymond James maintains "strong buy", 6-12 month target price is $11.00
Shore Gold Inc (SGF : TSX : $6.28)
Focus shifts to FALC JV
RBC Capital Markets maintains "outperform", 12-month target price is $9.25
Shaw Communications (SJR.B : TSX : $43.27 | SJR : NYSE : US$37.04)
Strong Q1
BMO Capital Markets maintains "market perform", 12-month target price is raised to $44.00
GMP Securities maintains "buy", 12-month target price is raised to $44.00
Haywood Securities maintains "sector outperform", 12-month target price is raised to $48.00
RBC Capital Markets maintains "outperform", 12-month target price is raised to $51.00
Scotia Capital Markets maintains "sector underperform", 12-month target price is $46.00
TD Newcrest maintains "buy", 12-month target price is raised to $47.00
Sun Life Financial Inc. (SLF : TSX : $49.11 | NYSE : US$42.02)
Acquisition of the U.S. group benefits business of Genworth Financial
Desjardins Securities maintains "buy", 12-month target price is raised to $52.00
GMP Securities maintains "buy", 12-month target price is raised to $57.00
RBC Capital Markets maintains "sector perform", 12-month target price is $53.00
Scotia Capital Markets maintains "sector outperform", 12-month target price is $55.00
TD Newcrest maintains "hold", 12-month target price is $50.00
Teck Cominco Ltd. (TCK.B : TSX : $82.21)
Petaquilla project cost update
CIBC World Markets maintains "sector perform", 12-month target price is $100.00
Transcontinental Inc. (TCL.A : TSX : $20.91)
New Street coverage
RBC Capital Markets initiates coverage with a "outperform", 12-month target price is $25.00
Trilogy Energy Trust (TET.UN : TSX : $10.73)
Downgrade based on price performance
CIBC World Markets downgrades to "sector perform", 12-month target price is cut to $11.75
Talisman Energy (TLM : TSX : $18.21 | NYSE : US$15.55)
Time for a break up?
Scotia Capital Markets maintains "sector outperform", 12-month target price is $24.75
TriStar Oil & Gas (TOG : TSX : $5.10)
Acquires a private Saskatchewan company
GMP Securities maintains "buy", 12-month target price is $9.00
Torstar Corp. (TS.B : TSX : $19.35)
New Street coverage
RBC Capital Markets initiates coverage with a "sector perform", 12-month target price is $22.00
Breaker Energy Ltd. (WAV.A : TSX : $5.37)
Soft natural gas price
Blackmont Capital maintains "buy", 12-month target price is $7.00
BMO Capital Markets downgrades to "market perform", 12-month target price is cut to $6.50
Wi-Lan Inc (WIN : TSX : $5.50)
Robust 2007 outlook
Haywood Securities maintains "sector perform", 12-month target price is raised to $6.25
Canadian Satellite Radio (XSR : TSX : $7.85)
Mixed Q1
BMO Capital Markets maintains "market perform", 12-month target price is raised to $8.50
Desjardins Securities reiterates "hold", target price is $10.00
GMP Securities maintains "buy", 12-month target price is $9.50
TD Newcrest maintains "hold", 12-month target price is cut to $8.00
Yamana Gold Inc. (YRI : TSX : $14.82 | AUY : NYSE : US$12.65)
Announces production guidance
Blackmont Capital maintains "buy", 12-month target price is $17.75
Raymond James maintains a "strong buy", 6-12 month target price is $16.00
ZCL Composites (ZCL : TSX : $10.70)
Flurry of ethanol activity
Raymond James upgrades to "outperform", 6-12 month target price is raised to $12.00
Liberals, Bloc look to reopen trust tax question
STEVEN CHASE
Sunday, January 14, 2007
OTTAWA — The public debate over the Conservative income trust tax is poised to reignite as the Liberals and Bloc Québécois try this week to force special parliamentary hearings to probe the controversial levy.
The Liberals have called a meeting of the Commons finance committee this week — even though Parliament is not sitting — to vote on whether to call witnesses as part of a reconsideration of the tax.
The question is still material because the minority Tory government has yet to pass legislation enabling the tax, and opposition parties could collaborate to alter its provisions, including the tax-free grace period for existing trusts.
The Liberals and the Bloc appear to have enough combined seats on the finance committee to force it to call witnesses. But Liberal finance critic John McCallum says the Liberal-dominated Senate would very likely commence its own hearings on the tax if the Commons bid fails.
“I'm virtually certain we'd move for Senate hearings,” he said.
The hearings could mean a return to the public hot seat for Finance Minister Jim Flaherty — who last month declared the tax debate was over — or Finance bureaucrats if they're called to defend the levy as Mr. McCallum plans.
They would also give the beleaguered income trust sector another chance to publicly pitch for exemptions or other changes.
Both the Liberals and the Bloc want the committee to summon experts discussing the merits of extending the tax-free grace period for existing trusts to 10 years from four — a change investors and the trust sector have been seeking.
The Bloc, in particular, has been lobbying to extend the tax-free moratorium to 10 years and that's why they're backing this week's bid for hearings, a spokesman said.
The Liberals also want to probe Mr. Flaherty's much-criticized estimate of how much tax revenue Ottawa lost annually from trusts.
“I'm certainly suspicious of it. We have experts, reputable people saying the final cost is nothing” to Ottawa, Mr. McCallum said.
Mr. Flaherty justified the levy last October in part by saying that annual tax leakage was already $500-million and would have risen to $800-million had BCE Inc. and Telus Corp. converted to trusts.
Income trusts have produced experts to repudiate Ottawa's tax leakage estimates, but Finance has so far rebuffed requests to divulge exactly how it derived those figures.
Heading into this week's vote on whether to call witnesses, the Liberals and Bloc together have six votes on the 12-member committee while the NDP has one and the Tories have four, not including the Conservative chair, who only votes in the case of a tie.
NDP finance critic Judy Wasylycia-Leis said she's not decided whether to back the Liberal bid. If she agreed to, she said, she'd want to examine the former Liberal government's role in letting trusts grow unchecked for so many years.
The Conservatives broke an election promise last Halloween when they announced a surprise levy on trusts to curb what they warned could be a stampede of conversions to this vehicle, which they said resulted in a growing loss of tax revenue for Ottawa that threatened fiscal health.
The Liberals also want to probe whether energy trusts should be granted an exemption from the tax, similar to what real estate investment trusts received.
The income trust sector is eagerly awaiting a chance to second-guess the trust tax, its provisions and the rationale the Tories provided.
“Canadians ... deserve better than the rush to judgment that has characterized the Harper government's approach to the income trust sector,” said George Kesteven, president of the Canadian Association of Income Funds.
Mr. McCallum said it's important to debate the trust tax now, in case the enabling bill doesn't make it to committee before the Tories fall.
It is possible the minority Conservative government may be defeated early this year if enough opposition MPs vote against the Tory budget.
Is it just "hot' AIR?
China Official:Difficult To Meet Energy Conservation Target
16:45 EST Sunday, January 14, 2007
BEIJING -(Dow Jones)- China will face difficulties in achieving its yearly energy conservation target of 4% in 2007 after missing it in 2006, said a senior government official Saturday.
The government was embarrassed by missing last year's goal, and it is becoming questionable whether it can meet its long-term objective of achieving a 20% reduction in energy consumption per unit of gross domestic product by 2010.
"It's hard for China to meet the goal this year, but the central government is determined to reach it," Xu Dingming, vice director of the State Energy Office under the State Council, told reporters on the sidelines of an industry conference in Beijing.
The government is considering carrying out a series of measures this year to enhance efficiency of energy conservation and development of renewable energy to replace fossil fuel.
The measures will encourage limited use of air conditioners and heating in buildings, he said, without elaborating.
The government also plans to give financial support to the renewable-energy sector, including further cuttting of the value-added tax for wind-power generation companies, which already have enjoyed a 50% cut in the tax, Hu Jinglin, director of the economic construction department under the ministry, said Saturday on the sidelines of the same conference.
The China New Energy Chamber of Commerce, an association of local private companies, plans to set up a fund to support development of such companies in wind, solar and bio-mass sectors, aiming to collect CNY10 billion ($1.28 billion) in coming years, said Li Hejun, chairman of the chamber.
While China missed its target for cutting energy use last year, it hasn't yet announced the change in energy consumption per unit of GDP for the full year. In the first half of last year, China recorded a 0.8% on-year rise in energy consumption per unit of GDP.
-Renya Peng contributed to the story, Dow Jones Newswires; (8610) 6588 5848; renya.peng@dowjones.com
(END) Dow Jones Newswires
01-13-07 0652ET
Copyright (c) 2007 Dow Jones & Company, Inc.
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