Didn’t trim my position, but will today about 10%. Now positive on the trade, Up ~70% since 2/2, wow.
Haha, awesome. I’m cheering for ya.
Are you taking gains or holding for the long haul?
Took 10% of my position off at $7.30 on 2/17. May be idiotic but I am holding at the current position.
With how volatile I can see the next few months getting I am tempted to save myself some stress and take gains, but I still think the chinese economic worries are overblown by the market and producers of Copper are at least responding to lower prices by slowing production and taking some offline, keeping there from being a massive stockpile buildup like with oil. Still have some asset sales ahead but if they can get a solid price for them, like they did with Morenci I think they will be well received by the market.
Who knows what is going to happen realistically and I am not going to pretend I have the best grasp of this industry, but I do think they have the ability to reduce their debt even at current prices. My long term view still basically unchanged with this bump in copper prices, and I am prepared to hold for a few years while the company can shore up their balance sheet if need be.
Up 22% in 18 days.
I took a peak at it, was interested, and like the story. Just dont feel like increasing my exposure to the sector. Ill keep it on my radar as I plan to add some funds to my investment account soon and don’t really want to increase my FCX position.
So are you still hanging on? That position seems to be going pretty well these days.
Yup no change in holdings, none planned unless something major happens. I like where the company is sitting at the moment. I believe the companies cash flow positive outlook was based on a $2 price target for iron so the recent bump certainly helps, but who knoes where the price is heading in the short/medium term.
Yeah, it’s important to remember there’s a lot of production coming on line through this year and into next, which could add to volatility, but I agree with you.
bought some of their bonds the other day after reading your comments… 10% YTM until 2021, not bad
^how did you calculate the YTM
Fidelity told me
Igor,
YASQ on Bloomberg gives it to you also. Right now, I’m seeing dealer asks with ask sizes (real offer) at 9.3%, however back around the time of the recommendation that number was closer to 11.5% which would have depended a lot on execution. PX on the bonds is at an ask of 82 from around 72 or 73 at the time.
huh?
Still a nice yield for a company that is generating solid cash flows
Yeah, this mining meltdown spoiled me.
After snapping up FCX 17’s at 20+% yields and watching them rachet in below 10% within a month I’m scratching my head because a lot of what’s left over seems so boring now that we’re back in reality. I have to be careful what I wish for but I already miss the exciting days of the spread blow outs when trades were scary.
im seeing 8.9% on the 2020 bonds, love YAS
You mean 2021’s? There’s no 2020.
Your yield “I think” is based off TRACE activity (which is BB’s default if it doesn’t have quotes to import from your brokers), specifically the trade that occured at 16:29:43 yesterday for 83.25, giving an 8.9% yield. You will see some variation based on what PX or spread we’re putting into the boxes. I’d been using an 82 ask I saw on a dealer run but there’se definitely a bit of flexibility between quotes / trades and individual execution (ie what you can haggle) from what I’ve seen.
Not a fantastic quarter from JOY. Company maintained guidance, so at least there is that. I like the story as a long term plan in the industry though. I looked over the financials yesterday and it looks pretty solid. Id be interested on a big enough pull back.
the ‘not so fantastic quarter’ seems to matter not… up 15.24% today