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Vale’s Q1 Profit Slides but Tops Estimates; Launches Big New Buyback Program

Daniel

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Vale (NYSE:VALE) +5.4% post-market Wednesday after reporting that Q1 net profit fell nearly 20% from a year ago to $4.45B but it was enough to beat the $4.24B analyst consensus estimate.

Q1 adjusted EBITDA from continuing operations dropped to $6.37B from $8.5B in the year-earlier quarter, and net operating revenues fell 14% Y/Y to $10.8B, as sales of iron ore fines and pellets came in lower because of heavy rainfall in Brazil’s Minas Gerais state.

However, Vale (VALE) approved its biggest-ever stock buyback program of up to 500M common shares, ~10% of its outstanding shares, over the next 18 months.

The move is “a clear sign Vale believes its shares are trading at quite cheap levels,” Alpha Key Capital Management CEO Christian Keleti said.

Vale (VALE) disclosed Q1 production and sales volumes earlier this month that declined due to weather-related problems.

Vale’s (VALE) price return has gained 17% YTD while declining 17% during the past year.

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Source: seekingalpha.com

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Maersk, MSC to End Global Alliance in Container Shipping Shakeup

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The world’s two biggest shipping lines – A.P. M?ller-Maersk (OTCPK:AMKBY) (OTCPK:AMKAF) and Mediterranean Shipping Co. – said Wednesday they will end their 2M vessel sharing partnership in 2025, a move S&P Global Platts said will shake up the container shipping market and .

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Article: seekingalpha.com

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U.S. Natural Gas Slides Below $3 for First Time in 19 Months

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U.S. natural gas futures fell below $3 for the first time since May 2021, trading as low as $2.992/MMBtu Wednesday before the front-month February contract (NG1:COM) settled at a new 52-week low, -5.8% to $3.067/MMBtu.

Since fears that suppliers couldn’t meet wintertime demand pushed U.S. natgas prices to a 14-year high of ~$10/MMBtu in August, U.S. and Europe have refilled their buffer inventories ahead of winter, and relatively warm temperatures in the Northern Hemisphere so far have held down demand for heating.

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Source Here: seekingalpha.com

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Sens. Warren, Welch Urge Moderna to Reconsider COVID-19 Shot Price Increase

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Democratic Sens. Elizabeth Warren (Mass.) and Peter Welch (Vt.) are asking Moderna (NASDAQ:MRNA) CEO Stephane Bancel to reconsider a price hike for COVID-19 vaccines once they become available through the commercial market.

Moderna (MRNA), like rival Pfizer (), has said it plans to hike the price of its COVID shot to between $110 and $130 per dose, far higher than what the federal government has been paying for them.

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Original Article: seekingalpha.com

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