One options bull may be lowering their expectationsCasino stocks are spiraling today, after Macau gaming revenue growth missed analysts' estimates for a second straight month in June. One name seeing heavy selling is Melco Resorts & Entertainment Ltd (NASDAQ:MLCO), and options traders have been quick to respond.At last check, MLCO stock is down 10.6% to trade at $24.77, and more than 30,000 option...Read More
FNSR shares are hitting historical chart resistanceWhen Finisar Corporation (NASDAQ:FNSR) fell after earnings a few weeks back, we called out long-term resistance at the 30-week moving average. But looking at a daily chart now, technical traders should note the stock's 160-day moving average, based on data from Schaeffer's Senior Quantitative Analyst Rocky White. White points out that FNSR has had...Read More
Getty ImagesAmerican manufacturers grew in June at the fastest pace in four months, but it'sharder to get supplies delivered on time owing to recent Trump administration tariffs. The numbers: American manufacturers grew in June at the fastest pace in four months, but they're running into trouble getting supplies delivered on time owing to recent Trump administration tariffs as well as transporta...Read More
Trade concerns are weighing on Chinese tech name IQ once againThe Dow is falling on the first trading day of the third quarter. Three stocks makingnoteworthy moves areChinese streaming service iQIYI, Inc (NASDAQ:IQ), cosmetic company e.l.f. Beauty Inc (NYSE:ELF), and pharma name Adamis Pharmaceuticals Corp (NASDAQ:ADMP). Below, we will take a closer look at howshares of IQ, ELF, ADMP are trading...Read More
(Kitco News)- Gold and silver prices are solidly lower and trading near their daily lows in early-afternoonU.S. trading Monday. Gold hit a 12-month low and silver futures hit a seven-monthlow. A higher U.S. dollar index is a negative for the precious metals to startthe trading week. August gold futures were last down $10.00 an ounce at $1,244.40.September Comex silver was last down $0.303 at $15.8...Read More
The price of platinum plunged more than 5% to touch $811.10 an ounce on New York futures markets on Monday, the lowest since July 2004.Platinum is also trading not far off a record discount to sister metal palladium which was pegged at $938 an ounce, and to gold which also continued to slide on Monday trading at a new low for this year of $1,241 an ounce.Platinum's prospects have clouded significa...Read More
Trade fears have once again sparked widespread selling on Wall StreetStocks are getting blasted at the start of the third quarter, with the Dow Jones Industrial Average (DJI) trading down triple digits today. While renewed trade concerns weigh on investors, the blue-chip index is also getting pressured from retail names Nike (NKE) and Walmart (WMT) -- the two worst Dow stocks so far. The selling...Read More
Low volatility expectations are being priced into short-term VRTX optionsDrug concern Vertex Pharmaceuticals, Inc. (NASDAQ:VRTX) has been trading sideways over the past 12 months. However, notable upside may be in the stock's near future, considering VRTX has been one of the best stocks to own in the third quarter, looking back over the last decade.According to Schaeffer's Senior Quantitative Ana...Read More
AMD will report earnings in late JulyAfter skimming the $9 back in early April, Advanced Micro Devices, Inc. (NASDAQ:AMD) went on to hit an 11-year high of $17.34 on June 18. While the shares have since pulled back from this notable milestone, speculators on Friday targeted it for short-term trades using weekly AMD options.Specifically, the weekly 7/13 and 7/27 17.50-strike calls were active in Fr...Read More
(Kitco News)- The amount of gold and silver transferred between accounts of London Bullion Market Association members fell during May, the organization reported Monday.The LBMA releases clearing statistics each month showing the net volume of gold and silver transferred between accounts of members, essentially providing a snapshot of the amount of trading activity.The average number of gold ounces...Read More
Asian buying of gold has picked up lately as the price hasfallen, and this may slow any further price declines in the precious metal,says Mitsubishi. “With gold prices down at six-month lows, Chinese buyers havebeen very assertive of late,” the firm says. Turnover on the Shanghai GoldExchange’s gold contract has been 11.5% higher in the last 10 days, compared tothe same period in...Read More
WBA stock just had its worst week since August 2014Brokerage firm Mizuho this morning downgraded new Dow component Walgreens Boots Alliance Inc (NASDAQ:WBA) to "neutral" from "buy," and dropped its price target to $64 from $77. The bear note was all about Amazon's (AMZN) push into the pharmacy space following last week's PillPack purchase. For example, Mizuho believes the growing threat of Amazon...Read More
MCXG stock hit a four-year low earlierA number of top executives have resigned at MiMedx Group Inc (NASDAQ:MDXG) amid an ongoing internal investigation over the biopharmaceutical firm's accounting practices. Most recently, CEO Pete Petit and Chief Operating Officer Bill Taylor are out, following the early June departure of the company's chief financial officer. In reaction, MDXG stock has plummete...Read More
(Kitco News)- Money managers have reversed to atiny net-short position in gold futures, the first time they have not been netbullish in more than two years, according to the most recent weekly data fromthe Commodity Futures Trading Commission.During the week-long period toJune 26 that was covered by the report, Comex August gold fell by $18.70 to$1,259.90 an ounce, while July silver lost 7.3 cents...Read More
BENGALURU/HONG KONG (Reuters) - Manufacturing activity took a hit in June across Europe and Asia, with exporters losing momentum even before promised trade tariffs kick in, underscoring worries the U.S. administration's protectionist policies could derail global growth.U.S. President Donald Trump has threatened tariffs on European cars on top of duties he imposed on steel imports from the European...Read More
CEO Elon Musk yesterday tweeted that the company had met its production goalShares of Tesla Inc (NASDAQ:TSLA) are higher in early trading, afterCEO Elon Musk tweeted the company produced 7,000 cars in one week, including 5,000 Model 3 electric sedans -- meeting its end-of-June goal. What's more, the firm has reportedly raised its Model 3 production goal to 6,000 vehicles per week by late August....Read More
JWN is now testing its 80-day moving average Nordstrom, Inc. (NYSE:JWN) stock is down 4.9% to trade at $49.25, after Cowen issued a downgrade to "market perform" from "outperform," while slashing its price target to $51 from $56. The analyst in coverage says the equity lacks near-term upside, citing store traffic and risks to margins, while calling out potential weakness from the department store...Read More
BRUSSELS (Reuters) - Unemployment in the 19 countries sharing the euro currency was unchanged in May, European statistics office Eurostat said on Monday, defying economists' expectations of a worsening job market.Euro zone unemployment was stable at 8.4 percent in May, with the number of job seekers falling slightly compared to April to 13.66 million. Economists polled by Reuters had on average ex...Read More
LONDON (Reuters) - The dollar edged higher on Monday, closing in on last week's one-year high, as investors ramped up bets that escalating trade tensions between the U.S. and its trade partners will hurt the world's biggest economy the least for now.Tension is growing ahead of a July 6 deadline when Washington is due to impose $34 billion of tariffs on Chinese exports, with two surveys of Chinese...Read More
* Germany's bond yield dips to lowest in almost 5 weeks* Trade wars fears lift demand for bond safe havens* German two-to-10-year yield gap tightest in a year* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Updates prices, broader market moves, fresh comment)LONDON, July 2 (Reuters) - German 10-year bond yields dipped to five-week lows on Monday, pushed down by political uncertainty in Ge...Read More