Noranda Aluminum MOVES Forward on Projects and 4 Stocks Seeing 52-Week Lows
Lexmark Internationa (NYSE:LXK) CEO Paul Rooke stated: “Lexmark’s Q2 results were below our April guidance, reflecting weaker than expected demand, particularly in Europe, and unfavorable currency impacts. While economic headwinds are impacting our results, we’re encouraged that Lexmark’s managed print services and Perceptive Software businesses continue to grow, demonstrating that our software and solutions value propositions resonate even in today’s difficult market.” The shares closed at $16.77, down $2.45 or 12.75% on the day. They have traded in a 52-week range of $19.10 to $38.34.
Molycorp Inc (NYSE:MCP): Nine “illicit” rare earth mines were closed down by Chinese police in a southern Chinese province, reports Xinhua. The shares closed at $17.06, down $0.74 or 4.16% on the day. They have traded in a 52-week range of $17.72 to $66.62.
Noranda Aluminum Hol (NYSE:NOR) announced its intentions to continue both capital projects, which are a $45 million investment for the construction of a new rod mill and an $11 million investment to continue the expansion of harbor capacity at Port Rhodes located in Discover Bay, Jamaica. The $45 million rod mill project will include infrastructure development and construction of a new, state-of-the-art mill to produce redraw rod, used in the manufacturing of electrical wire and other types of cable, as well as for deoxidizing steel. The company predicts that the project will rais its annual redraw rod capacity and minimize costs. The company expects that spending on the project will begin in 2013, and believes that full production will be realized in 2015. The company’s $6 million project enabled vessels to be used more efficiently by improving port infrastructure and performing a certain amount of dredging. The new phase is composed mainly of harbor dredging and builds upon the former phase to reduce costs more as well as offering more flexibility for shipping activities. The company expects to initiated spending on this project late in 2012 and to finish the project by late 2013. Also, the company announced the defferment of the evaluation of a previously announced proposed project intended to define and build new recycling and re-melt facilities at its Huntingdon facility. The shares closed at $6.31, down $0.06 or 0.94% on the day. They have traded in a 52-week range of $6.17 to $14.58.
Banco Santander (NYSE:SAN): Seven additional banks, including Allied Irish Bank, Bank of Ireland (NYSE:IRE) and Santander UK (NYSE:SAN), agreed to review their complex interest rate protection products sales to small businesses, sates Financial Times, citing the Financial Services Authority. The shares closed at $4.89, down $0.26 or 5.05% on the day. They have traded in a 52-week range of $4.97 to $11.06.
Sony Corp Ord (NYSE:SNE): 3D TVs sales could reach the 20 million mark in China this year, reports Digitimes. The shares closed at $11.65, down $0.05 or 0.43% on the day. They have traded in a 52-week range of $11.59 to $26.47.
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