The broader stock market has barely budgedStocks have swung lower this afternoon, as skepticism creeps in ahead of this week's U.S-China trade talks. Several individual names are making big moves, though, including rare diseases specialist Akcea Therapeutics Inc (NASDAQ:AKCA), drug developer Sutro Biopharma Inc (NASDAQ:STRO), and osteoporosis expert Pfenex Inc (NYSEAMERICAN:PFNX). Here's a closer...Read More
The stock has struggled since its July IPOThe shares of Livongo Health Inc (NASDAQ:LVGO) were last seen trading up 15.5% at $20, after the digital healthcare management company announced a deal where it'll provide its service for all Federal Employees Health Benefits Program members who have Type 1 or Type 2 diabetes. This prompted a note from SVB Leerink, which said to "aggressively" buy the equi...Read More
Lower global growth forecasts bode well for gold's intermediate trend.5-year TIPs yield is falling again, which also supports higher gold prices.Gold bolstered by relative strength versus U.S. equities and the yen.Despite a September pullback, gold is still highly esteemed in the minds of investors. This can be seen by the metal's performance when compared against some of its closest competito...Read More
Gold settled lower Monday to post back-to-back declines, as investors watched developments in Sino-American trade talks. U.S. and Chinese officials, including Vice Premier Liu He, are expected to resume trade discussions on Oct. 10-11. However, reports over the weekend indicate that Beijing delegates may be aiming to offer a narrower trade resolution than the Trump administration is hoping. "It i...Read More
Netflix will report earnings after the close on Oct. 16The shares of Netflix Inc (NASDAQ:NFLX) are higher today, up 1.2% to trade at $273.97, shaking off a price-target cut to $300 from $380 at Evercore. The analyst in coverage noted that the streaming field is becoming crowded, and due to Netflix's pricing, could be stuck in a "race to the bottom."The analyst caution over Netflix stock is well-fo...Read More
The UAW rejected GM's latest offer General Motors Company (NYSE:GM) stock is lower, after Sunday's negotiations between the automaker and the United Auto Workers (UAW) union took a "turn for the worse," according to Terry Dittes, who is the UAW vice president of the GM division. Specifically, the UAW rejected GM's offer of a new four-year labor contract, which Dittes said "did nothing to advance a...Read More
U.S.-China trade officials will meet in Washington, D.C., later this weekThe Dow Jones Industrial Average (DJI) is trading just below breakeven at midday, but has pared sharper losses from the morning. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have climbedinto the black, though, after earlier being down on reports of China's reluctance to hammer out a trade dealin Washington, D.C., la...Read More
After a September earnings disappointment, Adobe stock just met up with a key supportive trendlineShares of technology powerhouse Adobe Inc (NASDAQ:ADBE) are just about flat in today's session, trading fractionally higher at $277.21. The stock is down about 10.9% from its July 26 closing high of $311.27, with the pullback exacerbated by a negative earnings reaction in mid-September. However, ADBE...Read More
Both NVDA and AAPL could be sensitive to the U.S.-China trade talks this weekThe shares of Nvidia Corporation (NASDAQ:NVDA) are trading up 2.5% this morning at $186.61 after RBC's price-target hike to $217 from $190, which was based off the firm's bullish view of NVDA's gaming and data center businesses. The chip stock has now jumped more than 18% in the past three months and is pacing for its hig...Read More
J.P. Morgan Securities and Cowen both like 10X Genomics Wall Street newbie 10X Genomics Inc (NASDAQ:TXG) is in focus after not one, but two analysts initiated coverage on the biotech this morning. Specifically, Cowen started following TXG with a "buy" rating, and a $55 price target, while J.P. Morgan Securities began coverage with an "overweight" rating, also giving the equity a $55 price target....Read More
UBER has recently seen resistance from its 30-dayRide-hailing service Uber Technologies Inc (NYSE:UBER) is up 1.5% this morning at $30.11,after receiving an upgrade to "buy" from "neutral" at Citigroup. The brokerage firm waxed optimistic on third-quarter results and growth for the second half of 2019, despite legal troubles the company has endured.Though it's still early, today's gains puts Uber...Read More
GE said it would freeze pensions of around 20,000 employeesGeneral Electric Company (NYSE:GE) stock is down 0.4% at $8.54, after the industrial conglomerate said it would freeze pension plans for around 20,000 salaried U.S. employees. The move comes as part of the company's broader plan to lower its pension deficit by up to $8 billion.It's been a rough stretch for GE since a late-September rejecti...Read More
XENT has now shed 45% in 2019Near the bottom of the Nasdaq this morning sits Intersect ENT Inc (NASDAQ:XENT), down 11.3% to trade at $15.06. This comes after the medical device maker's drug-coated balloon treatment for sinus dilation failed its main goals in a study. This is pacing to be XENT's worst single-session drop since an earnings-induced bear gap on Aug. 2. The shares bounced from their...Read More
There are a number of analyst notes worth monitoring this morningU.S. stock futures are pointing to a modestly lower open for equities today. There's little on the trading schedule as far as earnings and economic updates go, leaving traders to focus on the U.S.-China trade talks scheduled for later in the week. Over the weekend, a Bloomberg report indicated Beijing may not agree to a broad trade d...Read More
A VIX close above 20 could enhance the odds of a volatility spike"A VIX breakout above 18.00 coincident with the SPX closing below 2,950 could set up a retest of the August lows in the 2,850 area. A worst-case scenario for bulls would be the SPX again retesting its year-over-year breakeven level, which has been the theme of many pullbacks during 2019. The October 2018 closing low was at 2,641, whi...Read More
The sell-off in Resideo stock has intensified since the spin-off.Resideo has an extremely attractive valuation which hints significant upside.The growth story is not in lines with what is expected from a growth company.Indemnity payments to Honeywell are weighing down the company's ability to generate FCF.It is almost 6 months since my previous article on Resideo Technologies (REZI), "The Good...Read More
The fact that the market closed at $1513, below the weekly trend momentum of $1517, means that we are coming into the week bearish.This has activated the extreme below the mean level target of $1501.Since the market closed above the average price of $1501, it activates the targets above the mean of $1538 to $1562.If gold closes below the mean of $1501, it will activate a bearish trend momentum and...Read More
The junior mining sector provides a massive reward-to-risk proposition, if investors are able to separate the wheat from the chaff.RNC Minerals and McEwen Mining are what I'd consider the chaff of the sector, with high-cost production and significant laggards to their peer group.This article sheds more light on why the two companies are best to avoid.The junior mining sector provides tons of o...Read More
"It came with a speed and ferocity that left men dazed. The bottom, simply fell out of the market... The streets were crammed with a mixed crowd agonized little speculators, sold-out traders... inquisitive individuals and tourists seeking ... a closer view of the national catastrophe...Where was it going to end?" account of stock market crash in the New York Times, October 1929 "In this age...Read More
Dave KranzlerOn October 4th, as I expected would happen, the Fed announced that it was extending its overnight and term repo operations out to November 26th (the November 12th two-week term repo matures on the 26th).The Fed added 7 more 2-week "term repos, " plus a 6-day "term repo," with the next three operations upped to $45 billion. It extended the overnight repos until at least November...Read More