1) There will be much wailing and gnashing of teeth when the June QR has been read. Production is not going to good, and mostly therefore C1 costs are going to look terrible. Not news.
2) It does not matter, but the sp will dip briefly and the fools will sell.
3) It wil not be the hedging that bothers anyone much, although I hereby do predict there will be at least one vocal complainant.
4) Smarter people will look at the outlook, and the sp will recover within days if not the day.
We must remember that the company is NOT reducing there FY 09 forecast, therefore reduced Q2 production implies increased H2 production (and therefore also lower H2 costs). We already see that with the shutdown in June effectively transferring production from the June Q to the Sept Q.
My only advice is - look forward, not back. Only use the past to judge management performance.
Of course I could be completely wrong, in which case I may switch to TA for a better aptitudonal match.
EL
PNA Price at posting:
$1.85 Sentiment: LT Buy Disclosure: Held
