Options volume popped on CERN after last week's earnings reactionThe shares of Cerner Corporation (NASDAQ:CERN) are up 2% ahead of the bell, after Leerink upgraded the health IT services provider to "outperform" from "market perform." The analyst in coverage waxed optimistically over the company's presence in international markets, and said the small hospital market could be a growth opportunity...Read More
Could this biotech bet bank you 1,700% profit?Contributed by Raging BullBig pharma isn't what it use to be and investors are wondering what the future holds for the Goliaths of the industry.Kyle Dennis, one of the most well known up and coming traders, saw this shift happening when others didn't. Years ago, he began to place a heavy emphasis on small-cap biotech stocks he saw enormous upside for a...Read More
The shares are trading up 18% ahead of the opening bellThe shares of Blue Apron Holdings Inc (NYSE:APRN) are soaring in electronic trading, after the meal delivery name said it has teamed up with Walmart (WMT) to offer meal kits through the retailer's e-commerce company, Jet. Against this backdrop, APRN stock is set to open up 18.4% at $1.35 per share.Today's expected upside runs counter to ARPN's...Read More
GoldcorpInc. (TSX: G, NYSE: GG) announces plans to buy back shares for cancellation.The company says it has received approval from the Toronto Stock Exchange forits “notice of intention to make a normal course issuer bid." This wouldallow Goldcorp to purchase for cancellation up to 43.5 million common shares,representing 5% of its 869.5 million outstanding shares as of Oct. 26 over a12-...Read More
Investors started pulling money out of the leveraged volatility fund just as VIX ramped higher in OctoberThe following is a reprint of the market commentary from the November 2018 edition of The Option Advisor, published on October 26. For more information, or to subscribe to The Option Advisor -- featuring 10 new option trades each month -- visit our online store.The ProShares Ultra VIX Short-Ter...Read More
Stocks will try to recover some of last week's lossesU.S. stocks will try to bounce back from last week's pullback, with Dow Jones Industrial Average (DJI) futures trading well above fair value this morning. Traders are preparing for another heavy dose of corporate earnings, though the major releases, such as Apple's (AAPL) quarterly report, aren't due out until later in the week. Still, there's p...Read More
(Reuters) - IBM Corp said on Sunday it had agreed to acquire U.S. software company Red Hat Inc for $34 billion, including debt, as it seeks to diversify its technology hardware and consulting business into higher-margin products and services.The transaction is by far IBM’s biggest acquisition. It underscores IBM Chief Executive Ginni Rometty’s efforts to expand the company’s subs...Read More
(Reuters) - China’s top economic planning body is proposing to cut the tax levied on car purchases by half, as the impact of an escalating trade war with the United States threatens to slow the Chinese economy and affect demand for vehicles, Bloomberg reported on Monday.Shares of American and European automakers including General Motors (GM.N), BMW (BMWG.DE), Volkswagen (VOWG_p.DE) and Daiml...Read More
* Nikkei down 0.16 pct, Topix loses 0.4 pct* Bargain hunting helps limit overall losses* Hitachi Chemical slides after reports of data falsificationBy Shinichi SaoshiroTOKYO, Oct 29 (Reuters) - Japanese stocks slipped on Monday as further weakness in U.S. and Chinese shares dampened investor sentiment, although bargain hunting helped limit overall losses.The Nikkei swerved in and out of the red in...Read More
While 200-day breaks can precede accelerated selling, they can also mark bottoms"...traders -- specifically, equity option buyers -- have suddenly soured on the market... this group was buying equity put options relative to call options at a rate similar to that which marked the bottom of the February and March correction. By the end of the week, this ratio climbed to its highest level since Augus...Read More
The above chart shows daily price action. XAUUSD looks to have broken out of a pennant pattern (green converging lines). Pennants are continuation patterns. The target of the pennant is near $1,260. However, there is overhead resistance around the $1,240 area (red horizontal). If the precious metal is to make any further gains towards the target it needs to break above this resistance....Read More
SHANGHAI (Reuters) - China's yuan closed at its weakest in over a decade on Monday, losing 0.16 percent to end the domestic session at 6.9560 per dollar CNY=CFXS, stirring speculation over whether the central bank will tolerate a slide beyond the key level of 7 per dollar.Broad dollar strength, as concerns swirl over risks of a global economic slowdown, was the main influence in the currency mark...Read More
NEW YORK (Reuters) - Three former London-based currency traders were found not guilty on Friday of U.S. charges that they schemed to rig benchmark exchange rates, the latest verdict to emerge from a U.S. probe into the multitrillion-dollar foreign exchange market.Chris Ashton, Rohan Ramchandani and Richard Usher, who worked at Barclays Plc, Citigroup Inc and JPMorgan Chase & Co, respectively,...Read More
(Kitco News) - Gold prices remained slightly softer, moving little after the government reported U.S.personal spending rose 0.4% in September, while the core personal consumption priceindex rose 0.2%. Spot gold was last down $2.60 to $1,230.20 an ounce. The governmentalso reported that income also rose by 0.2% in September. Ahead oftime, most consensus forecasts compiled by news organizations call...Read More
I started scrolling throughthe pieces and they are edgy cool and current. (Kitco News)- I vividly remember during asummer vacation when I swapped with a best friend of the moment, my goldbracelet for a silver one. I thought a bracelet, was a bracelet - a gesture offriendship.Only until I got home and sharedthe news, did I learn (or more like, I was scolded) -- on how in the worldcould I swap gold...Read More
(Kitco News) - Gold prices aremodestly down in early U.S. trading Monday, on a normal corrective pullbackthat saw prices hit a more-than-three-month high on Friday. A firmer U.S.dollar index to start the trading week is also working against the preciousmetals market bulls. December gold futures were last down $3.50 an ounce at $1,232.30.December Comex silver was last up $0.015 at $14.72 an ounce....Read More
Gold’s near-term fortunes may well hingeon U.S. equities, says INTL FCStone. The metal closed higher last week for thefourth straight week for the longest such winning streak since January, thefirm points out. Meanwhile, stocks were on pace for their worst monthly declinein October in eight years, although the futures market is pointing to a higheropen for equities on Wall Street Monday morn...Read More
Editor's Note: Welcome to Kitco's new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Importantly, Jim will glean the short-term charts and technical studies, and then alert you to the signals he sees regarding upcoming potential bigger price moves or price tren...Read More
* Euro falls briefly on Merkel report * Dollar near 10-week high * Major currencies stick to tight ranges * Yen strengthens as investors seek safety from equitylosses * Graphic: World FX rates in 2018 (Recasts with Merkel report, adds quote, updates prices)By Tom FinnLONDON, Oct 29 (Reuters) - The euro briefly weakened onMonday after a report that German Chancellor Angela Merkel willnot seek re-el...Read More
BERLIN (Reuters) - German Chancellor Angela Merkel told leaders of her conservatives on Monday that she will not seek re-election as party chairwoman, senior party sources said, heralding the end of a 13-year era in which she has dominated European politics.Merkel, 64, has been chairwoman of her conservative Christian Democrats (CDU) since 2000 and chancellor since 2005. Party sources said Merkel...Read More