The retail stock hit a multi-year low earlier Stocks are mixed today as recession fears resurface and a pair of Fed speakers struck a hawkish tone toward future rate cuts, though a big day for Boeing (BA) is keeping the Dow above water. Among other individual names making notable moves today are medical equipment maker Edwards Lifesciences Corp (NYSE:EW), data analytics software firm Splunk Inc (N...Read More
Gold futures posted their lowest settlement in nearly two weeks on Thursday, pressured by strength in bond yields as the Fed's symposium of central bankers got under way in Jackson Hole, Wyoming. While minutes from the Federal Open Market Committee's July meeting released Wednesday afternoon "didn't say anything new about the FOMC's plans, both bonds and the gold market have moved too far, too fa...Read More
Semafo has a pit wall failure at Mana, which has hit the share price.2019 guidance reduced.The shares have fallen 18% since the news and now look good value.The Mana project seen below (from the Semafo website) Introduction I am bullish on the long term future of gold and have been amassing gold mining shares as the opportunities arise. Semafo Inc. (OTCPK:SEMFF) is a mid-tier gold miner that oper...Read More
ULTA earnings are due out in a weekUlta Beauty Inc (NASDAQ:ULTA) is trading up 2.2% today at $335.47, testing its 20-day moving average. However, we're more interested in a longer-term trendline, that being the 10-month moving average. According to data from Schaeffer's Senior Quantitative Analyst Rocky White, the previous 10 signals of this type have resulted in an average one-month gain of 9.9%,...Read More
CEO Patrick Byrne is resigning due to his involvement with an FBI probeThe shares of Overstock.com Inc (NASDAQ:OSTK) have catapulted higher today, after being halted earlier for news. Specifically, the e-commerce and blockchain concern announced that CEO Patrick Byrne is resigning, effective immediately. The exit comes just a week after Byrne said he was involved in a federal probe into Russia and...Read More
Gap between 10-year yield and fed funds rate is good news for bullion.This yield curve inversion reflects the widespread fear supporting gold.Expect a corrective pause, then a continuation of gold's upward run.Gold continues to mark time by consolidating its recent gains while waiting for its widely-watched 50-day moving average to "catch up" to the gold price. Gold stocks, too, are undergoing...Read More
Gold has been on a tear lately, despite a recent pause in its advance, and the precious commodity could be poised to extend its rally above $1,500 an ounce, on the back of ballooning global debt and monetary policy that has resulted in trillions in negative-yielding securities. For Trey Reik, senior portfolio manager at Sprott Asset Management USA, current economic conditions bear the hallmarks o...Read More
Options volume is accelerated today There hasn't been muchto write home about for GameStop Corp. (NYSE:GME). Today, though, the stock is up 7.6% to trade at $3.88, after Barron's reported hedge fund manager Michael Burry -- whose famous bet against subprime mortgages ahead of the 2008 housing crisis was featured in the movie "The Big Short" -- just went long on GME stock. Scion Asset Management...Read More
The yield-curve inversion has popped up once again The Dow Jones Industrial Average (DJI) has turned lower, reversing early gains, as recession anxieties begin to creep back in. Speaking from the central bank's annual symposium in Jackson Hole, Wyoming, Philadelphia Fed President Patrick Harker and Kansas City Fed President Esther George said they don't see a case for additional rate cuts right...Read More
Retail earnings will remain in focusNext week will be filled with plenty of economic updates, as the latest gross domestic product (GDP) data comes front and center. Wall Street will also sift through data on durable goods orders, international trade, and personal income and spending. As far as earnings, names like Ulta Beauty (ULTA) and Best Buy (BBY) will take center stage, as the retail sector...Read More
Mustang Bio is lower despite a FDA expedited designationTwo biotech names under pressure this morning are Mustang Bio Inc (NASDAQ:MBIO) and Retrophin Inc (NASDAQ:RTRX). Below, we'll get in to what's caused each stock to make suchoutsized moves lower today.First up is Mustang Bio, down 6% to trade at $4.36, despite the Food and Drug Administration (FDA) granting expedited review status to the compa...Read More
The brokerage firm is targeting major upside for the software stockMizuho Securities initiated coverage on Workday Inc (NASDAQ:WDAY) with a "buy" rating and a $225 price target -- a 17.8% premium to last night's close at $190.92. The brokerage firm said the company's cloud platform and prism analytics products could be "game-changers," potentially becoming $1 billion businesses.Today's bull note c...Read More
The firm posted better-than-expected second-quarter earnings Department store name Nordstrom, Inc. (NYSE:JWN) is following yesterday's big retail gains with a win of its own. The shares of JWN are up 11.7% at $29.65, after the firm reported second-quarter earnings that exceeded analysts' estimates. Nordstrom said it cut costs and cleared more inventory via online sales. The company also reported a...Read More
W is more than 45% above its late-December bottomOnline furniture retailer Wayfair Inc (NYSE:W) is surging right out of the gate this morning, already up 3.3% at $118.88, after receiving a fresh bull note from Stifel. The brokerage firm upgraded to a "buy" from "hold," with a $150 price target, saying the stock's recent 12% drop made an attractive entry point for buyers. Interestingly, the stock...Read More
Weekly jobless claims fell more than expected last week Dow Jones Industrial Average (DJI) futures are trading modestly above fair value, with the blue-chip index set to build on yesterday's retail-focused rally. The Fed's annual symposium in Jackson Hole, Wyoming, will kick off later today, whereFed presidents will comment on the global economy. Investors will be eager for any details about U.S....Read More
Solaredge shares are set for a rare pullbackSolaredge Technologies Inc (NASDAQ:SEDG) is set to slide 6.3% at the open due to news the alternative energy company's CEO Guy Sella is taking a medical leave of absence. Meanwhile, UBS downgraded the shares to "neutral" from "buy," though it also raised its price target to $90 from $73, saying it expects solar installations to peak over the next year. S...Read More
(Updates with closing prices)By Peter HobsonLONDON, Aug 22 (Reuters) - Copper and other industrialmetals prices fell on Thursday as the United States and Chinaexchanged threats in their trade dispute and the yuan slumped toan 11-year low against the dollar. Investors fear the trade war is undermining economic growthand metals usage. A weaker yuan, meanwhile, makes dollar-pricedmetals more expensiv...Read More
Gold tends to lead the industrial metals sector at intermediate-term bottoms.Regardless of whether or not GYX makes a new low within the next couple of months, the performance of the gold market suggests that the industrial metals sector will commence an intermediate-term rally before the end of this year.The Baltic Dry Index is also predicting an industrial metals rally.Editor's note: Originally...Read More
By Peter Hobson, Yawen Chen3 Min ReadLONDON/BEIJING (Reuters) - China has partially lifted restrictions on imports of gold, bullion industry sources said, loosening curbs that had stopped an estimated 300-500 tonnes of the metal worth $15-25 billion at current prices from entering the country since May.FILE PHOTO: A gold ring is seen on the hand of a customer at Caibai Jewelry store, in Beijing, C...Read More
The gold-silver ratio is expected to come down in the next few months, with silver outperforming gold, said Todd Horwitz, chief strategist of BubbaTrading.com. "I've think we've got a big run coming, I think it's going to narrow that range in gold, I don't think gold's going down. I think silver is going to finally outperform gold over the next two to three months," Horwitz told Kitco News. Horw...Read More