BUZZ-BHP Billiton: 2nd top gainer as underlying profit beats consensus
** Diversified miner BHP Billiton (NYSE: BBL - news) up 3.8 pct & highest share price rise since Nov. 4 as co posts underlying profit better than analysts' expectations
** Profit of $1.2 bln, excluding writedowns and charges, better than analysts' expectations of $1.1 bln, helped by strong iron ore and copper
** "While the headline loss is horrific, BHP is performing well on an underlying basis," Jefferies writes
** Co says cost cuts & debt reduction to double free cash flow to $7 bln this year, CEO says commodity price "free fall" over
** More than 3.2 mln shares traded, >1/3 of 30-day avg
** Up to Friday's close, stock had risen more than a third this year compared with a 11.4 pct increase in the FTSE 100 Index (Reuters Messaging: pranav.kiran@thomsonreuters.com@reuters.net)