(Bloomberg) - Investors might be running out of patience with Sibanye Gold Ltd.'s colorful chief executive, Neal Froneman.The South African miner's stock plunged by a record 16 percent Thursday after the company warned it may consider selling assets, metals streams and - only as a last resort - new shares, if the recent strength in the rand persists.Sibanye is under pressure to reduce debt after...Read More
Acacia Communications, Inc. (NASDAQ:ACIA) stock is down 18.5% to trade at $34.09, and just touched a new annual low of $33.68, after the software company posted fourth-quarter revenue that fell short of analyst estimates. The company also gave a weaker-than-expected full-year forecast for 2018. In response, Needham and D.A. Davidson downgraded the stock to "hold" and "neutral," respectively, whil...Read More
NEW YORK, Feb 23 (Reuters) - The now "large" U.S. deficits may complicate the government's ability to curb future recessions with tax and spending policies, so the Federal Reserve must depend less on fiscal policy, a top Fed policymaker said on Friday."Large deficits now may make future actions difficult" for the government, Boston Fed President Eric Rosengren said in prepared...Read More
* Yields on 10-year Treasury notes down for second day* General Mills to buy Blue Buffalo for $8 bln* Hewlett Packard Enterprise opens at record high* Indexes up: Dow 0.81 pct, S&P 0.72 pct, Nasdaq 0.76 pct (Updates to open)By Sruthi ShankarFeb 23 (Reuters) - Wall Street's main indexes rose on Friday, with gains in technology stocks helping claw back some of the week's losses, which were spark...Read More
Amid an uptick in equity market volatility, some traders are seeking refuge in a familiar place: gold. Market participants are also renewing their enthusiasm for some gold miners exchange traded funds (ETFs), including leveraged fare. The VanEck Vectors Gold Miners ETF GDX, +1.10% the largest non-leveraged gold miners ETF, surged nearly 4 percent last week as traders flocked to the fund. "Investor...Read More
SAO PAULO, Feb 23 (Reuters) - Brazilian online bank Intermedium SA filed on Friday for an initial public offering on the Sao Paulo stock exchange, according to documents filed with Brazil's securities regulator.The bank will issue new shares and its controlling shareholders, members of Brazil's Menin family, will also sell shares.The proceeds will be used by Inter, as the bank is known, to expand...Read More
NEW YORK, Feb 23 (Reuters) - The Federal Reserve should focus on lowering interest rates in the face of the next recession, and avoid relying on asset purchases that are a less effective policy tool than previously thought, four top U.S. economists told a roomful of Fed officials on Friday.Their paper analyzed the efficacy of the U.S. central bank's $3.5-trillion in bond purchases in response to t...Read More
BERLIN, Feb 23 (Reuters) - Volkswagen said full-year profit nearly doubled last year, helped by record sales of luxury Audi and Porsche models and cost cuts at its VW mass-market brand.Group operating profit after special items jumped to 13.8 billion euros from 7.1 billion a year ago, VW said on Friday, below the bottom-end forecast of 13.9 billion in a Reuters poll. But VW raised the provisions r...Read More
NEW YORK, Feb 23 (Reuters) - Charles Schwab Corp and several of its mutual funds persuaded a U.S. appeals court on Friday to revive several of its claims against large banks they accused of manipulating the Libor benchmark interest rate.The 2nd U.S. Circuit Court of Appeals in Manhattan said a lower court judge erred in dismissing various of Schwab's federal securities and California state law cla...Read More
Berenberg weighed in on banks today, saying several large-cap financial shares are overvalued. The brokerage firm specifically called out Goldman Sachs Group Inc (NYSE:GS), JPMorgan Chase & Co. (NYSE:JPM), and Wells Fargo & Co (NYSE:WFC) as the best stocks to short, considering "structural headwinds far outweigh" strong first-quarter revenue numbers, and that "downgrades will recommence as the rat...Read More
RIGA, Feb 23 (Reuters) - The Latvian central bank said on Friday it had loaned 297.2 million euros ($365.62 million) in emergency assistance this week to troubled lender ABLV.U.S. authorities have accused ABLV of engaging in large-scale money laundering for Russian clients, which the bank denies. Fearing U.S. sanctions, depositors have withdrawn around 600 million euros from the bank, forcing the...Read More
By Kate DuguidNEW YORK, Feb 23 (Reuters) - Bank of America has raised its expected yield on the U.S. government benchmark note for this year to 3.25 percent, driven by increased economic growth and a rapidly expanding supply of U.S. debt. President Donald Trump's tax overhaul and budget deal are expected to add more than $1.5 billion to the federal deficit. Add that to the Federal Reserve's plan t...Read More
Shipping stock United Parcel Service, Inc. (NYSE:UPS) was downgraded to "hold" from "buy" at Deutsche Bank this morning, with the brokerage firm citing an unclear relationship with Amazon. This comes just a day after the company announced the launch of its new electric delivery van initiative. In response, the shares of UPS have fallen 0.3%, to $104.81 in early trading.From a broader perspective,...Read More
ATHENS, Feb 23 (Reuters) - Greece cancelled the transfer of minority stakes in utilities Athens Water and Thessaloniki Water to the country's privatisations agency HRADF, the finance ministry said on Friday, meaning the state will retain majority stakes. The two utilities are on the government's state divestments agenda this year. Athens plans to sell minority stakes in both firms to help pay down...Read More
Fast food stock Wendy's Company (NASDAQ:WEN) will try to extend its upward momentum today after the shares jumped 4.1% yesterday on a well-received quarterly update. WEN is facing off against a round of mixed analyst attention, though. While BMO upped its price target on the stock to $20 from $17 this morning, SunTrust Robinson trimmed its target to $21 from $22. Of course, this latter mark still...Read More
Editor's Note: Gold and silver has been, at best, a frustrating trade. Exclusive to Kitco News, expert trader, Todd "Bubba" Horwitz, chief market strategist and founder of 'Bubba Trading provides a strategy investors can use in a range-bound gold price environment. Sign up before March 10 for the Kitco News Weekly Rundown newsletter to receive Horwitz's exclusive report and trading strategy. Since...Read More
Stock futures are pointed higher to close out the week, as investor anxiety from the Fed minutes dies down. The central bank will remain in focus today, though; several Fed speakers will take the mic, as a warm-up of sorts to new Fed Chair Jerome Powell's big testimony next week. With bond yields retreating again, Dow Jones Industrial Average (DJI) futures are more than 100 points above fair val...Read More
Tahoe Resources (TSX:THO)(NYSE:TAHO) lost $18 million, or 6 cents per share, in the fourth quarter of 2017 due to the ongoing shutdown of its flagship Escobal silver mine, in Guatemala.The Reno, Nevada-based company said adjusted loss was $17.7 million, which dramatically contrast with the $18.4 million profit logged a year ago.Net earnings for the whole year were also affected, with the miner po...Read More
Editor's Note: Gold and silver has been, at best, a frustrating trade. Exclusive to Kitco News, expert trader, Todd "Bubba" Horwitz, chief market strategist and founder of 'Bubba Trading provides a strategy investors can use in a range-bound gold price environment. Sign up before March 10 for the Kitco News Weekly Rundown newsletter to receive Horwitz's exclusive report and trading strategy.Based...Read More
(Kitco News) - Goldand silver pricesare trading near steady levels in a generally quietermarketplace early Friday morning. Potential buyers of the safe-haven metals aretimid at present amid the recent lack of risk aversion among traders andinvestors. April Comex gold futures were last down $0.60 an ounce at $1,332.10.March Comex silver was last down $0.017 at $16.57 an ounce.Worldstock markets wer...Read More