Gogo recently reported upbeat quarterly resultsGogo Inc (NASDAQ:GOGO) has anywhere between 62% to 76% of its float tied up in short interest, depending on what data you use, making it one of the most heavily shorted stocks on the Street. However, the in-flight WiFi provider just delivered strong quarterly results yesterday and raised its free cash flow forecast for the year. In response, William B...Read More
FXI put open interest is at its highest point in at least a year Not only has it been a rough week for U.S. stocks, but the iShares China Large-Cap ETF (NYSEARCA:FXI) has taken a beating as well, as fears of increased tariffs on Chinese goods were realized today. The exchange-traded fund (ETF) is threatening its first five-day losing streak of 2019, and its worst week since February 2018. What's m...Read More
Intel's ugly guidance weighed on chip stocksU.S.-China trade was undoubtedly the biggest theme this week, sending indexes deep into the red, while catapulting the market's "fear gauge," or Cboe Volatility Index (VIX), to multi-month highs. Specifically, Wall Street watched as the two nations tried -- and failed -- to hash out a trade deal before Friday, leading to increased tariffs on $200 billion...Read More
Stock indexes are set to end the week with huge lossesThe Dow Jones Industrial Average (DJI) is down 300 points today following an increase in U.S. tariffs on Chinese goods and more tweeting this morning from President Donald Trump. Specifically, President Trump suggested the U.S. would stay patient in its pursuit of a trade deal with China, as the countries continue negotiations in Washington. Ou...Read More
PBYI is heading for its worst day since early NovemberThe shares of Puma Biotechnology Inc (NASDAQ:PBYI) have plunged 35.6% this morning to trade at $19.34 -- poised for their worst day since a 48% post-earnings drop back on Nov. 2. This comes in reaction to the drugmaker's first-quarter earnings report, which showed net product revenue was lower than expected. Net sales of PBYI's cancer drug Nerl...Read More
The United States government has increased its existing 10% additional duties on imports of base metals, ferrous metals and associated products from China to 25% from Friday May 10, citing a lack of progress on ongoing trade talks. These duties will be imposed on Chinese exports to the US of tariff lines including items and products of copper, zinc, nickel, iron and steel and other base metals. A...Read More
The video game stock is lower in today's tradingTake-Two Interactive Software, Inc. (NASDAQ:TTWO) is slated to report fiscal fourth-quarter earnings after the market closes this Monday, May 13. Ahead of the event, TTWO stock is trading down 1.5% at $100.63, and if recent history is any guide, the shares could be headed even lower next week.Specifically, Take-Two Interactive stock has closed lower...Read More
Call options traders have been favoring the stockShares of JD.com Inc (NASDAQ:JD) are up 5.6% at $29.04 in early trading, after the Chinese internet firm reported a first-quarter earnings beat, and said it renewed its cooperation agreement with Tencent Holdings for another three years. JD stock gapped lower on Monday, amid renewed U.S.-China trade tensions, but ultimately found support from its 2...Read More
Six brokerages have issued price-target cuts on SYMC alreadyIn early April, Symantec Corporation (NASDAQ:SYMC) stock was trading at its highest point in almost a year on a big bull note from Goldman Sachs. What a difference a month makes, as the cybersecurity specialist is now down 15.7% to trade at $18.69 this morning, on track for its worst day in nearly a year. While fiscal fourth-quarter adju...Read More
Options traders have been targeting the $30 levelPinterest Inc (NYSE:PINS) this morning received new coverage from Instinet, which gave the social media stock a "buy" rating and $34 price target. This follows a note out of Rosenblatt from Wednesday that put a "neutral" rating on PINS and a $32 price target. The other brokerages that had initiated coverage on the equity also had "hold" recommendati...Read More
The medical device firm reported first-quarter earnings and revenue that fell well below analysts' expectations A first-quarter revenue miss has medical device concern Nevro Corp (NYSE:NRVO) trading lower today. The shares are down 5% at $59.67 in early trading, after reporting a 6% revenue drop to $82.1 million versus analysts' estimated $87.5 million. The firm cited a decision earlier this year...Read More
All three indexes are eyeing their worst week of 2019 Dow Jones Industrial Average (DJI) futures are headed south for yet another day, with the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) following closely behind, as President Donald Trump's increased tariffs on $200 billion inChinese goods went into effect early this morning. In addition, Trump tweeted that "there is absolutely no need to r...Read More
A financial re-set could lead to the biggest political event in decades.The American financial system may be headed towards a crisis, unlike anything the U.S. has seen in the last 50 yearsOne financial guru is predicting a political event that could "reset" the financial system in ways that many Americans will never predict -- and it could lead to "a national nightmare."With growing inequality cau...Read More
ArcelorMittal expects apparent steel consumption in Europe to contract by up to 1% year on year in 2019, "driven by weak manufacturing and declining automotive production", the world's largest steelmaker said this week."We continue to face a challenge from high levels of imports, particularly in Europe, where safeguard measures introduced by the European Commission have not been fully effective,"...Read More
Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 185,801110,39073,060142,078238,437400,939421,887 Change from Prior Reporting Period 8,526-66616,755-5,2102,83720,07118,926 Traders 18070795460261185 Small Speculators LongShortOpen Interest 49,10028,152450,039 -431,10220,028 non reportable positionsChange...Read More
The US stock markets sure feel inflectiony, at a major juncture. After achieving new all-time record highs, sentiment was euphoric heading into this week. But those latest heights could be a massive triple top that formed over 15 months. Then heavy selling erupted in recent days as the US-China trade war suddenly went hostile. The big US stocks' just-reported Q1'19 fundamentals will help...Read More
By: Egon von GreyerzMy long standing target for gold of $10,000 in today's money and much, much higher in inflationary terms, is now more probable than ever. But I hope it will never be achieved. When gold goes to $10,000, it won't be under the same circumstances that we saw in the 1970s. Gold then went from $35 in 1971 to $850 in January 1980 - a 24x explosion in very different conditions.In th...Read More
By Avi GilburtI am hoping that the title to this article will mark the local top to the rally off the December 2018 lows in Bitcoin. (smile) But, that does not change our perspective that it is likely that Bitcoin has resumed its bull market run.As we came into 2019, Ryan Wilday and I have been publishing articles about Bitcoin, with our ideal targets for the initial rally off its December 201...Read More
China's Ministry of Finance has released new vehicle recycling regulations that signal progress toward a more orderly scrap market. Scrap prices will be based entirely on market forces, instead of existing price mechanisms, according to a notice posted on the ministry website earlier this week. Supervisory and inspection systems which focus on random checks will also be implemented to increase the...Read More
The Brucutu iron ore mine from Brazilian company Vale is currently operating on dry stacking at less than a third of its capacity, the miner's chief financial officer Luciano Siani said in an earnings conference call on Friday May 10."We are currently producing [at a rate of] a little less than 10 million tonnes [per year] at Brucutu," the executive stated. The mine has an output capacity of aroun...Read More