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Cullen/Frost Bankers CFR

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    1. CSN Files Plan for Asset Reclassification; FVE Unchanged at $3 per ADR

      Commentary

      Mon, 15 Dec 2014

      below $70 per metric ton, we don't think that tonnage from either the NAMISA or Casa de Pedra mines remains competitive on a CFR China basis. Absent a rebound in prices, we think CSN will remove itself from the seaborne iron ore trade. If so, the value

    2. Raising Fair Value Estimate to $67 for Cullen/Frost Bankers Following Second-Quarter Results

      Commentary

      Fri, 1 Aug 2014

      Cullen/Frost closed its acquisition of WNB Bancshares in the second quarter and achieved better-than-expected cost synergies at the outset of its combined operations. The deal immediately improved the bank's efficiency ratio despite $5 million of one-time acquisition expenses, which we expect to ...

    3. Lower Iron Ore Prices Drove Second-Quarter Results, but Low-Cost Production Keeps Vale Profitable

      Commentary

      Thu, 31 Jul 2014

      Conceição Itabiritos plant in the Southeastern system. Iron ore unit cash costs and freight costs (which are applied only to CFR sales) held fairly steady compared with the first quarter at around $23/metric ton each, reaffirming our conviction that

    4. New Reforms to Hit Money Market Funds

      Headlines

      Mon, 28 Jul 2014

      of 1940 and regulated under rule 2a-7 of the Act. SEC Fact Sheet, July 23, 2014. Source: Internal Revenue Service, 26 CFR Part1, [REG-107012-14], RIN 1545-BMO4 as of 23 Jul 14. Liquidity Fees —If an MMF’s level of weekly liquid assets

    5. Abbott Labs Delivers Slightly Better-Than-Expected 2Q

      Commentary

      Wed, 16 Jul 2014

      needle on our valuation. However, we do plan to modestly bump up our fair value estimate after incorporating the acquisitions of CFR and Veropharm, along with the divestment of Abbott's established pharmaceuticals in the developed markets to Mylan. Importantly

    6. This Steelmaker's a Steal

      Headlines

      Wed, 2 Jul 2014

      employed in steel production. For iron ore, we anticipate that iron ore spot prices will average $95 per short ton (62% fines, CFR China) over our five-year explicit forecast period. We expect metallurgical coal prices to average $150 per short ton and

    7. We Have a Cautious View of Abbott's Planned Purchase of CFR Pharmaceuticals

      Commentary

      Fri, 16 May 2014

      Laboratories' plan to acquire Chile-based CFR Pharmaceuticals, one of the Latin American ..... like the complementary geographies that CFR brings to Abbott's branded generics business ..... sizable footprint in Mexico and Brazil, but CFR would allow Abbott to step into the leadership

    8. ArcelorMittal Issues Disappointing First-Quarter Results, but Management Reaffirms 2014 Guidance

      Commentary

      Fri, 9 May 2014

      improved steel margins, a 15% increase in iron ore shipments, and iron ore spot prices of $120 per metric ton (62% fines, CFR China). Although we believe the first three bogeys will be achieved, the company’s expectations for iron ore spot prices

    9. Improved Steel Margins Help CSN Shrug Off Disappointing Mining Results

      Commentary

      Wed, 7 May 2014

      by improved results from CSN’s steelmaking business. Driven by a 10.6% decline in iron ore spot prices (62% fines, CFR China) and lower shipment volumes, CSN’s iron ore sales slid 25% relative to the previous quarter. Lower iron ore prices

    10. From Barron’s, November 4, 2013 (Part 1)

      Commentary

      Sat, 2 Nov 2013

      Comp -0.54% , Russell 2000 -2.03% Pg M7, Europe: Swiss luxury watch and jewelry maker Cie. Financiere Richemont [ CFR .sw/ CFRUY ] may disappoint on Nov 8, but is attractive longer-term; its brands include Cartier, Van Cleef & Arpels

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