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Stock impact report

Cameco closes +3.5% on mining suspension plans, uranium price outlook [Seeking Alpha]

Cameco Corporation (CCJ) 
Last cameco corporation earnings: 5/1 07:00 am Check Earnings Report
US:NYSE Investor Relations: cameco.com/invest
Company Research Source: Seeking Alpha
Cameco closes +3.5% on mining suspension plans, uranium price outlookCameco (NYSE:CCJ) wound up rallying 3.5% in today's trade for its highest close in more than a month following news it willsuspend production from its McArthur River mine and Key Lake mill because of low uranium prices.Initial investor concerns were outweighed by theoutlook for higher uranium prices caused by the move - “This is the type of supply shock that will spur strength in the spot price,” says Cantor Fitzgerald analyst Rob Chang.CEO Tim Gitzel says CCJ is not planning further cuts to uranium output “right now” but has theoption of lowering production again without jeopardizing supply contracts - "We have to be ready if the market stays low so we can survive and be viable."TD Securities expects upward pressure on uranium prices in the coming days but believes other producers also will need to cut supply for sustainable price gains; the firmreiterates its Buy rating on CCJ and raises its stock price target to C Show less Read more
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