The last time FMG screamed above $3 I noted that those shorts puking positions ought to be reloading. Now we’re back above $3 again with iron ore rollicking higher (though Dalian has tired during the day) and it is now raining downgrades on FMG again from the sell side. Bell Potter this morning, Morgan Stanley is another:
Three talking points from 3Q report:
1) Missing cash found – on first review the cash build of US$0.2bn appeared low, but lumpy interest and other elements clarified in the conferencecall allowed us to reconcile it.
