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TRQ

Turquoise Hill

$1.96

-0.015 (-0.76%)

, RIO

Rio Tinto

$49.54

0.34 (0.69%)

17:03
10/15/18
10/15
17:03
10/15/18
17:03

Turquoise Hill provides underground development update

Turquoise Hill (TRQ) provided an update on underground development. Rio Tinto (RIO), in its role as manager of Oyu Tolgoi and underground construction contractor, has undertaken its second annual schedule and cost re-forecast for the project. According to this re-forecast, lateral development has progressed well, construction completion schedule remains on track for 2022 and the project is expected to be completed at the $5.3 billion budget estimate disclosed in the 2016 Oyu Tolgoi Feasibility Study and the 2016 Oyu Tolgoi Technical Report. Oyu Tolgoi has committed $2.1 billion to Mongolian vendors and contractors since the restart of project development. Additionally, several key facilities have been completed, including Shaft 5, various underground infrastructure and a new camp to house 5,500 workers. Despite significant progress in the development of the project, Rio Tinto has notified Turquoise Hill, based on preliminary results, of a delay to achievement of sustainable first production which is now expected to occur by the end of Q3'21 instead of Q1'21. This is a result of certain delays including, but not limited to, the completion of Shaft 2, which includes over four months of schedule contingency, and challenging ground conditions. First draw bell remains on track for mid-2020, partly due to a change in the draw bell sequencing strategy. Shaft 2 production capability is a key enabler of increased underground development as well as further construction of critical underground infrastructure, such as Primary Crusher One and the material handling systems, that support the start of production ramp-up. While the full effect of some critical path impacts, including the Shaft 2 delay, has been partly mitigated, the net effect is sustainable first production has been forecast by Rio Tinto to be delayed by up to nine months, and is now anticipated to occur in late Q3'21. Through the end of Q3'18, Oyu Tolgoi has maintained strong crew productivity and underground development. Until the completion of Shaft 2, Oyu Tolgoi is expected to experience similar, but not increased, development rates as seen in Q3'18. Turquoise Hill has commenced its own review, with the assistance of the Company's independent Qualified Person, of the cost and schedule re-forecast and its impact on the project's critical path as a result of the anticipated delay in sustainable first production. The Company will assess the impact of this delay including, among other things, to the Company's cash flows and liquidity during the affected period, any potential increase in funding requirements and the timing of such funding requirements, as well as investigate potential mitigation options relating to cash flow and longer-term project funding. Turquoise Hill will update the market at the conclusion of that process. Rio Tinto and Turquoise Hill will also commence a definitive estimate review in Q4'18. The definitive estimate review is projected to conclude in early Q3'19 and will provide the next cost and schedule review of the project.

TRQ

Turquoise Hill

$1.96

-0.015 (-0.76%)

RIO

Rio Tinto

$49.54

0.34 (0.69%)

TRQ Turquoise Hill
$1.96

-0.015 (-0.76%)

RIO Rio Tinto
$49.54

0.34 (0.69%)

10/09/18
10/09/18
UPGRADE

Buy
Rio Tinto upgraded to Buy on undervalued free cash flow at Goldman Sachs
As previously reported, Goldman Sachs analyst Paul Young upgraded Rio Tinto to Buy from Neutral as he believes the company's capital discipline gives it sustainable high free cash flow. The company, which has reduced net debt faster than peers by cutting capital expenditures and costs earlier and selling non-core assets, should be awarded a superior multiple than most of its global peers due to its margin expansion and higher EPS growth, said Young, who raised his price target on Rio shares to A$90 from A$84.
10/09/18
GSCO
10/09/18
UPGRADE
GSCO
Buy
Rio Tinto upgraded to Buy from Neutral at Goldman Sachs
09/10/18
JPMS
09/10/18
UPGRADE
JPMS
Overweight
Rio Tinto upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Dominic O'Kane upgraded Rio Tinto (RIO) to Overweight while lowering his price target for the shares to 4,850p from 4,950p. The analyst finds the current valuation attractive with Rio trading at a 15% discount to BHP Billiton (BHP). Further, he believes China's fiscal loosening and infrastructure investment, as well as its anti-pollution steel capacity shut downs, will boost demand for high quality Australian iron ore.
09/06/18
09/06/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Histogenics (HSGX) downgraded to Neutral from Buy at BTIG with analyst Ryan Zimmerman citing Histogenics announcement that its Phase 3 trial comparing NeoCart to microfracture surgery missed its primary endpoint. 2. Chevron (CVX) and ConocoPhillips (COP) were downgraded to Neutral from Buy at BofA/Merrill. 3. Franklin Resources (BEN) downgraded to Underweight from Neutral at JPMorgan with analyst Kenneth Worthington saying he believes the more recent weakness in emerging markets, and in particular in emerging market debt, will weigh on both Franklin's organic growth and earnings potential. 4. HealthEquity (HQY) downgraded to Neutral from Buy at BofA/Merrill with analyst Allen Lutz saying recent share strength fully discounts upside from interest rates and potential upside from a proposed Senate HSA bill that could add 10-15% to industry AUM. 5. Rio Tinto (RIO) downgraded to Hold from Buy at Investec. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

BA

Boeing

$344.09

-25.04 (-6.78%)

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GMVHF

GVC Holdings

$0.00

(0.00%)

08:27
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GVC Holdings looking like 'a good bet,' Barron's says »

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EYE

National Vision

$22.98

-0.94 (-3.93%)

08:19
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Street sees National Vision as a buy, some shorts disagree, Barron's says »

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CI

Cigna

$167.11

2.3 (1.40%)

, HUM

Humana

$289.59

4 (1.40%)

08:13
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Periodicals
Healthcare stocks getting 'back on their feet,' Barron's says »

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CI

Cigna

$167.11

2.3 (1.40%)

HUM

Humana

$289.59

4 (1.40%)

UNH

UnitedHealth

$245.59

1.84 (0.75%)

WCG

WellCare

$274.54

0.09 (0.03%)

HNT

Health Net

$0.00

(0.00%)

MOH

Molina Healthcare

$123.03

1.47 (1.21%)

TEVA

Teva

$7.50

-0.26 (-3.35%)

AZN

AstraZeneca

$43.86

-0.25 (-0.57%)

BMY

Bristol-Myers

$53.02

0.6 (1.14%)

LLY

Eli Lilly

$108.68

0.24 (0.22%)

GSK

GlaxoSmithKline

$42.52

0.04 (0.09%)

JNJ

Johnson & Johnson

$127.73

-8.47 (-6.22%)

MRK

Merck

$84.68

0.88 (1.05%)

NVS

Novartis

$86.86

-0.395 (-0.45%)

PFE

Pfizer

$36.46

(0.00%)

RHHBY

Roche

$0.00

(0.00%)

SNY

Sanofi

$46.13

-0.43 (-0.92%)

ANTM

Anthem

$249.55

0.3 (0.12%)

CVS

CVS Health

$66.17

-0.31 (-0.47%)

CNC

Centene

$46.92

-0.28 (-0.59%)

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COP

ConocoPhillips

$53.99

-0.55 (-1.01%)

08:03
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ConocoPhillips stock looking cheap following selloff, Barron's says »

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  • 29

    Oct

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    Nov

AMZN

Amazon.com

$1,757.77

-30.07 (-1.68%)

, NFLX

Netflix

$275.40

-17.88 (-6.10%)

08:00
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10/19
08:00
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Periodicals
Comcast stacking up better than investors might expect, Barron's says »

If cord-cutting…

AMZN

Amazon.com

$1,757.77

-30.07 (-1.68%)

NFLX

Netflix

$275.40

-17.88 (-6.10%)

CMCSK

Comcast

$0.00

(0.00%)

CMCSA

Comcast

$45.58

-0.36 (-0.78%)

T

AT&T

$38.46

0.64 (1.69%)

DIS

Disney

$130.91

-1.46 (-1.10%)

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AKS

AK Steel

$2.45

0.055 (2.30%)

, MT

ArcelorMittal

$14.58

0.03 (0.21%)

07:41
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On The Fly
Week in Review: How Trump's policies moved stocks »

Catch up on the top…

AKS

AK Steel

$2.45

0.055 (2.30%)

MT

ArcelorMittal

$14.58

0.03 (0.21%)

NUE

Nucor

$51.69

-0.11 (-0.21%)

STLD

Steel Dynamics

$28.71

-0.04 (-0.14%)

TMST

TimkenSteel

$5.42

-0.015 (-0.28%)

X

U.S. Steel

$10.72

0.1 (0.94%)

GM

General Motors

$36.19

-0.01 (-0.03%)

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  • 01

    Nov

AAVMY

ABN Amro

$0.00

(0.00%)

, BBVA

Banco Bilbao

$5.38

0.07 (1.32%)

04:55
10/19/19
10/19
04:55
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04:55
Conference/Events
Institute of International Finance to hold annual meeting »

2019 IIF Annual Meeting…

AAVMY

ABN Amro

$0.00

(0.00%)

BBVA

Banco Bilbao

$5.38

0.07 (1.32%)

BCS

Barclays

$8.48

0.11 (1.31%)

BLK

BlackRock

$445.26

-5.56 (-1.23%)

BNPQY

BNP Paribas

$0.00

(0.00%)

C

Citi

$69.76

0.16 (0.23%)

CAIXY

CaixaBank

$0.00

(0.00%)

CIB

Bancolombia

$49.65

0.12 (0.24%)

CS

Credit Suisse

$12.34

0.045 (0.37%)

EV

Eaton Vance

$44.07

-0.49 (-1.10%)

GS

Goldman Sachs

$206.61

0.13 (0.06%)

HSBC

HSBC

$38.72

-0.165 (-0.42%)

JPM

JPMorgan

$120.60

0.21 (0.17%)

MA

MasterCard

$270.90

-5.74 (-2.07%)

MCO

Moody's

$217.41

-1.33 (-0.61%)

MS

Morgan Stanley

$43.70

0.25 (0.58%)

NYT

New York Times

$29.76

0.21 (0.71%)

PYPL

PayPal

$101.25

-2.38 (-2.30%)

RBS

RBS

$6.14

0.205 (3.46%)

RY

Royal Bank of Canada

$81.49

0.38 (0.47%)

SMFG

Sumitomo Mitsui

$6.87

-0.04 (-0.58%)

SPGI

S&P Global

$250.62

-2.15 (-0.85%)

STT

State Street

$63.40

3.69 (6.18%)

UBS

UBS

$11.35

0.09 (0.80%)

V

Visa

$175.83

-2.11 (-1.19%)

ZURVY

Zurich Insurance

$0.00

(0.00%)

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  • 10

    Dec

  • 07

    Jan

  • 14

    Jan

  • 14

    Jan

STT

State Street

$63.40

3.69 (6.18%)

20:09
10/18/19
10/18
20:09
10/18/19
20:09
Upgrade
State Street rating change at Keefe Bruyette »

State Street upgraded to…

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  • 18

    Oct

SUN

Sunoco

$32.43

0.32 (1.00%)

19:53
10/18/19
10/18
19:53
10/18/19
19:53
Upgrade
Sunoco rating change at BMO Capital »

Sunoco upgraded to Market…

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TLF

Tandy Leather

$4.61

(0.00%)

18:24
10/18/19
10/18
18:24
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18:24
Hot Stocks
Tandy Leather CFO Castillo to step down »

Tandy Leather Factory…

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TLF

Tandy Leather

$4.61

(0.00%)

18:23
10/18/19
10/18
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Hot Stocks
Tandy Leather says most recent annual report statements not reliable »

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AAPL

Apple

$236.29

0.99 (0.42%)

18:03
10/18/19
10/18
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18:03
Hot Stocks
U.S. lawmakers request Apple restore HKMapp app in Hong Kong »

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  • 30

    Oct

JPM

JPMorgan

$120.60

0.21 (0.17%)

, FB

Facebook

$185.96

-4.435 (-2.33%)

17:59
10/18/19
10/18
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17:59
Periodicals
JPMorgan CEO says Libra 'a neat idea that will never happen,' Reuters says »

JPMorgan (JPM) CEO Jamie…

JPM

JPMorgan

$120.60

0.21 (0.17%)

FB

Facebook

$185.96

-4.435 (-2.33%)

PYPL

PayPal

$101.25

-2.38 (-2.30%)

MA

MasterCard

$270.90

-5.74 (-2.07%)

V

Visa

$175.83

-2.11 (-1.19%)

EBAY

eBay

$38.82

-0.31 (-0.79%)

BKNG

Booking Holdings

$2,012.20

-16.43 (-0.81%)

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  • 18

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    Jan

GLD

SPDR Gold Shares

$140.47

-0.13 (-0.09%)

17:52
10/18/19
10/18
17:52
10/18/19
17:52
Hot Stocks
SPDR Gold Shares holdings rise to 924.64MT from 918.19MT »

This is the first…

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TECK

Teck Resources

$16.48

0.11 (0.67%)

17:43
10/18/19
10/18
17:43
10/18/19
17:43
Hot Stocks
Teck Resources gets approval for stock buyback for up to 40M class B shares »

Teck Resources has been…

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  • 24

    Oct

OSK

Oshkosh

$77.22

0.46 (0.60%)

17:41
10/18/19
10/18
17:41
10/18/19
17:41
Hot Stocks
Oshkosh awarded $159.14M Army contract for medium tactical vehicle production »

Oshkosh was awarded a…

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OVLY

Oak Valley Bancorp

$16.40

-0.16 (-0.97%)

17:35
10/18/19
10/18
17:35
10/18/19
17:35
Earnings
Oak Valley Bancorp reports Q3 EPS 40c vs. 37c last year »

Reports Q3 NII $10.4M vs.…

03/08/13
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FTNW

FTE Networks

$0.79

-0.0185 (-2.29%)

17:21
10/18/19
10/18
17:21
10/18/19
17:21
Hot Stocks
FTE Networks receives noncompliance notice from NYSE American »

FTE Networks announced…

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TNXP

Tonix Pharmaceuticals

$0.45

0.0048 (1.07%)

17:12
10/18/19
10/18
17:12
10/18/19
17:12
Syndicate
Breaking Syndicate news story on Tonix Pharmaceuticals »

Tonix Pharmaceuticals…

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RLMD

Relmada Therapeutics

$20.18

1.07 (5.60%)

17:10
10/18/19
10/18
17:10
10/18/19
17:10
Syndicate
Breaking Syndicate news story on Relmada Therapeutics »

Relmada Therapeutics…

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16:55
10/18/19
10/18
16:55
10/18/19
16:55
General news
Breaking General news story  »

Dallas Federal Reserve…

NWSA

News Corp.

$13.48

-0.19 (-1.39%)

, NWS

News Corp

$13.79

-0.11 (-0.79%)

16:51
10/18/19
10/18
16:51
10/18/19
16:51
Periodicals
Facebook reaches pact with News Corp., others for news section, WSJ says »

News Corp. (NWSA) has…

NWSA

News Corp.

$13.48

-0.19 (-1.39%)

NWS

News Corp

$13.79

-0.11 (-0.79%)

FB

Facebook

$185.96

-4.435 (-2.33%)

NYT

New York Times

$29.76

0.21 (0.71%)

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    Nov

WAIR

Wesco Aircraft

$11.01

0.01 (0.09%)

16:46
10/18/19
10/18
16:46
10/18/19
16:46
Conference/Events
Wesco Aircraft to host special shareholder meeting »

Special Shareholder…

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  • 24

    Oct

FOMX

Foamix

$3.15

-0.09 (-2.78%)

16:41
10/18/19
10/18
16:41
10/18/19
16:41
Hot Stocks
Breaking Hot Stocks news story on Foamix »

Foamix up 7.5% at $3.35…

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