These new programs are being done as a follow-up to past drill efforts. Liberty Gold's Goldstrike ProjectLiberty Gold Corp. (LGD:TSX) announced in a news release it launched a 2019 drilling program at two of its past-producing gold projects: Black Pine in Idaho and Goldstrike in Utah. "We are targeting multi-million ounce deposits at both properties, and we expect to be well on our way to achievi...Read More
Sector expert Michael Ballanger suggests investors "never underestimate the replacement power of stocks within a Fed-induced credit bubble" and provides other observations on the markets. Looking back at the events of last week, the S&P 500 finally took out the October highs at 2,941 intraday, making the 2018 bear market one of the shortest on record at 93 days (Sept. 21-Dec. 24). You will recal...Read More
The temporary truce on tariffs between China and the United States could be over, injecting a new round of uncertainty into the global financial markets and suspending hopes that a resolution to the countries' trade impasse was likely.US President Donald Trump has threatened to raise the tariff on $200 billion-worth of Chinese imports to 25% from 10% by Friday May 10. He also said that the US may...Read More
Brazilian vehicle production increased by 0.50% year on year in April 2019 with a heated domestic market offsetting significantly lower export volumes, mainly to Argentina.Automotive output totaled 267,546 units last month, up from 266,140 units a year before, manufacturers' association Anfavea said on Tuesday May 7. Despite the slight increase, production totaled 965,393 units in the first four m...Read More
Outokumpu expects higher quarter-on-quarter earnings in April-June 2019, with "no significant changes" anticipated in the stainless steel market's dynamics, it said on Tuesday May 7.The Finnish stainless steelmaker expects its stainless steel deliveries for the second quarter to remain at a similar level to the 621,000 tonnes delivered in the first quarter of 2019. This was down from 644,000 tonne...Read More
Turkey imported 461,048 tonnes of flat steel in March 2019, down by 32.4% from the corresponding month in 2018, when 682,071 tonnes arrived in the country, according to the Turkish Statistical Institute (TUIK).The country's total flat steel imports in January-March 2019 totaled 1,460,106 tonnes, 22.11% less than the 1,874,458 tonnes imported in the same period of 2018, due to the country's weak do...Read More
The sell-off was sparked by fears of an escalating trade war between the U.S. and ChinaThe Dow dove deep into the red today, ending with a loss of more than 470 points, as traders brace for increased tariffs on $200 billion in Chinese goods. Specifically, should the two countries not reach a trade deal, U.S. Trade Representative Robert Lighthizer said the U.S. will hike tariffs on Friday, May 10,...Read More
Short sellers are leaving this booming tech stock behindChina fears have sparked a risk-off session, sending the Cboe Volatility Index (VIX) to a multi-month high. Also making notable moves today are medical device concern Medtronic PLC (NYSE:MDT), EpiPen maker Mylan NV (NASDAQ:MYL), and computer manufacturer Cray Inc. (NASDAQ:CRAY). Below, we will dive into what is moving the shares of MDT, MYL...Read More
Jumia Technology went public in mid-AprilWhile Wall Street has been focused on other recent IPOs such as Lyft (LYFT) and Pinterest (PINS), Nigeria's Jumia Technology AG (NYSE:JMIA) also began trading in the U.S. last month. However, initial reviews on JMIA from analysts have mostly been negative, as we'll detail below. RBC was the first to weigh in on the e-commerce stock, setting a tepid "sector...Read More
The shares sounded a trusty bullish alarm ahead of earningsGlu Mobile Inc. (NASDAQ:GLUU) stock is down 18.1% at $9.19 today in reaction to the mobile game maker's quarterly earnings report. In the first quarter, GLUU broke even on a per-share basis -- missing the consensus estimate for a 5 cents per-share profit -- though revenue of $95.9 million beat expectations. The company also raised its full...Read More
European wire rod producers are to call on the European Union to review its import safeguard quota for non-alloy and alloy wire rod products, they said this week."Since the imposition of safeguard measures by the European Commission (EC), non-integrated wire rod processors have seen certain quotas vanish at an unprecedented pace," the European Non-Integrated Wire Rod Processors Association (E...Read More
MMM was oversold heading into today's drop, tooDow stock 3M Co (NYSE:MMM) is lower with the broader market today, likely due to China trade war jitters that have escalated in the last few days. At last check, MMM was down 1.9% to trade at $179.64 -- set for its lowest close since its December bottom of $176.87 -- but options traders have surfaced with a big focus on bullish calls. Specifically,...Read More
Several weeks ago we wrote about the downside risk in the gold stocks. After the various gold stock indices formed distribution-type tops, the subsequent selling has been swift. Miners have plunged through moving averages and short-term breadth indicators quickly reached oversold extremes. While the gold stocks are oversold, it could be a little while before we can expect a sustained rebound. We p...Read More
Shades of Smoot-Hawley!? Stocks plummeted for the second time in less than 24 hours Monday when Trump signaled to China's trade negotiators that he means business. A long-delayed, $200 billion hike in tariffs will take effect on Friday because the Chinese reneged on commitments they'd already made. I don't say they allegedly reneged or that they reportedly reneged, since no one ever believed for...Read More
Trump and his twitter trumpet of reigniting trade war failed to life gold price yesterday. Short covering will be there if gold breaks and trades over $1290-$1292 zone. Silver needs to trade over $1500 to rise further. Copper and crude oil may have formed a short term bottom yesterday. "Akshay Tritiya" demand if it comes in below expectations in India can result in small correction in gold pri...Read More
Put options are flying off the shelves todayShares of Israeli printer concern Kornit Digital Ltd (NASDAQ:KRNT) are plummeting today, after Spruce Point Management called the stock a "strong sell" and said it has 75% to 85% downside risk. Specifically, the bearish report noted that "printer orders delivered to Amazon in the U.S. have dramatically slowed" in 2019, and Spruce Point believes "Kornit w...Read More
A summary of base metals premiums from across the globe for the week to Tuesday May 7.Please click...Read More
TRUE hasn't closed a day lower in nearly two weeksAuto pricing concern TrueCar Inc (NASDAQ:TRUE) will report first-quarter earnings after the close on Thursday, May 9. Ahead of the event, the shares of TRUE have been in rebound mode, and haven't ended a session lower since April 24 -- nearly two weeks ago. However, the equity is now facing off with a familiar trendline, run-ups to which have acted...Read More
Precious Metals traders have been hanging on every turn in the markets over the past 2+ years. The upside price move in early 2016 setup a very strong expectation that further upside price moves were about to result in an upside price explosion in metals. Remember, 2016 was a very big US Presidential election year. 2020, being the next big US Presidential election year, is only a...Read More
The retail stock has a history of big post-earnings upside movesEtsy Inc (NASDAQ:ETSY) has been quiet on the charts in recent weeks, per the stock's 30-day historical volatility of 31.2%, which registers in the low 11th annual percentile. However, ETSY shares tend to make big moves after the online retailer reports earnings, and with the Amazon rival's results due after the close this Wednesday, M...Read More