Behind the sharp drop in AAII bears in 2019With the major market indexes recently notching record-high closes, it's not too surprising to find bearish sentiment dwindling. In fact, the 10-week average of American Association of Individual Investors (AAII) respondents who identify as bearish -- or, specifically, who feel the stock market will move lower in the next six months -- recently fell below...Read More
Amazon plans to make one-day delivery standard for Prime membersWhile the broader equities market is struggling for direction this afternoon, a number of stocks are getting hit on Amazon's (AMZN) plans to make one-day delivery standard for Prime members, with Bernstein analyst Brandon Fletcher suggesting, "this is about making it more expensive to catch up" to the e-tail giant. Here's a closer lo...Read More
Brazilian slab export prices remained unchanged in the week ended Friday April 26 with few deals being reported because producers have no available volumes to sell.Fastmarkets' weekly price assessment for steel slab exports from Brazil was stable week-on-week on Friday at $495-545 per tonne fob.Prices in the United States remained at $540-545 per tonne fob, while most volumes for June shipment and...Read More
The brokerage bunch is overwhelmingly bullish on the tech stockOppenheimer initiated coverage on Pareteum Corp (NASDAQ:TEUM) with an "outperform" rating and $7 price target -- an 80% premium to last night's close. Analyst Timothy Horan waxed optimistic on the mobile networking software and services provider's "very strong" backlog growth, and is in a position to increase revenues by 30% in the nex...Read More
The S&P and Nasdaq both nabbed record closes earlier this weekEarnings season is a roller coaster, and this week was no different. Wall Street saw the S&P 500 and Nasdaq nab record closes, only to take a breather later in the week, although this could signal low volatility ahead. In addition to corporate earnings, traders kept an eye on oil prices and digested better-than-expected gross domestic...Read More
Ollie's Bargain Outlet is nearing record-high territoryRetail chain Ollie's Bargain Outlet Holdings Inc (NASDAQ:OLLI) is moving higher this afternoon, last seen up 0.2%, at $95.32. The shares earlier this week received a Morgan Stanley's price-target hike to $86 from $79, which sent OLLI's year-to-date gain above 43%. In fact, the stock rallied its way to an all-time peak of $97.98 on Wednesday....Read More
Import prices for hot-rolled coil (HRC) in South America fell during the week ended Friday April 26 with the region starting to demand more material from Russia and Ukraine, according to sources.Fastmarkets assessed HRC import prices on the continent at $550-570 per tonne cfr on April 26, down from $570-580 per tonne a week before.Chinese material was still being offered at higher prices, followin...Read More
Oil prices are reeling on comments from President TrumpDespite first-quarter gross domestic product (GDP) growth that exceeded expectations, the Dow Jones Industrial Average (DJI) has traded on both sides of breakeven today. The index was last seen modestly higher, though, even as blue chips Exxon Mobil (XOM) and Intel (INTC) tank after earnings. Meanwhile, the Nasdaq Composite (IXIC) isin the re...Read More
At least nine analysts raised their Amazon price targets overnightAmazon.com, Inc. (NASDAQ:AMZN) is buzzing this morning, with analysts quick to react after the e-tailer last night reported a first-quarter earnings beat. Specifically, the tech giant recorded a $7.09 per-share profit in the first three months of 2019, more than double its year-ago $3.27 per-share profit, and well above the consensu...Read More
Uber is expected to go public in early MayDetails of Uber's initial public offering (IPO) are emerging, valuing the company north of $80 billion, and that has rival ride-sharing concern LYFT Inc (NASDAQ:LYFT) in focus. Another name that's in the conversation is PayPal Holdings Inc (NASDAQ:PYPL), with the payments processor planning a $500 million purchase of Uber shares, which are expected to be p...Read More
Edibles and the entry of major retail players should push pot into the mainstreamWeed concern Aurora Cannabis Inc (NYSE:ACB) is higher today, as traders digest the company's new licensing agreement for EnWave's patenteddrying technology. In addition, ACB and fellow cannabis concern Hexo Corp (NYSEAMERICAN:HEXO) both scored fresh "buy" ratings from analysts at Desjardins Securities. The brokerage f...Read More
INTC is on track for its worst day since July Intel Corporation (NASDAQ:INTC) is the worst stock on the Dow today by far, down 8.3% to trade at $52.85, after the chipmaker cut its 2019 revenue forecast to $69 billion from $71 billion, while also reporting lower-than-expected data center sales. The dismal guidance overshadows aearnings and revenue beat, sparking concerns about a sector-wide semico...Read More
Global ferrous scrap prices showed varying dynamics in the week ended Friday April 26 following price drops in Turkey and Vietnam, while prices moved up in Taiwan and India. Only deal done this week sends Turkish prices down US export market remains static Prices move down in Vietnam Taiwan prices begin recovery India prices inch up on tight supply.Turkey importsThe Turkish mills remained mostly s...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 176,691139,29659,299154,403211,799390,393410,394 Change from Prior Reporting Period -6,52212,3568558,701-12,3333,034878 Traders 17490775752267184 Small Speculators LongShortOpen Interest 49,65529,654440,048 -3,567-1,411-533 non reportable positionsChange...Read More
Gold has failed to gain traction over the past couple months, normally a seasonally-strong time. That has really weighed on sentiment, leaving traders increasingly bearish. Gold investment demand has flagged dramatically with lofty stock markets spewing great euphoria. That's given gold-futures speculators the run of the market, where they have sold aggressively including extreme shortin...Read More
By: Avi GilburtI am not sure how much more I can add to what has been said over the last two weeks in the metals complex.At this point in time, it is quite clear that the metals are testing support. As specifically noted about silver, the 14.60 support region is what I want to see holding as support here. While I can accept a spike and reversal of that level, a sustained break of that level...Read More
It's like a breath of fresh air when the futures actually finish lower on the day. Granted, the S&P slippage on Thursday amounted to only a few measly points. Would it be churlish to hope it's the start of something really nasty? Bulls should be hoping for nothing less, since the broad averages, especially the Nasdaq, are desperately in need of a rest. Nitro-fueled by FAANG stocks, the Naz ha...Read More
By: Ira EpsteinSpecial Video in lieu of the daily metals update: Swinglines:Read More
US GDP numbers is overhyped today. Traders will take positions for next week's FOMC meet and host of US jobs numbers. There will be an Easter impact on US jobs. Global economy has a feel good situation. Once again it will be a technical trade today. Central bank buying has failed to lift gold. I am against going long in crude oil unless it breaks and trades over $67.20 till Mid May. Remain on th...Read More
The price range of grade-304 stainless steel cold-rolled (CR) sheets in Europe widened upward on Friday April 26, with some mills in the region successfully seeking higher prices but others seeming to be content with the prices achieved earlier in the month, market participants told Fastmarkets.A distributor explained that it has bought from higher-priced mills as well as lower-priced ones partly...Read More