Shorts have ramped up attention on SNAP recentlyShares of Snap Inc (NYSE:SNAP) are up 2.4% at $11.46 this morning, after the company announced Derek Andersen as its new Chief Financial Officer (CFO). Anderson is replacing interim CFO Lara Sweet, and is leaving his current position as Snap's vice president of finance.Despite the rise for the shares, the Snapchat parent remains stuck between $10 a...Read More
Ocular Therapeutix hit a record low out of the gatePharma stock Ocular Therapeutix Inc (NASDAQ:OCUL) is in hot water today, down 11% at $3.00 in early trading, and pacing for its worst day since Dec. 3. The stock is fresh off a new record low of $2.78, too, after the company's glaucoma treatment, OTX-TP, fell short of its main goal in a late-stage study. A round of bear notes is doing the equity n...Read More
The car stock has closed lower in nine of the last 10 daysMorgan Stanley slashed its bear forecast on Tesla Inc (NASDAQ:TSLA) to $10 from $97, saying the downwardly revised worst-case scenario assumes a major miss for "Chinese volume forecast ... to account for the highly volatile trade situation in the region, particularly around areas of technology, which we believe run a high and increasing ris...Read More
HD, KSS, and JCP all revealed disappointing comparable sales growthRetailers Home Depot Inc (NYSE:HD), Kohl's Corporation (NYSE:KSS), and J C Penney Company Inc (NYSE:JCP) reported earnings this morning, and all three issued comparable store figures that disappointed the Street. Below, we'll dig into the numbers moving shares of HD, KSS, and JCP. For Dow component Home Depot, same-store sales grow...Read More
Boeing stock is also lifting the DowFollowing yesterday's tech sell-off, futures on the Dow Jones Industrial Average (DJI) are signaling a positive open, as U.S. officials Monday night temporarily eased trade restrictionson China's Huawei through Aug. 19.Elsewhere, Boeing (BA) shares are pointed higher in electronic trading, on reports that a bird strike may have caused a 737 MAX crash in March. T...Read More
The SMH fund garnered massive two-day inflows last week, even as semiconductors struggledLast week's round of reignited tariff tensions pushed trade-sensitive chip stocks back into the bearish crosshairs. The VanEck Vectors Semiconductors ETF (NYSEARCA:SMH) started the week with a big sell-off, losing 4.6% amid Monday's broad-based rout for its largest one-session percentage drop --and its first d...Read More
A summary of base metals premiums from across the globe for the week to Tuesday May 21.Please click...Read More
By: Ira EpsteinGold's Bias is down:Read More
We have deviated, these past several weeks, from matters monetary. We have written a lot about a nonmonetary driver of higher prices mandatory useless ingredients. The government forces businesses to put ingredients into their products that consumers don't know about, and don't want. These useless ingredients, such as ADA-compliant bathrooms and supply chain tracking, add a lot to the price of e...Read More
StrengthsThe best performing precious metal this week was gold, down 0.65 percent. Gold bulls regained the upper hand this week in the Bloomberg survey of traders and analysts, as investors weigh U.S.-China trade tensions and the outlook for global growth. Bloomberg reports that open interest, a tally of outstanding futures contracts in bullion, surged the most since mid-2016 on Monday to the hi...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
The majority of London Metal Exchange base metals prices continued to trade up during the afternoon session on Tuesday May 21, with the complex largely following the equities markets on their upward trajectory.LME base metals prices largely ignored relatively thin trading volumes, shrugging off the potential suppressing influence of a strengthening US dollar, with the Dow Jones index climbed...Read More
Prices for flat steel products imported into the United Arab Emirates and Saudi Arabia have decreased again over the past week, due to demand being limited by observance of the Islamic holy month of Ramadan, sources told Fastmarkets on Tuesday May 21.Observance of Ramadan among Muslim communities typically results in shorter working days and reduced demand for materials. The month began this year...Read More
GLDM does not enjoy significant upward pressure from the escalating US-China trade/tech dispute due to contradictory consequences.Gold's positioning has improved markedly since mid-May, predominantly due to speculative demand.The technical picture deteriorates.We revise our month-end forecast for GLDM from $13.45/share to $13.00/share.Introduction Welcome to Orchid's Gold Weekly report. We discuss...Read More
News that Hydro's Alunorte alumina refinery will return to full capacity, after the production embargo was removed, did little to stop the recent increase in alumina prices.Fastmarkets' benchmark alumina price settled at $366.25 per tonne on May 21, up from $362.88 per tonne day on day and a 6% increase from $345.01 per tonne on May 10 when the index fell to its lowest since August 24, 2017. "Alun...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday May 21 that are worth another look.The United States' removal of Section 232 tariffs on Mexican steel products is likely to underpin a slow recovery in Mexico's ferrous scrap market, market participants said. News that Hydro's Alunorte alumina refinery will return to full capacity, after the production embargo was removed, did l...Read More
The recent round of tariffs on Chinese importswill hit the Chinese economy hard. The repercussions of this will not befavorable for anyone.Volatility has skyrocketed amidst the backdropof increasing geopolitical tensions worldwide.The march toward US invasions of Iran andVenezuela signals a potential surge in geopolitical risks in 2019. The Impact of Tariffs on China's EconomyTo begin, one of the...Read More
Last week's Commitments of Traders report revealed that commercial traders had gone massively short, while speculators went aggressively long.On Thursday and Friday, gold fell from $1,294 to $1,277.Meanwhile, gold seasonality has another couple of negative months to run.Just when it looked like gold futures - which still, unfortunately, dictate the price of physical precious metals - were read...Read More
Scientists at Northwestern University have experimentally replicated a medieval gold purification method employed by West Africans in the 10th and 11th centuries.The researchers followed a technique initially described in a 2014 paper by archaeologist Sam Nixon, in consultation with Thilo Rehren, a specialist on ancient materials and technologies. Their description of the method was based on a ser...Read More