One retail stock could be headed for new lowsThe major stock market indexes are set to wrap up April with solid gains, with the S&P 500 Index (SPX) on pace for a monthly win of 3.65% -- a fourth straight monthly gain. However, while we don't necessarily buy into the old "Sell in May and go away" adage, several stocks could move lower next month, if recent history is any indicator. Among the equiti...Read More
Gold prices rose on Tuesday as disappointing Chinese factory activity data brought back concerns about the health of the global economy, denting risk appetite. Traders and investors now await the FOMC statement on Wednesday to determine the future trajectory of interest rates in the United States. Meanwhile Hedge funds and money managers increased their bearish wagers on COMEX gold in th...Read More
Fellow FAANG stock AAPL is sinking ahead of earningsThe Dow Jones Industrial Average (DJI) is down roughly 50 points, erasing early gains stemming from well-received blue-chip earnings. Apple (AAPL) is the leading laggard on the Dow, dropping ahead of earnings tonight, as fellow FAANG stock Alphabet (GOOGL) sinks on weaker-than-expected first-quarter revenue. The tech-rich Nasdaq Composite (IXIC...Read More
As we know, gold and the US dollar have an inverse relationship. Gold is priced in US dollars and the drivers of each are similar (from an inverse point of view). Over long-term periods both trend in the same direction but the magnitude of the moves can vary and be quite different.The standard inverse relationship has not been a perfect one in recent months or years.In the chart below we plot gold...Read More
Ford stock just saw its best day in years last FridayShares of Ford Motor Company (NYSE:F) are moving higher in this morning's trading, last seen up 0.8% at $10.40, after receiving a price-target hike to $12.50 from $11 at Jefferies, and announcing a new partnership with Amazon.com (AMZN), where deliveries will be made to qualifying Ford and Lincoln vehicles. Jefferies said strong first-quarter r...Read More
The internet stock is trading near key technical supportThe shares of internet name Altaba Inc (NASDAQ:AABA) just pulled back to their 40-day moving average and a pennant breakout trendline before bouncing higher. The stock has since consolidated beneath the $76.50 area, which happens to be the 10% year-over-year level. Currently, AABA's Schaeffer's put/call open interest ratio (SOIR) of 0.97 sits...Read More
Jefferies analysts believe MHK's downside is limited from hereFlooring expert Mohawk Industries, Inc. (NYSE:MHK) has seen its stock struggle mightily ever since a late-2017 peak near $287. As such, it's not surprising to note that the majority of covering analysts have skeptical outlooks on the shares, with nine of 15 handing out "hold," "sell," or "strong sell" recommendations. However, Jefferies...Read More
The FAANG stock unveiled first-quarter revenue that didn't live up to expectations Google parent Alphabet Inc's (NASDAQ:GOOGL) highly anticipated first-quarter earnings were released after the close last night, with mixed results. The FAANG name posted a better-than-expected adjusted profit, but revenue that fell below estimates. In a subsequent conference call, Chief Financial Officer Ruth Porat...Read More
Most analysts remains wary, thoughThe shares of JD.com Inc (NASDAQ:JD) are up 2.4% to trade at $30.60 this morning, after J.P. Morgan Securities raised its rating to "overweight" from "neutral." The brokerage firm also upped its price target to $38 from $30, while noting several positive catalysts for JD stock, including improving demand, new product launches, and Chinese government stimulus plan...Read More
The US economic growth in the Q1 2019 positively surprised. Indeed, on the upside. The doubting Thomasses were proven wrong. And The Socialist Party just won the snap elections in Spain. Is the left back in vogue in the Eurozone? But what does it all mean for the gold market? US GDP Surprises on the Upside On Friday, the government said that the US GDP expanded at a 3.2 percent annual pace in the...Read More
The company is expected to report quarterly figures this weekEvelo Biosciences Inc (NASDAQ:EVLO) will report quarterly earnings on Thursday, May 2. Ahead of the event, analysts at Jefferies initiated coverage of the biotech stock with a "buy" rating and $18 price target -- more than double EVLO's closing price of $8.44 yesterday. Due to Evelo's "strong platform and promising data to date," the bro...Read More
An environmental group has filed a complaint to U.S. and Canadian securities regulators alleging that Northern Dynasty Minerals Ltd. misled investors about its controversial Pebble mining project in Alaska.Northern Dynasty - whose plan to develop a copper and gold mine near Bristol Bay faces staunch environmental opposition - issued incomplete and misleading information in an attempt to drum up ca...Read More
The London Bullion Market Association (LBMA) said Societe Generale had resigned as a market maker for gold and silver, as France's third-largest bank pushes ahead with a downsizing of its commodities business.SocGen said this month it would cut 1,600 jobs to boost profits after poor performance last year and exit over-the-counter commodities trading.SocGen declined to comment on its resignation.In...Read More
Earnings out of Dow components have been strongDow Jones Industrial Average (DJI) futures are pointing to a positive open this morning ahead of a huge day of earnings on Wall Street. Strong quarterly reports from blue chips McDonald's (MCD), Merck (MRK), and Pfizer (PFE) are getting the ball rolling for the 30-stock index, while former Dow component General Electric (GE) is also set to soar after...Read More
(Amends story after SocGen corrects its statement that it mademarkets only in gold)By Peter HobsonLONDON, April 30 (Reuters) - The London Bullion MarketAssociation (LBMA) said Societe Generale had resignedas a market maker for gold and silver, as France's third-largestbank pushes ahead with a downsizing of its commodities business.SocGen said this month it would cut 1,600 jobs to boostprofits afte...Read More
(Updates with closing prices)By Peter HobsonLONDON, April 30 (Reuters) - Copper prices rose on Tuesdayas investors bet that top consumer China would respond to weakfactory data by implementing fresh stimulus measures.Zinc also gained more than 1 percent as surging premiums forcash metal on the London Metal Exchange (LME) pointed to ashortage of nearby supply.Benchmark LME copper on the LME closed...Read More
As Tokyo traders go on holiday, EWJ just rallied into a potentially formidable layer of chart resistanceJapanese stocks were a remarkably hot commodity among investors last week, according to the latest fund flows data (via Bank of America-Merrill Lynch). BAML reports inflows of $5.4 billion into Japanese equity funds during the week ended April 24, yielding their biggest one-week take since March...Read More
(Adds Breakingviews link, closing share price)By Alwyn Scott and Rachit VatsApril 30 (Reuters) - General Electric Co said onTuesday it generated more profit and lost less cash thanexpected in the first quarter, suggesting an improving outlookunder its new leader that sent its shares and bonds higher.New Chief Executive Larry Culp cautioned, however, that theresults stemmed largely from the timing...Read More
A bitter battle for control of Canada's Guyana Goldfields (TSX: GUY) between the miner and dissent shareholders led by founder and ousted chairman, Patrick Sheridan, has been finally settled this week, costing the company's head his job.As part of the agreement, the Toronto-based miner is appointing two new independent directors to the board - Alan Pangbourne and Allen Palmiere - with other two...Read More
Tower Resources (TSXV: TWR) announced this week that its team of geologists started an exploration program on the Nechako property, located in the western Canadian province of British Columbia.In a press release, Tower said the campaign will begin with infill reverse circulation or RC drilling at the head of the Nechako dispersal train.In the current RC drilling program, six to eight infill holes...Read More