Fastmarkets MB is proposing to discontinue the stainless steel 304 Europe raw materials index. Fastmarkets is seeking feedback on its proposal to discontinue the EU domestic stainless steel 304 Europe raw materials index.This index, which aims to represent the costs of the raw materials needed to produce grade-304 stainless steel, is updated weekly on a $ per tonne basis. The consultation per...Read More
The recent downtrend in Chinese domestic ferro-silicon prices continued in the week ended Friday May 17 amid an abundance of the material, while sentiment remained bearish due to weak demand from the country's steel and magnesium markets. Chinese market extends losses amid ample supply. Sluggish demand compounds weakness in China. European market steady, further cements price floor. US market flat...Read More
Stainless steel mills and ferro-chrome smelters in China are likely to curtail their production in June, should domestic stainless steel and ferro-chrome prices continue to weaken amid lingering poor demand and prevailing bearish sentiment, sources told Fastmarkets. Some Chinese stainless steel mills, which are already suffering losses, may have to curtail part of their production next month if do...Read More
Tech stocks enjoyed a big rebound today The Dow enjoyed a reboundtoday, with the index ending on a roughly 200-point gain, sparked in large part by the U.S.'s decision to temporarily ease restrictions on China's Huawei. The tech-rich Nasdaq finished higher as well, as the Huawei news helped boost chip stocks. Elsewhere, blue-chip concern Boeing (BA) helped boost the Dow amid reports that a bird st...Read More
IWM outperforms in June, but QQQ is flawless in July over the last decadeAmong the major U.S. equity-based exchange-traded funds (ETFs), 2019 has largely been a battle for dominance between small-caps and tech. In January, small-caps jumped out to a big lead, as the iShares Russell 2000 ETF (IWM) began racking up outsized gains relative to the benchmark SPDR S&P 500 ETF (SPY). That small-cap domin...Read More
The FDA approved Sesen's request to move manufacturing for its bladder cancer drugU.S. markets are moving higher today, tech recovering from yesterday's sell-off. Three pharmaceutical namesalso making notable moves this afternoon are Array Biopharma Inc (NASDAQ:ARRY), Sesen Bio Inc (NASDAQ:SESN), and Arrowhead Pharmaceuticals Inc (NASDAQ:ARWR). Below, we will dive into what is moving the shares...Read More
The firm took a 12% stake in the companyUSA Technologies, Inc. (NASDAQ:USAT) stock is trading up 13% at $6.67, after hedge fund Hudson Executive Capital reported a 12% stake in the vending services provider, calling it an "attractive investment." In response, USAT options volume is soaring.By the numbers, more than 1,600 calls have traded, well above the daily average, and puts are crossing at 13...Read More
KR stock is set to snap its longest losing streak since DecemberBernstein upgraded Kroger Co (NYSE:KR) to "outperform" from "market perform," and boosted its price target to $33 -- a more than 37% premium to last night's close. The brokerage firm said Wall Street is not pricing in "KR's capacity to survive the short term and positioning for the long term," and it considers the grocery chain "a ser...Read More
Thelast few trading days in gold were quite interesting, but overall gold has beena quite boring market in the last couple of months. Gold’s volatility indexdropped to new lows as the current back and forth movement is just a small partof the same kind of movement on a broader scale. It’s more of the same. Andwhen gold’svolatility gets very low, interesting things tend to happen...Read More
Calls have been popular on the cannabis name in recent weeksCall volume is running hot on Aurora Cannabis Inc (NYSE:ACB) this afternoon, as the weed stock trades up 2.2% at $8.68 -- aiming for its first win in three sessions. At last check, nearly 29,000 ACB call options were on the tape, 1.5 times what's typically seen at this point and 11 times the number of puts traded. Most active by a mile is...Read More
By: Ira EpsteinGold's Bias is down:Read More
The stock could move tomorrow, too, after earningsThe shares of Stein Mart, Inc. (NASDAQ:SMRT) are popping today, after the discount retailer said it's installing Amazon Hub Lockers in almost 200 stores. The lockers -- used for in-store pickups and returns -- will be available early next month, and consumers can have items shipped to a Stein Mart store for no charge. In light of the FAANG partners...Read More
By: Dave KranzlerTesla has been "done" for awhile but many of the Wall Street and investor "uber" bulls are finally starting to see this reality. Amusingly, Wedbush's Dan Ives issued a report in which he lowered his price target on Tesla stock from $270 to $235. He refers to Tesla's situation as a "code red situation." Quite frankly, a "code red situation" with regard to a company and it...Read More
Is it okay for Tesla bulls to come out of their bomb shelters? Perhaps, but only with caution. The stock bounced sharply on Monday from a low that was close to the 193.31 Hidden Pivot support we were using as a minimum downside target. On the hourly chart the selloff looks to have reversed an inch from where we'd expected. But I hesitate to declare the target achieved, since the tiny-lookin...Read More
Today's bounce could be just the beginning, if history is any indicatorIt's been a rough month for chip stocks, as trade tensions between the U.S. and China ratchet back up. While the sector is getting a respite today on the latest Huawei-related news, one battered semiconductor concern could be ripe for an even bigger rebound: Xilinx, Inc. (NASDAQ:XLNX). Below, we take a look at XLNX stock and ex...Read More
The healthcare sector is also doing well todayU.S. stocks are pushing higher today thanks to the more lenient stance taken against Huawei by the Trump administration. The Dow is trading well into triple-digit territory, and gains from the tech and healthcare sectors are helping the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) rise, as well. On the data front, traders were greeted with another d...Read More
The brokerage firm thinks the retailer can rally another 26%Deckers Outdoor Corp (NYSE:DECK) is trading up 3.6% at $144.20, after BofA-Merrill Lynch upgraded the retail stock to "buy" from "neutral," and boosted its price target by $30 to a Street-high $180. Not only is this new target price a 26% premium to last night's close, but it's the highest on Wall Street. The brokerage firm said, "Despite...Read More
The stock recently bounced from double-barreled support The shares of data analytics firm Alteryx Inc (NYSE:AYX) have outperformed over the long run, and could be giving bulls an entry point for their next leg higher. Specifically, AYX just bounced from double-barreled support at the 40-day moving average and $85 price point, the latter representing the stock's takeoff point for a rally in early...Read More
UK steel trade unions have renewed their calls for the government and British Steel's owners Greybull Capital to reach an agreement to save the troubled long steel producer."It is vital now that cool heads prevail and Greybull and the [British] government continue to focus on finding a solution that maintains employment and keeps the business trading," Alasdair McDiarmid, operations director for U...Read More
Both drug stocks are heavily shorted, tooTwo drug names are sitting at the bottom of the Nasdaq and NYSE this morning. First, BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) is down 51.3% to trade at $3.60, and earlier tapped a new two-and-a-half year low of $3.40, after receiving subpar results from its late-stage genetic condition study. This is shaping up to be BioCryst stock's worst day since F...Read More