Newcrest Mining (NCM)

"The miner has faced intense scrutiny, and now investigations by the Australian Securities Exchange (ASX) and Australian Securities and Investments Commission (ASIC), since announcing that gold production was expected to be between 2.0 million and 2.3 million ounces in 2014, rather than the 2.6 million expected by the market.

Numerous analysts had downgraded Newcrest ahead of the announcement, sparking speculation that some may have been informed of the news prior to it being made public. Newcrest shares fell sharply leading-up to and after the announcement."

Are thes people going to be charged with insider trading?
Probably freekin' not!
Mind you there is no mention of leaking the write downs, just the production guidance 300,000 ounces (which is greater than 90% of other gold company's entire yearly production)

"Separately, an email sent to Mr Patkar just ahead of the local market opening on June 6 from a broker at one bank suggested that Mr Patkar "stay short" on Newcrest, adding that a colleague had "met with [management] to gain siting on potential FY2014 production outlook. Bottom line ... FY2014 production downgrades."



......arrrr crap, what to do, what to do...... dont know
was this story carried through to the tabloid news papers?
 
Interesting

""Some sections of the market were clearly aware of something happening, though they may not have had the exact same details," said Prasad Patkar, who helps manage about A$1.2 billion at Platypus Asset Management Ltd. in Sydney. Patkar made a complaint to ASIC.

"You never get a situation where, out of the blue, the entire street wakes up and decides to downgrade like that," said Patkar, who doesn't hold Newcrest shares.

Decisions made by analysts had been based on information supplied in company filings and a presentation by Robinson to a Bank of America Merrill Lynch conference in Barcelona last month, Newcrest spokeswoman Kerrina Watson said. "There has been no selective briefing of analysts," she said."

http://www.bloomberg.com/news/2013-...ok-5-7-billion-charge-this-year-on-mines.html
 
Newcrest Management will do the runner! It's started, either by force or by deserting the ship!

Newcrest chairman should go, says ASA

THE Australian Shareholders Association has called for the chairman of Newcrest Mining, Don Mercer, to stand down over the goldminer's poor performance since the $10 billion Lihir Gold takeover and the widely panned handling of the company's latest market update.

Mr Mercer, who turned 72 yesterday and is in his seventh year as Newcrest chairman, is not up for re-election at this year's meeting.

In the 10 trading days since the first of the controversial briefings, the company has lost $3bn in market value. Another weaker day yesterday left the share price down 26 per cent in 10 trading days, against the 2.1 per cent decline in the gold price in the same period.

Read more regarding the rediculous wages newcrest management receive.

http://www.theaustralian.com.au/bus...ould-go-says-asa/story-e6frg9df-1226665942915


Post 111 is becoming a reality!
Your dedicated NCM management will disappear with their pay-checks. I'd love to visit this thread in 1 year from today to see who is left.

Correct as at 20 June 2013

Mr Don Mercer (Chairman)
Mr Greg Robinson (Managing Director, CEO, Executive Director)
Mr Gerard Bond (Executive Director, Finance Director, CFO)
Mr Phil Aiken (Non Exec. Director)
Mr Vince Gauci (Non Exec. Director)
Lady Winifred Kamit (Non Exec. Director)
Mr Richard Knight (Non Exec. Director)
Mr Richard Lee (Non Exec. Director)
Mr Timothy Poole (Non Exec. Director)
Mr John Spark (Non Exec. Director)
Mr Steve Warner (Investor Relations)

http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&asxCode=NCM
 
I wouldn't touch NCM with a bargepole. As shown on a recent episode of inside business they have had 7 downgrades to either production and or profits in the last few years. Until the management re-shuffle is complete (its currently run by a bunch of morons) and production and profits start rising (preferably with a production and profit upgrade) it is unwise to gamble on this highly speculative stock. Wait until the fundamentals start turning. NCM is a classic falling knife. You should average down into good companies with good management and rising profits not speculative rubbish like NCM.

If the stock falls to say $9, if you were to wait for signs of improvement for example let's say in one year's time the gold price went back up to $1800 per ounce, the management re-shuffle was complete with more current management being replaced, and the company come out with a production upgrade. Under this scenario let's say the share price double's from $9 to $18. At $18 you still bought in more cheaply than all the guys who were averaging down from over $30 per share. You don't have to pick the bottom. If the company keeps performing well over the next few years there is nothing to stop the shares then rising from $18 to $45. This way you're taking less risk than if you buy now when the company is potentially in terminal decline.
 
Depends...

Change in management and strategy may lift up the game. Look at QBE ( .... and TLS).
Although in diff industry, whoever bought at $10 level is in the better position than place the monies in gold and silver.

Those CEOs are under enormous pressure to bring back the beat. So they will drum it once again.

Nevertheless, remember this.. the old way 'buy and hold forever' in most cases do no work anymore.
 
SS
You most likely made a good business decision, by the way, no one drops the boot into someone who has a go, you research more than most and offer your findings freely, more power to you
The best financial lessons I ever learned was when I lost money
Chin up fulla
Onwards and upwards
Alfie
 
Hey SS, for what its worth, I don't like to see anyone lose money, especially a giver like you. As Alfie says, onwards and upwards.

Good luck.
 
Read some articles in the paper today about Newcrest

For the record - I dont believe Newcrest have done anything wrong (yet), but this is a good example of media utilising public sentiment to sell controversy.

I still believe if anyone did anything wrong it was an underling, or a spy
 
SilverSanchez said:
Read some articles in the paper today about Newcrest

For the record - I dont believe Newcrest have done anything wrong (yet), but this is a good example of media utilising public sentiment to sell controversy.

I still believe if anyone did anything wrong it was an underling, or a spy
Click to expand...


I dont know what it is but newcrest is up 7.5% atm today so far even with the recent drop ion gold and silver prices.
 
Court Jester said:
SilverSanchez said:
Read some articles in the paper today about Newcrest

For the record - I dont believe Newcrest have done anything wrong (yet), but this is a good example of media utilising public sentiment to sell controversy.

I still believe if anyone did anything wrong it was an underling, or a spy
Click to expand...


I dont know what it is but newcrest is up 7.5% atm today so far even with the recent drop ion gold and silver prices.
Click to expand...
green day across all the miners... go figure


LOL everything on my watch list is green... I'm a financial genius :|
 
Yea this could be the bounce rally some have been waiting for but with gold down allot overnight I don't see how this is anything but very short lived for NCM.

I personally still think once the gold price starts to stabalise and gradually pickup then NCM is a really solid play, When this will happen however nobody seems to know.
 
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