>>> Saudi Arabia Oil Min Naimi: Expecting to begin to produce shale gas next yea

Saudi Arabia Oil Min Naimi: Expecting to begin to produce shale gas next year; to produce 20-50M cubic feet of shale gas in 2016 
- Saudi is not competing with shale oil. welcomes all types of energy development
- Saudi's recoverable oil reserves stand at 267B bbl
- Any talk about the end of OPEC is unrealistic; Saudi still supports a strong OPEC
- Prepared to bring stability to the market and prices, but OPEC cannot do it alone, will continue to produce 10M bpd of oil per day over the coming years (produced 10.3M bpd in March)
- Saudi military activity in Yemen has no impact on Saudi oil output
- Expecting oil prices to improve in the near future

>>> Uralkali - Reports Q1 potash production 2.7M tons, -8% y/y

Reports Q1 potash production 2.7M tons, -8% y/y 

In Q1, the output declined compared to the same period last year as a result of the decrease in Uralkali's production capacity following the accident at the Solikmsk-2 mine, and lower levels of demand in the key markets. The spring high water season expected from the middle of May to the end of June, as well as the success of the measures implemented to prevent brine inflow into the mine will impact the conditions in the Solikamsk-2 mine. Uralkali cooperates with leading Russian and international institutes to find technical solutions, which would allow the Company to continue backfilling the worked-out areas of the mine. Uralkali may review its annual output target for 2015 currently set at 10.2 million tonnes of KCI depending on the demand in the market and further developments at the Solikamsk-2 mine

>>> Polo Ralph Lauren (RL US) stock is +6.5% on the last 3 trading sessions

>>> Polo Ralph Lauren (RL US) stock is +6.5% on the last 3 trading sessions

on these 3 days volume have almost double compare to average daily volume...

we can see some decemt options activity on the name today : 1600 Apr 140 calls trade at $1.60


Stock is trading not so far from 3 years lows, and is trading below its historical average in term of PE...

Next event is on the 8th of May...

Has growth in the sector is more an issue, we could see some M&A, re-surfacing...

RL US :
Mkt Cap : $12.23bil

>>> Schnitzer Steel misses by $0.24, misses on revs --> SCHN - flat pre-market

Schnitzer Steel misses by $0.24, misses on revs
Reports Q2 (Feb) loss of $0.33 per share, excluding non-recurring items, $0.24 worse than the Capital IQ Consensus Estimate of ($0.09); revenues fell 29.9% year/year to $439 mln vs the $564.1 mln consensus.

The Company has commenced two strategic initiatives:
  • (i) A cost reduction, capacity reduction and productivity improvement initiative which, in the aggregate, is intended to improve financial performance by $60 million annually by the end of 2016; and
  • (ii) The integration of the Auto Parts and Metals Recycling Businesses into a single division by the end of fiscal 2015 which is intended to further optimize the efficiencies in our operating platform, enable additional synergies to be captured throughout our supply chain and global sales channel, and more effectively leverage our shared services platform.
  • "significantly lower prices have been driven by softer global steel markets due to overproduction, the strong dollar, lower iron ore prices, and weaker demand in end-markets, including the energy, agriculture and mining sectors. In addition, during the quarter our business activity was impacted by harsh winter weather in the Northeast and Midwest which impacted retail sales in our Auto Parts Business and supply flows in our Metals Recycling Business, and by a labor slowdown at the West Coast ports. As a result of all of these factors, year-over-year ferrous sales volumes in Metals Recycling declined by 27% and nonferrous sales volumes declined by 20%."

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: SHLM -2.9%, ABGB -2.8%, AZZ -2.1%

Select metals/mining stocks trading lower: AG -3.5%, SSRI -2.8%, GFI -1.6%, ABX -1.3%

Other news: OCUL -33.3% (reported topline clinical data for its second Phase 3 clinical trial evaluating OTX-DP), HELI -12.8% announced tender offer to purchase up to $80 mln of its outstanding 9.375% senior notes due 2021), MX -8.3% (announced it received an expected notice of noncompliance with NYSE continued listing requirements due to failure to file Form 10-K), GEL -5.9% (announces pricing of 4 mln unit public offering at $44.42/unit), VLTC -5% (modest pullback after yday's advance), FCH -4% (announced that it is commencing a public offering of 14.5 mln shares of its common stock; reported Q1 RevPAR grew 13.1% yoy to $132.9), WBAI -3.6% (issued clarifiaction on announcement regarding online lottery sales in China; believes approval to provide online lottery sales in China is valid and has not been revoked or amended), DYAX -2.8% (announced proposed 7 mln share public offering of common stock), NBG -2.3% (cont uncertainty surrounding Greece), NRZ -2.1% (announced public offering of 40 mln shares of common stock; ~28.3 mln shares being offered by Home Loan Servicing Solutions (HLSS), remainder being sold by the company), GM -2.1% (Government of Canada announced the divestiture of its remaining shares in GM), HPP -1.6% (announces the pricing of an underwritten public offering of 5.25 mln shares of its common stock by selling stockholders), VIAB -1.6% (details strategic realignment), CERU -1.5% (priced its underwritten public offering of 5.84 mln shares of its common stock at a public offering price of $6.00 per share)

Analyst comments: UBNT -2.9% (downgraded to Underperform at BofA/Merrill), AXP -1.3% (downgraded to Underperform from Perform at Oppenheimer), TM -0.9% (downgraded to Neutral from Buy at UBS
)