Glencore (GLEN) - Poor production report
Q3 production was awful with copper down 11% on the previous year and oil and gas plunging 36%. Copper’s fall was due to the age of their assets, while oil & gas was due to lack of drilling in Chad. Zinc was a minor bright picture with output up 5%. Coal and nickel were flat.Owing to the bull market in most commodities, they upgrade 2017 guidance for Marketing Earnings Before Interest and Tax by another US$200m to $2.6-2.8bn.
Glencore is engaged as a natural resource companies. Co. is organized and operates on a worldwide basis in three main business segments: Metals and minerals, which comprised of zinc, copper, lead, alumina, aluminium, ferroalloys, nickel, cobalt and iron ore; Energy products, which comprised of crude oil, oil products, steam coal and metallurgical coal; and Agricultural products, which comprised of wheat, corn, canola, barley, rice, oil seeds, meals, edible oils, biofuels, cotton and sugar supported by investments in storage, handling, processing and port facilities.
Whitman Howard is an independent institutional stockbroking and investment banking business focused on servicing the needs of our corporate clients and institutional investor base.
The company began trading in 2011 with a team of highly experienced market professionals and the goal of building a leading capital markets business in an entrepreneurial environment.
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