China's major mills raised their daily output rates for crude steel in mid-April on good demand and healthy profit, while their finished steel inventories also increased.Members of the China Iron & Steel Association (Cisa) produced crude steel at an average rate of 2.01 million tonnes per day during the second 10 days of April, up 2.6% from 1.96 million tpd in early April, according to data releas...Read More
Brazil's Vale has appointed Eduardo Bartolomeo as its chief executive officer, succeeding Fabio Schvartsman.The Brazilian miner's board of directors confirmed the appointment of the senior executive at a meeting on Monday April 29. With 10 years of experience in...Read More
Alphabet weighed heavy on the tech sector todayU.S. stocks closed mostly higher in today's trading, with the Dow gaining on post-earnings lifts from big-cap pharma firms Pfizer (PFE) and Merck (MRK). The S&P 500 also managed a win, settling at a new record close. On the flip side, tech stocks sank as Alphabet (GOOGL) led the Nasdaq lower on the Google parent's disappointing first-quarter revenue r...Read More
The equity has the highest average returns of any stock for the month of MayVideo game concern Electronic Arts Inc. (NASDAQ:EA)is looking at a roughly 7% loss for April, which would mark its worst month since November. However, EA stock just showed up on the list of best stocks to own in May, according to Schaeffer's Senior Quantitative Analyst Rocky White. Not only that, EA tops the list with an...Read More
The brokerage firm called the company the "5G Analog asset of choice"RBC initiated coverage on Analog Devices, Inc. (NASDAQ:ADI) with an "outperform" rating and $140 price target, a 22.9% premium to last night's close. The analyst in coverage called the semiconductor name the "5G Analog asset of choice," and expects its communications segment to outperform through next year. In reaction, ADI stock...Read More
ACB calls have been favored latelyWhen we checked in with Aurora Cannabis Inc (NYSE:ACB) last week, the weed stock was enjoying some bullish analyst attention. While there haven't been any new bull notes to come through, ACB's options pits have seen some interesting activity today. Specifically, more than 52,000 ACB options have changed hands today -- nearly doublethe average intraday amount. Lea...Read More
By: Jordan Roy-Byrne CMT, MFTAAs 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 yea...Read More
- Stewart Thomson, Graceland Updates 1. Gold stocks tend to become extraordinarily volatile during weeks that feature multiple key fear trade events.2. As the month of May begins, gold stocks are faced with a FOMC meeting and the US jobs report.3. Please click here now. Double-click to enlarge this daily gold chart. 4. Gold itself is quite stable ahead of these key eve...Read More
By: Ira EpsteinGold near resistance area, back to neutral:Read More
"Investors" could be pardoned for wondering why IPO underwriters for Lyft and Uber have used accounting trickery that smells worse than ten-day-old fish in order to promote the deals. Is bogus too strong a word? Judge for yourself. In their prospectuses, neither firm subtracted promotional incentives and refunds from sales totals, as is customary. This allowed them to grossly overstate revenues...Read More
Glencore produced 10,900 tonnes of cobalt in the first quarter of 2019, up 56% from 7,000 tonnes produced during the same period a year ago. The increase was largely due to the ramp-up at the Katanga mine in the Democratic Republic of Congo. A total of 3,500 tonnes of cobalt in hydroxide was produced at the mine in the first quarter compared with 500 tonnes in the January to March quarter of 2018....Read More
Our proprietary price cycle tool is showing us that the Daily Gold cycles may dive a bit lower, possibly into the $1250 to $1265 level, over the next 3~7+ days before reaching an ultimate low. We’ve been covering the precious metals markets like hawks because of our proprietary price modeling tools that suggested the April 21~24 dates as an ultimate low/momentum base pattern. Thi...Read More
GTHX stock is headed for its best day on recordThe U.S. stock market is dragging today on a rare revenue miss from Google parent Alphabet (GOOGL). Among other names making notable moves are former Dow component General Electric Company (NYSE:GE), clinical-stage biotech G1 Therapeutics Inc (NASDAQ:GTHX), and generic drugmaker Mallinckrodt PLC (NYSE:MNK). Here's a quick look at what's moving the sha...Read More
Volatility expectations are high ahead of QCOM earnings Qualcomm, Inc. (NASDAQ:QCOM) continues to trade near multi-year highs after being released from the grip of its long-time court battle with Apple (AAPL). QCOM stock was last seen trading at $87.06 with earnings due out after the close tomorrow, Wednesday, May 1, and there's notable call activity taking place in the options pits. Calls are out...Read More
A summary of base metals premiums from across the globe for the week to Tuesday April 30.Please click...Read More
Prices for flat steel products imported into the United Arab Emirates and Saudi Arabia have been mostly stable over the past week due to limited demand, sources told Fastmarkets on Tuesday April 30.End-user demand has been poor recently, with buyers unwilling to book material because the market was not expected to improve any time soon.And next week will be the start of the Islamic holy month of R...Read More
The London Metal Exchange cash/three-month aluminium contract fell $30.50 to trade below its psychological $1,800-per-tonne price level at $1,779.50 per tonne by close of play on April 30.This is the lowest price level recorded for the LME three-month aluminium contract since January 13, 2017, when it was trading at $1,792 per tonne.The aluminium three-month contract ignored a significant 34% inve...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday April 30 that are worth another look.With LME Asia Week fast approaching, Fastmarkets MB took an in-depth look at one of the topics likely to dominate discussions at this year's event: What is keeping aluminium prices on the Shanghai Futures Exchange elevated following the cut to China's value-added tax early in April?Brazil's p...Read More
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
By: Jordan Roy-Byrne CMT, MFTAAs 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 yea...Read More