Both stocks are running into familiar resistanceThe shares of International Game Technology (NYSE:IGT) have rebounded off their May 29 annual low of $12.49, and fellow casino concern Scientific Games Corp (NASDAQ:SGMS) is pacing for a fifth straight day in the black. However, both IGT and SGMS stocks are running into potential trendline resistance, and history says it may be time to cash in your p...Read More
Venezuela has defaulted on a gold swap agreement valued at $750 million with Deutsche Bank AG, prompting the lender to take control of the precious metal which was used as collateral and close out the contract, according to two people with direct knowledge of the matter.As part of a financing agreement signed in 2016, Venezuela received a cash loan from Deutsche Bank and put up 20 tons of gold as...Read More
Loop Capital just upgraded the stock to "buy" from "hold"Streaming giant Netflix, Inc. (NASDAQ:NFLX) has seen a rough past couple of days, as regulatory concerns weighed on FAANG stocks. Plus, at Friday's close, the equity had clocked four straight weeks in the red, and dropped beneath the $340 region yesterday for the first time since early February, ending at $336.63. The shares have recovered s...Read More
Analysts are overwhelmingly bullish on the cancer nameMizuho initiated coverage on Neon Therapeutics Inc (NASDAQ:NTGN) with a "buy" rating and $21 price target -- a 333% premium to last night's close. The brokerage firm said NTGN's low share price is a result of confusion around neoantigens science, which studies a new cancer therapy. LifeSci Capital also chimed in, saying the cancer researcher's...Read More
An unwinding of bearish bets could provide leverage for the shares The shares of Monster Beverage Corp (NASDAQ:MNST) have remained fairly stable amid the recent market volatility, consolidating nicely since an early May bull gap to form a cup and handle formation on the charts. Looking closer, the stock has found support at a 61.8% Fibonacci retracement of its 2018 high and low, suggesting it coul...Read More
Powell said the Fed is ready to "act as appropriate" to support the economyThe Dow Jones Industrial Average (DJI) is red-hot today, up more than 400 points as easing trade worries spark the risk-on session. Dovish comments from Fed Chair Jerome Powell are only fanning the bullish flames, with the head of the central bank earlier saying it's prepared to "act as appropriate" to support economic grow...Read More
Sandspring Resources Ltd. (TSX-V:SSP) came out Tuesday with positive results from a preliminary economic assessment (PEA) on the Toroparu gold project in Guyana.Key highlights of the report include: 4.5moz of production, with 3.64 moz produced in dor?(C) bars, over a 24-year mine life - up from 3.7moz from the prefeasibility study (PFS) released in 2013. The measured and indicated resource has als...Read More
BTIG issued very bullish notes on UBER and LYFT stocksSifting through this morning's news cycle on Wall Street, a few names stick out. First off, Take-Two Interactive Software, Inc. (NASDAQ:TTWO) just received another positive analyst note, with BMO upgrading its rating to "market perform" from "underperform" and boosting its price target to $110 from $95. The covering analyst called out the video...Read More
Canaccord said it has defended BOX for too longShares of cloud concern Box Inc (NYSE:BOX) are eyeing their fifth straight day in the red, after the firm lowered its full-year guidance below analysts' expectations. Thecompany blamed a longer-than-usual sales cycle for its bigger deals. BOX stock fell to a new two-year low of $15.30 earlier, and was last seen down 11.3% at $15.91.The brokerage bunch...Read More
KSS snapped a 12-day losing streak on MondayAtlantic Equities downgraded Kohl's Corporation (NYSE:KSS) to "underweight" from "neutral," and slashed its price target to $42 from $65 -- a 16.5% discount to last night's close. In reaction, KSS stock is down 0.1% at $49.80, sinking below the round $50 mark.This negative price action is just more of the same for the retail stock. Since its April 23 fiv...Read More
The joint venture could produce "hundreds of metric tons of CBD annually"Add yet another name to the hemp landscape. This morning, drugmaker Sorrento Therapeutics Inc (NASDAQ:SRNE) announced a joint venture with Chinese medical device maker LifeTech Scientific to sell cannabidiol (CBD) products in Asia. Sorrento said the partnership could help it "deliver hundreds of metric tons of CBD annually...Read More
Russian banks are considering increasing gold exports after the central bank said it would only buy at a discount, a move that could potentially pressure global bullion prices.The Bank of Russia made the change to its pricing policy this year, saying it would buy from dealers at a level slightly below the benchmark London gold price. It's part of a broader policy push to stimulate growth in the ma...Read More
A Chinese official suggested respectful trade talks should continue with the U.S.Futures on the Dow Jones Industrial Average (DJI) are moving on trade headlines once again, this time trading above fair value. Traders are responding to a report that China's Commerce Ministry said the U.S. and China should resolve the trade dispute through respectful conversations, while there are also rumors that C...Read More
S&P returns tend to outperform the norm after individual investors hit this type of pessimistic extremeBy last Thursday morning, when the latest weekly sentiment survey results from the American Association of Individual Investors (AAII) were released, the S&P 500 Index (SPX) was well on its way to ending the month of May on a loss of over 5% -- not quite as gruesome as the 9.2% plunge that rattle...Read More
* GRAPHIC-2019 asset returns: (Updates with closing prices, rare earths update)By Zandi ShabalalaLONDON, June 4 (Reuters) - Copper prices hovered near afive-month low on Tuesday as an escalation of the U.S.-Chinatrade war reinforced concern about demand for industrial metalswhile the weaker dollar provided some suppport.China on Tuesday warned that its companies operating in theUnited States could...Read More
The Venezuelan Ministers of Mining Ecological Development, V?-ctor Cano, and Indigenous Peoples Aloha N????ez met with 15 captains from the Pem??n tribe and, according to state media, reiterated that it is illegal to carry out mining activities in National Parks.According to official outlets, the Indigenous leaders from the southeastern Gran Sabana municipality presented Cano and N????ez with comp...Read More
Monarca Minerals (TSXV: MMN) entered into an option agreement to acquire a 100% interest in the 5,580-hectare San Jos?(C) project located in Chihuahua, northern Mexico.To go ahead with the deal, Monarca will pay a total of $150,000 to the mining concession owners and the agreement includes a 2% Net Smelter Return royalty upon reaching commercial production.In a media statement, the Canadian miner...Read More
* Q1 GDP down 3.2% on quarterly basis * Central bank mandate news also weigh * Stocks lifted by heavyweights (Updates prices, adds stocks)JOHANNESBURG, June 4 (Reuters) - South Africa's rand slumpedon Tuesday after data showed the worst quarterly economiccontraction in a decade at the start of 2019, while stocksgained.The rand was also hammered by news that South Africa'sgoverning party has agreed...Read More
(Adds market reaction, analyst)By Jan Strupczewski and Balazs KoranyiBRUSSELS/FRANKFURT, June 4 (Reuters) - Euro zone inflationfell more than expected last month, adding to worries about weakprice pressure and reinforcing the case for more stimulus by theEuropean Central Bank.With growth slowing as a global trade war heats up, majorcentral banks appear to have given up plans to tighten policyand i...Read More
Here Are 3 Hot Things to Know About Stocks Right Now The Nasdaq Composite index, heavily weighted towards tech stocks, fell sharply Monday on reports Alphabet and Facebook are facing Federal probes of their business practices. Alphabet (GOOGL - Get Report) sank on reports of an anti-trust probe and an issue that caused traffic congestion across key parts of its network over the weekend....Read More