In coverage this morning, Goldman Sachs has come out and reiterated the firm’s Cautious analyst coverage view for the corn-based ethanol producers. Specifically, the firm has reiterated its "SELL" ratings on:
- Aventine Renewable Energy (NYSE: AVR),
- Pacific Ethanol NASDAQ: PEIX),
- and VeraSun Energy (NYSE: VSE).
The firm notes that corn markets are already short of supply already tight and that spot prices are now much higher because of the Midwest flooding. It also noted that the next big ramp-up in ethanol capacity will keep pressure on ethanol equities.
As part of this call, Goldman Sachs made wider loss projections for PEIX in 2008 and 2009 and now sees losses rather than gains in VSE as well. The interesting part of the call besides the reiterated Sell rating is that Goldman Sachs actually now sees a gain in AVR and less of an earnings drop-off in 2009 as a result of likely decelerated plant expansion plans.
Jon C. Ogg
June 27, 2008
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
