By: Ira EpsteinGold held up relatively well after the FOMC decision. $1,289.40 resistance:Read More
Interest rates outlook was expected to be kept unchanged by the Federal Reserve. Fed also lowered interest rates paid on reserves. Chairman Powell's statement that that inflation risk appears to have been moderated resulted in fall in gold prices. What next for gold: Wider trading range is at $1249.60-$1263.20-$1280-$1297.10. Overall trend is down as long as gold trades below $1291. Gold needs t...Read More
Investors may be expressing disappointment over the Fed's decision to not cut ratesStocks are pulling back today, as investors react to corporate earnings and yesterday's Fed decision. The Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) are all in the red, while the yield on the 10-year Treasury note rises. And even as strong earnings from the likes of Under Ar...Read More
The shares bottomed at a record low yesterdayOppenheimer initiated coverage on Athenex Inc (NASDAQ:ATNX) with an "outperform" rating and $20 price target -- a nearly 112% premium to last night's close at $9.44. The covering analyst waxed optimistic on positive data for the biopharmaceutical firm's specialty oncology products, as well as positive late-stage Oraxol breast cancer data.Analysts are al...Read More
The beauty stock is cooling off after hitting a record highShares of beauty product name Estee Lauder Companies Inc (NYSE:EL) touched a record high of $178.58 yesterday, as traders responded to the company's quarterly earnings and upwardly revised 2019 forecast. However, EL stock ultimately ended the day lower, and is in the red today amid negative analyst attention and an ugly earnings reaction...Read More
The shares have averaged a one-month gain of more than 10% after signalsBausch Health Companies Inc (NYSE:BHC) -- n?(C)e Valeant Pharmaceuticals -- is schedule to report earnings before the open next Monday, May 6. Ahead of the event, BHC shares have pulled back to a key trendline, which could be a short-term buy signal, if recent history is any indicator.The past year has been choppy for Bausch H...Read More
Most analysts remain wary of the apparel stock, thoughA big earnings winner this morning is Under Armour Inc (NYSE:UAA), after the athletic apparel maker reported first-quarter adjusted earnings of 5 cents per share, surpassing estimates. In addition, revenue also topped expectations, and the company lifted its fiscal-year profit outlook. Strong demand from outside the U.S. markets helped fuel th...Read More
SQ stock is down, despite an earnings beatDespite upbeat first-quarter results, including the e-pay concern's stronger-than-anticipated 11 cents per-share profit and $489 million in revenue, Square Inc (NYSE:SQ) stock has taken a tumble this morning. The stock is down 6.1% at $69.14 in early trading on the firm's worse-than-expected gross payments volumes (GPV) and current-quarter guidance, with s...Read More
An SEC filing revealed the company's plans to raise $2 billionTesla Inc (NASDAQ:TSLA) stock is up 5.4% to trade at $246.80, after a Securities and Exchange Commission (SEC) filing revealed the electric car concern's plans raise over $2 billion in capital through convertible notes and a new stock offering. Additionally, TSLA CEO Elon Musk intends to buy $10 million of stock in the offering. This fo...Read More
Rebar prices in the domestic market of Egypt picked up in the week ended Thursday May 2 amid higher import billet costs due to the temporary duty imposed on foreign material and lower availability of rebar as a consequence.Egypt imposed temporary import duties on billet and rebar on April 15 at a rate of 25% for rebar imports and 3-15% for billet imports.The safeguard duty on billet is c...Read More
The earnings heavy week will also feature speeches from several Fed leadersNext week will be packed with earnings, as blue chip Walt Disney (DIS) and e-tailer Etsy (ETSY) step into the spotlight. Earnings from Lyft (LYFT) and Roku (ROKU) are also on tap. Elsewhere, the consumer price index (CPI), and producer price index (PPI) will be two of the biggest releases on the earnings front. Plus, severa...Read More
Zynga could be set up for a record year after first-quarter bookings blew past estimates Corporate earnings releases keep pouring in, and this morning Wall Street is digesting numbers from social gaming company Zynga Inc (NASDAQ:ZNGA), maker of Words with Friends, and online furniture selling expert Wayfair Inc (NYSE:W). While ZNGA is jumping out of the gate, shares of W are pulling back.For Zynga...Read More
Tesla stock is pointed higher on plans to raise capitalDow Jones Industrial Average (DJI) futures are pointing toward a lower open, with the S&P 500 Index (SPX) following suit. Investors continue to digest Fed Chair Jerome Powell's post-meeting comments indicating interest rates will likely remain unchanged, which dampened expectations for a rate cut. Meanwhile, the Nasdaq-100 Index (NDX) is poi...Read More
The CIS export billet market started May with no major price changes, mainly due to the May holiday lull in seller countries, but also because most producers sold all their May-rolling volumes in April.Several offers were heard as high as $430 per tonne fob Black Sea, but sources said the workable price was $420-425 per tonne fob, the level at which recent bookings were done.A 30,000-tonne ca...Read More
The market for pig iron exports from the Commonwealth of Independent States (CIS) remained silent during the week ended Thursday May 2, with suppliers taking public holidays and the price of scrap unclear in the United States, the key outlet market.Fastmarkets' price assessment for CIS exports of high-manganese pig iron was $335-340 per tonne fob Black Sea on Thursday, narrowing upward from $330-3...Read More
By: Ira EpsteinGold held up relatively well after the FOMC decision. $1,289.40 resistance:Read More
By: David StockmanThe Donald was at it again in Wisconsin this weekend, reiterating his patented boast that the US economy is booming like never before.We're now the No. 1 economy anywhere in the world and it's not even close," he said on Saturday night at a rally in Green Bay, Wisconsin."At the end of six years, you're going to be left with the strongest country you've ever had," he said.We be...Read More
Interest rates outlook was expected to be kept unchanged by the Federal Reserve. Fed also lowered interest rates paid on reserves. Chairman Powell's statement that that inflation risk appears to have been moderated resulted in fall in gold prices. What next for gold: Wider trading range is at $1249.60-$1263.20-$1280-$1297.10. Overall trend is down as long as gold trades below $1291. Gold needs t...Read More
Copper continued its sell-off on the London Metal Exchange on Thursday May 2, with the absence of Asian markets a key factor in the downturn while strength in the US dollar caps commodity investment. Volumes were moderately high, with more than 20,000 lots of copper changing hands by the close, indicating strong selling momentum. Open interest has fallen by 3,824 positions overnight, dipping below...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday May 2 that are worth another look.Peruvian tin producer Minsur resumed normal operations at its San Rafael mine in the southern province of Melgar, following the end of a workers' strike that was first announced on April 30, the company said on Wednesday May 1.Zinc bears are betting that the London Metal Exchange zinc price wil...Read More